Retail in Asia


Boss sees double-digit growth in Southeast Asia and Pacific

On August 3, German brand Hugo Boss announced that currency-adjusted group sales increased 34 percent for the recently ended second quarter. This can be accredited to strong growth in Europe and the Americas and a recovery in Asia-Pacific.

In group currency, Hugo Boss second-quarter revenues were up 40 percent to 878 million EUR in the three-month period, marking the strongest second quarter in the history of Hugo Boss.

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Likewise, sales “significantly exceeded” pre-pandemic levels, up 29 percent compared to the second quarter in 2019, according to the luxury company’s report.

In Asia-Pacific, currency-adjusted revenues remained on par with the prior-year level. Strong double-digit growth in Southeast Asia & Pacific compensated for a sales decline in mainland China, largely reflecting Covid-19-related temporary store closures throughout much of the second quarter. As compared to pre-pandemic levels, sales in Asia-Pacific were down 4 percent.

Sales in Europe increased by 41 percent year-over-year, translating into growth of 36 percent compared to 2019 levels, both currency-adjusted. In the Americas, momentum remained strong in the second quarter with currency-adjusted sales up 45 percent compared to the prior year, exceeding 2019 levels by 38 percent with all markets contributing.

During the three months, operating profit more than doubled to 100 million EUR, compared to 42 million EUR last year.

“Our impressive growth in the first half of the year reflects the many successes related to our comprehensive branding refresh,” said Daniel Grieder, Chief Executive Officer of Hugo Boss.

SEE ALSO: COO Heiko Schäfer leaves Hugo Boss for Mammut Sports Group

“We have significantly increased the relevance of BOSS and HUGO within a very short period of time. Based on this momentum, we will continue to work rigorously on the execution of our ‘Claim 5’ growth strategy and pursue our ambition to become one of the top 100 global brands,” he added.

Looking ahead, the company said its group sales in fiscal year 2022 are forecast to increase between 20 percent and 25 percent to a new record level of between 3.3 billion EUR and 3.5 billion EUR.