Hugo Boss targets “sustainable growth”
03/11/2016
Sales in the Americas were down 9% and revenue from Europe dipped 2%. Asian sales dropped 3% despite an increase in like-for-like sales in China.
Mark Langer, chief executive of Hugo Boss, described the quarter as “not an easy one”, but added that he was “satisfied” with the cost-cutting measures he has overseen since taking over from Claus-Dietrich Lahrs as CEO in February.
“All the measures we have taken to protect profitability in the current year are on plan or even ahead. It’s now about gearing Hugo Boss towards sustainable growth,” he said.
The German brand said it expects to achieve cost savings of €65 million in 2016 due to the renegotiation of rental leases on some stores, “strict cost management” and streamlining of marketing activities.
Mr Langer said revealed in October that Hugo Boss plans to scale back its attempt to break into the luxury market in favour of focusing on its range of premium men’s clothing.
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