Hugo Boss Achieves Outstanding Q3 Performance, Raises Full-Year Expectations

Based on the brand's latest Q3 financial report, Hugo Boss is poised for a promising future. The group experienced strong growth in Q3, with a revenue increase of 18% to 933 million euros (after exchange rate adjustment) and a 27% rise compared to 2019 levels. Retail pre-tax profit reached 92 million euros, an 8% year-on-year increase. Both of the group's major brands achieved double-digit revenue growth across regions and channels. Boss Menswear and Womenswear sales increased by 20% and 13% respectively, while Hugo brand revenue grew by 13%.

With such strong Q3 performance, the group raised its expectations for the 2022 fiscal year. Sales expected to grow between 25% and 30%, reaching 3.5 to 3.6 billion euros. Pre-tax profit is expected to increase by 35% to 45%. Hugo Boss Group CEO Daniel Grieder expressed confidence in the Q4 performance, emphasizing the momentum toward achieving record results for the 2022 fiscal year and pivotal milestones in the process toward the 2025 goals.

ConCall：

Since 2021, Hugo Boss has organized various events in Europe and the Middle East, capitalizing on the rebound in consumer movement and spending following the relaxation of travel restrictions. The increase in sales performance is a testament to these efforts. The success of Hugo Boss's "CLAIM 5" growth strategy lies in its design style updates, brand rejuvenation, and increased social media visibility, which attract and engage consumers.

Can Hugo Boss leverage its success in other global markets to reshape the "business style" perception of Chinese consumers and achieve sales growth? In the current economic environment, this answer remains a question to be answered in 2023.