Photo: Courtesy of Hugo Boss In the first full year since its rebrand, Hugo Boss said sales grew 27 per cent to a record €3.65 billion, exceeding expectations. However, it warned that sales growth is likely to slow in 2023. The company posted a conservative outlook citing the current macroeconomic volatility, including inflation and the war in Ukraine. Hugo Boss expects group sales to grow by mid-single-digits to €3.8-€3.9 billion in fiscal 2023, and for EBIT to increase 5 to 12 per cent to €350-€375 million. “We are convinced that we can outperform the industry, but to grow the macroeconomy is not in our hands,” said CEO Daniel Grieder in a call with investors. Flexibility in the supply chain and quick reactions to changes in demand will be key to manage the macro environment, he added. Grieder, who joined in June 2021 from Tommy Hilfiger, announced Hugo Boss’s rebrand in January 2022 — splitting the brands to target different age groups: Boss for millennials and Hugo for Gen Z. His goal is for Hugo Boss to become one of the top 100 global brands. In today’s earnings update, the company said its “Claim 5” growth strategy remains the focus […]
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