Hugo Boss resists in Q3 and targets sales of 5 billion by 2025

Hugo Boss has just completed an encouraging quarter. On Tuesday November 5, the German group reported sales of 1.029 billion euros, up 1%. The American and EMEA (Europe, Middle East and Africa) markets played a key role in this performance, with sales up by 4% and 1% respectively. However, this was not the case for the Asian market, where sales fell by 7%, hit by a weakness in Chinese demand that is affecting the entire luxury goods market.

These positive results also contributed to the 1% growth in group sales over the first nine months of the year, reaching a total of 3.058 billion euros, up 2% on the previous year. The BOSS men's line - the group's most classic - remains the strongest pillar of group sales, accounting for 77% of year-to-date revenues, up 1%. Sales of the HUGO line - aimed at a younger, more urban clientele - rose by 2% during the quarter, boosted by the launch of the autumn-winter 2024 collection, including the new HUGO BLUE denim range and several capsule collections, such as the one with Red Bull.

Hugo Boss aims to appeal to a younger clientele, notably with the launch of its latest Autumn-Winter 2024 campaign, whose muse is the legendary soccer star David Beckham. Last May, the German group announced a multi-year collaboration with the global sports and fashion icon, as muse and creative collaborator.

In fact, Beckham was present in the front row of the BOSS Spring/Summer 2025 collection show at Milan Fashion Week in the Palazzo del Senato last September, alongside Anna Wintour and Daniel Grieder, CEO of the group. The guests, welcomed by the humanoid robot Sophia, discovered a collection inspired by the officewear trend. The brand's aim was to revisit traditional corporate dress codes, in particular men's suits, with greater flexibility. Daniel Grieder hailed the show as the “most successful in terms of social media reach”, according to a press release issued on Tuesday.

He added: “As we approach the important final quarter of 2024, we will continue investing in key strategic initiatives and projects to further strengthen our brands and elevate customer connection with BOSS and HUGO. At the same time, we remain focused on leveraging our strong operational platform and driving further cost efficiencies. This balanced approach is essential for safeguarding our profitability in 2024 and beyond, while ensuring the long-term success of Hugo Boss.”

Based on this third quarter's performance, Hugo Boss reaffirms its forecasts for 2024, anticipating sales growth of between 1% and 4%, i.e. annual sales of between 4.20 and 4.35 billion euros. This achievement is supported by the “Claim 5” strategy, initiated by Grieder and embodied in an aggressive marketing plan, which aims to rapidly accelerate growth in order to boost sales to 5 billion euros by 2025. However, the Group, which will present its annual results on March 13, is more cautious about profits, and is betting on a wide range between -15% and +5%, due to the uncertainties in the luxury goods market.