Home / Knowledge / News / Fashion / Hugo Boss online business jumps 26% in Q1

Hugo Boss online business jumps 26% in Q1

09
May '19
Pic: Hugo Boss
Pic: Hugo Boss
The online business of Hugo Boss, a German luxury fashion house, has climbed 26 per cent in the first quarter of fiscal 2019. In addition to double-digit growth of the group’s own online store, the further expansion of the concession model in the online business also contributed to the rise. However, sales in the wholesale business decreased, as expected.

In the first quarter, Hugo Boss increased currency-adjusted sales by 1 per cent to €664 million. This corresponds to an increase in sales of 2 per cent in the reporting currency. However, there were significant regional differences. While in the Americas, the challenging US market and the ambitious comparison base of the prior year in particular led to a currency-adjusted sales decline of 8 per cent, currency-adjusted sales in Asia once again increased disproportionately, by 4 per cent. In Mainland China in particular, where Hugo Boss has recorded double-digit growth on a comp store basis, the momentum of previous quarters continued. In Great Britain, the group once again achieved double-digit retail sales growth, adjusted for currency effects. Business in Germany developed stable. In total, sales in Europe were up 2 per cent compared to the prior year.

In Europe, robust sales growth in the group’s own retail business was partially compensated by a decline in the wholesale business. The latter was negatively impacted by delivery shifts compared to the prior year. In Great Britain, Hugo Boss has recorded currency-adjusted sales growth of 5 per cent. Against the background of the ongoing challenging market environment in Germany, sales developed stable there. In the Benelux countries, sales were also at the prior year’s level. In France, sales growth in the group’s own retail business could not compensate for a decline in the wholesale business. Overall, sales in France were 7 per cent below the prior year level.

“The ongoing momentum in our strategic growth market China and in the important online business shows that our strategy is taking effect,” said Mark Langer, chief executive officer of Hugo Boss. “At the same time, the US market proved to be weaker than expected. Moreover, investments in the digitization of our business model and in the organisational structure weighed on our operating result in the first quarter. However, they will help us to further accelerate important operational processes and to significantly improve our cost efficiency in the current year. I am very confident that we will achieve our targets for the full year and beyond.”

Hugo Boss continues to anticipate an increase in group sales in 2019 at a mid-single-digit percentage rate on a currency-adjusted basis. This forecast is based on the assumption that comp store and currency-adjusted retail sales will also increase at a mid-single-digit percentage rate in full year 2019. (RR)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 19th Sep 2020

US firms in some sectors moving out of PRC: Goldman Sachs

Goldman Sachs has said US firms in only specific industries are...

Pic: Shutterstock

Apparel/Garments | On 19th Sep 2020

Sri Lanka's textile & garment exports down 25% in Jan-July

Sri Lanka’s earnings from textiles and garments exports decreased by...

Pic: Avery Dennison Fastener Solution

Apparel/Garments | On 19th Sep 2020

Avery Dennison’s new tag fastener degrades in soil

Avery Dennison Corporation Fastener Solutions has unveiled a tag...

Interviews View All

Top executives, Textile industry

Top executives
Textile industry

Overall, Union budget 2018-19 is very balanced

Textile Industry, Head honchos

Textile Industry
Head honchos

Indian apparel industry looks poised for slow death

Neel Sawhney, One Friday

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Ravi Kant Prakash,

Ravi Kant Prakash

A crucial role in the process of fabric manufacturing is played by the...

Harsh Shah,

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Marcel Moser,

Marcel Moser

Switzerland-based Benninger is a leading manufacturer of technologically...

Shujaul Rehman, Garware Technical Fibres

Shujaul Rehman
Garware Technical Fibres

Garware Technical Fibres Ltd (formerly Garware-Wall Ropes Ltd) is a...

Giulio Cesareo, Directa Plus

Giulio Cesareo
Directa Plus

UK-based Directa Plus is one of the largest producers and suppliers...

Ayyappa Nagubandi, Broadcast Wearables Pvt Ltd

Ayyappa Nagubandi
Broadcast Wearables Pvt Ltd

Hyderabad-based Broadcast Wearables has come up with the country's first...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Judy Frater, Somaiya Kala Vidya

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Joe Ikareth, Joe Ikareth

Joe Ikareth
Joe Ikareth

<b>Joe Ikareth</b> has a rock-solid fashion and textiles background, which ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search