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Hugo Boss has announced an 18% sales increase to €4.2bn (£3.5bn) for the fiscal year 2023.
For the first time in its history, sales crossed the €4bn (£3.4bn) threshold, exceeding the brand’s initial mid-term sales target two years ahead of plan.
Group’s EBITDA increased by 22% to €410m (£350m), compared with €335m (£286m) in 2022 – an increase which was mainly driven by the “top-line performance” which more than offset additional investments in the business, the retailer said.
The financial results primarily reflect the brand momentum of BOSS and HUGO, fueled by the consistent execution of brand, product, and distribution initiatives as part of the company’s “CLAIM 5” strategy.
The fashion retailer has also announced that it will further the rollout of the BOSS and HUGO store concepts, as well as optimise its business operations platform. In order to ensure continuity, the brand has revealed the reappointment of Daniel Grieder as chairman of the managing board and CEO of HUGO BOSS until 31 December 2028.
For the year ahead, the company intends to build on the regained strength of BOSS and HUGO and further drive brand relevance, through more emphasis on fostering engagement with consumers.
The company also expects group sales to increase within a range of 3% to 6% to around €4.3bn (£3.6bn) to €4.4bn (£3.7bn). EBIT is expected to grow between 5% and 15% to around €430m (£367m) to €475m (£406m).
Daniel Grieder, chief executive officer of HUGO BOSS, said: “2023 was another year of remarkable success for HUGO BOSS. he second full year of executing our ‘CLAIM 5’ growth strategy was characterised by strong achievements across all business areas and has accelerated the momentum of our two brands BOSS and HUGO. These successes prove that with ‘CLAIM 5,’ we have the right strategy in place to unlock the full potential of our brands.”
