Hugo Boss reveals strong comeback in 2021 driven by successful branding refresh

Hugo Boss has revealed significant top and bottom line improvements in fiscal year 2021, following a successful branding refresh in January.

For the full year, the German luxury fashion brand reported a 43% growth in group sales to £2.3 billion (€2.78 billion), compared to sales revenues of £2.4 billion(€2.88 billion) in fiscal year 2019.

Hugo Boss attributed the sales growth to an increase at both BOSS and HUGO brands, as well as across all regions and distribution channels. The growth was also driven by a pick-up in global consumer sentiment starting in the second quarter.

In late January 2022, Hugo Boss initiated its branding refresh with the launch of two global campaigns, #BeYourOwnBOSS and #HowDoYouHUGO, which gained 6 billion impressions and more than 300 million engagements in the first six days.

The company added that the temporary closure of its stores, retail and e-commerce business in Russia, as well as impacted business in Ukraine accounted for around 3% of group sales in fiscal year 2021.

Looking ahead for fiscal year 2022, Hugo Boss expects group sales to increase between +10-15% (£2.60-£2.68 billion), with all regions and both brands expected to contribute to the development.

Daniel Grieder, Chief Executive Officer of HUGO BOSS said: "At Hugo Boss, we are deeply concerned by the terrible situation in Ukraine. Our deepest empathy and thoughts are with the millions of people affected by the war and suffering from this humanitarian crisis. To help the people in need, we support the German Red Cross and other institutions, standing in solidarity with each and every one calling for peace. We will continue to monitor the situation very closely and adapt our measures and financial support accordingly.

"With our strong comeback in 2021, we successfully kicked off our ‘CLAIM 5’ strategy,” says Daniel Grieder. “Right from its start, our growth strategy fuelled brand momentum around the globe. The highly successful branding refresh and ongoing investments will further drive relevance for BOSS and HUGO in the current year. We have everything it takes to reach record sales in 2022. As a team, we will take a big step closer towards our goal of becoming one of the top 100 global brands."