Luxury Goods

Hugo Boss hails 51% rise in sales amid ‘record’ quarter

The company’s pre-tax profits are up 43% following a surge in sales to €2.78bn (£2.32bn) in FY21.

Hugo Boss has reported its revenues increased year-on-year by 51% to €906m (£757m) in the fourth-quarter (Q4) of 2021, with sales up 55%. The revenue is a 12% increase from pre-pandemic levels, making Q4 FY21 “the most successful one in Hugo Boss’ history”.

The company’s pre-tax profits for the full year are also up 43% following a surge in sales to €2.78bn (£2.32bn) in FY21, compared to €1.94bn (£1.62bn) in FY20. Sales remained only 1% below pre-Covid levels of €2.88bn (£2.4bn) in FY19.

Hugo Boss reportedly anticipates that its operating profit will amount to €228m (£190.52m) in FY21, with Q4 up to €100m (£83.56m), compared to €13m (£10.86m) in FY20.

Additionally, total digital sales grew 50% year-on-year for the quarter, with growth of 85% on a two-year basis. Overall, total digital sales added up to 20% of group sales in Q4. Wholesales sales also increased by 60% year-on-year, and it “outperformed” 2019 levels by 7%.

Both Boss and Hugo posted sales improvements in Q4 across all wearing occasions. Compared to pre-Covid levels, sales for Boss grew by 10% while Hugo posted growth of 23%. The growth was reportedly “driven” within the brands’ casualwear, while formalwear sales also continued to recover.

All regions contributed to the sales growth within Europe, with European revenues up 11% on a two-year basis, including the UK, Germany and France.

Daniel Grieder, CEO of Hugo Boss, said: “2021 was a highly successful year for HUGO BOSS.

“The upcoming weeks will see further important milestones, with the introduction of our new branding and the launch of the biggest Boss and Hugo marketing campaigns in our company’s history. Based on these exciting initiatives, we will further drive brand relevance in 2022.”

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