Upscale Hugo Boss had a good Christmas trading period with the German firm saying its Q4 sales rose and that profits will grow in FY19. It was helped by growth in the UK, France and China, plus its webstore expansion.
German fashion house Hugo Boss set new targets to accelerate sales growth and lift profitability on Thursday as it seeks to react faster to trends, expand in Asia and quadruple the size of its online business by 2022.
The German fashion house expects a significant improvement in sales and earnings in the fourth quarter after higher markdowns to shift unsold stock in an unseasonally long summer dented profits in the last three months.
German fashion house Hugo Boss has appointed Matthew Dean as new e-commerce director. The American executive was most recently managing director of Cyberport, and had previously spent more than three years at Amazon.
A pick-up in European sales proved the bright spot for Hugo Boss in the second quarter, as the German fashion house pursues a turnaround in its home market and updates its ranges to try to draw in younger shoppers.
German fashion house Hugo Boss reported strong quarterly sales growth in China and the United States on Wednesday but saw a decline in its home market and for its Hugo brand that it is updating for younger consumers.
The German fashion house expects sales growth to accelerate in 2018 thanks to a shift to add more sportswear and casual styles but is more cautious on profit as it keeps up investment in revamping stores and its website.
The Hugo Boss supervisory board decided at a meeting on Wednesday to extend the contract of CEO Mark Langer for a further three years. He will continue to serve as CEO of the German brand until December 2021.