Follow us

Menu
PARTNER WITH USFREE NEWSLETTER
VISIT TheIndustry.beauty

Hugo Boss sees strongest first quarter ever in 2022

Camilla Rydzek
04 May 2022

Hugo Boss has reported a sales increase of 52% (£649 million) in the first three months of 2022, marking the strongest first quarter ever for the brand.

Hugo Boss generated an operating profit (EBIT) of £33.7 million (€40 million), which it attributes to a higher share of full-price sales, and an improvement on margins. It added that this was achieved despite significant investment into the business, particularly marketing efforts as the brand went through a refresh.

Revenue in the first quarter of 2022 exceeded pre-pandemic levels of 2019 by 17% (currency-adjusted), which was attributed to momentum in Europe and the Americas, its largest regions.

In Europe currency-adjusted sales increased by 69% driven by robust local demand particularly in Great Britain and France while in the Americas currency adjusted revenues were up 56%. This was somewhat offset by business in the Asia/Pacific region which recorded a 3% revenue increase due to COVID-19 related store closures in mainland China towards the end of the quarter.

The businesses' branding refresh has also played a role in the successful first quarter, with Boss Menswear growing by 53%, Boss Womenswear by 41% and HUGO by 52%. During the first three months of the year Hugo Boss introduced new product and marketing campaigns whilst also relaunching its digital website.

Over the remaining course of 2022 the business expects a sales increase of 10%-15% to £2.6-£2.7 billion, underpinned by its brand refresh.

Daniel Grieder, Chief Executive Officer of HUGO BOSS said: “We have made a kickstart to fiscal year 2022, with record first quarter sales. Supported by our bold branding refresh, momentum for BOSS and HUGO has accelerated around the globe. Together with the ongoing rigorous execution of our ‘CLAIM 5’ strategy, this provides us with strong tailwinds to achieve record sales in fiscal year 2022.”

Free NewsletterVISIT TheIndustry.beauty
cross