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Hugo Boss APAC Q3 sales up 21 percent despite slowdown in growth

Germany’s Hugo Boss reported currency-adjusted group sales of EUR 1.03 billion (USD 1.03 billion), up 10 percent, with the luxury brand posting double-digit growth in all regions including Asia Pacific, despite sales growth slowing in the last three months.

SEE ALSO: Hugo Boss posts ‘superior’ sales growth in Asia Pacific

Hugo Boss Asia Pacific registered a 21 percent in currency-adjusted revenues, compared to the prior-year level, driven by double-digit sales improvements in both Southeast Asia and Pacific and China, with the latter posting currency-adjusted growth of 17 percent year-over year.

Global revenues in the group’s digital channel increased by 25 percent currency-adjusted, with all digital touchpoints witnessing double-digit improvements, from the group’s digital flagship to digital revenues generated with partners.

The firm’s global brick-and-mortar retail business recorded slower currency-adjusted growth of 8 percent, while brick-and-mortar wholesale increased by 21 percent, fueled by wholesale partners’ “robust demand” for the Boss and Hugo Fall/Winter 2023 collections, said the Metzingen-based company.

“At Hugo Boss, we look back on a successful third quarter, marked by double-digit top- and bottom-line improvements,” said Daniel Grieder, chief executive officer of Hugo Boss.

“In an increasingly challenging market environment, we once again claimed our position and gained further market shares globally, driven by our several brand, product, and distribution initiatives. Building on our strong brand momentum, we are well on track to achieve our financial targets and make 2023 another record year for Hugo Boss.”

The third-quarter sales update does indicate a slowdown in growth in APAC at the European luxury group, which posted a whopping 41 percent sales uptick in the region last quarter. Last month, luxury giants LVMH and Kering also reported a slowdown in total sales for the third quarter ending September 30, along with Salvatore Ferragamo.