Hong Kong proves strongest market for fashion group Hugo Boss
Hong Kong provided German fashion group Hugo Boss with its strongest market growth terms in the second quarter
Sales in Hong Kong and Macau were not disclosed, but the company described growth as being in the double-digits. Sales in Mainland China rose 8 per cent, overshadowed slightly by Europe, where Hugo Boss enjoyed 9 per cent growth, proving that its strategic brand repositioning to focus on Hugo and Boss is starting to pay dividends. Sales also rose in Japan.
Globally, Hugo Boss experienced a 6 per cent lift in sales in the second quarter, to €653 million with same-store sales up 5 per cent. Included in that was a 47 per cent surge in online revenue.
“Our strategic realignment is taking effect. We are right on track,” said CEO Mark Langer.
“The sales growth in the second quarter speaks for itself: we achieved almost double-digit growth in Europe and were also able to continue our recovery in the challenging German market. Our collections are very well received at home and abroad. This is reflected both in the positive feedback from our wholesale partners and in the robust momentum of our retail business. The performance of our online store is particularly encouraging.”
For the first half-year, currency-adjusted sales growth reached 5 per cent and earnings reached €205 million, unchanged from the same period last year.
As part of its new brand strategy, the company has opened more new Boss stores in Singapore, London and Munich, featuring a new ambiance and a variety of digital services.
The first new Hugo store concept opened in Amsterdam at the beginning of June, featuring unconventional fittings and firmly integrated social-media offers, targeting fashion-forward customers. More will follow in selected European cities this year, including Paris and London.