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Hugo Boss sales increased 27% to a new record of €3.7bn (£3.2bn), according to the latest 2022 report released today.
These recent figures mean that for the first time in the history of the fashion brand, the company exceeded the €3bn threshold (£2.6bn) despite the high levels of economic implications caused by the global supply chain crisis and the war in Ukraine.
The FY22 report also shows that the luxury brand recorded significant bottom-line improvements as part of its “CLAIM 5” strategy, which is aimed at doubling sales to €4bn (£3.5bn) in 2025.
Operating profit (EBIT) increased by a strong 47% to €335m (£297m) in fiscal year 2022, driven by the strong top-line performance which more than compensated for ongoing brand, products and digital investments as part of “CLAIM 5”.
Daniel Grieder, chief executive at the company, said: “Thanks to the rigorous execution of our ‘CLAIM 5’ strategy, we made 2022 a record year for our Company with broad-based momentum across brands, regions, and consumer touchpoints. Most importantly, our bold branding refresh impressively fueled the brand power of BOSS and HUGO.”
For 2023, Hugo Boss said it remains committed to “winning over consumers from around the globe” through marketing campaigns, brand events and inspiring collections all aimed at reaching the “CLAIM 5” target. At the same time the company plans to push forward the digitalisation of its business model, just as it did with the recent relaunch of the improved Hugo Boss app, as well as opening and renovating physical stores, including Boss on London’s Regent Street.
The luxury brands expect group sales to increase further in 2023 at a mid-single-digit percentage rate, with all regions expected to contribute to growth. In addition, the company also expects to increase its EBIT to an amount of between €350m-€375m (£311m-£333m).
Grieder added: “Thanks to our excellent team, our strong brands BOSS and HUGO, and the power of ‘CLAIM 5,’ I have every confidence that we are heading into another successful year. Together, we will continue to pursue our ambition to ultimately become one of the top 100 global brands.”
