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Hugo Boss Q3 online business up 36 per cent

Hugo Boss’ online business grew 36 per cent in the third quarter. E-commerce was powered by improvements to the Hugo Boss website and expansion into Scandinavia and Ireland. The strong online momentum is expected to continue into the fourth quarter.

Known for its smart suits, the company’s strategy of introducing more casual and sportswear styles to appeal to a younger audience has been paying off, with third-quarter sales of its trendier Hugo label rising a currency-adjusted six percent. However, sales fell eight per cent in the Americas due to a fall in demand in the United States as well as a decline in the wholesale channel as it sells more garments online. Overall, the group’s own retail business, which includes e-commerce, saw currency-adjusted sales rise three per cent in the third quarter, while the wholesale business fell five per cent. Sales growth slowed to two per cent in Asia due to a significant double-digit sales decline in Hong Kong, which usually accounts for a quarter of its greater China sales, partially offset by continued strong momentum on the mainland.

As unrest escalates in Hong Kong, stores have been forced to close on important weekend shopping days, prompting Hugo Boss to shift stock from Hong Kong to other Asian markets.

 

 
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