Hugo Boss Sees Recovery for Stores, Online and US
German fashion house Hugo Boss reported a 5 percent increase in sales in the fourth-quarter, driven by a rebound in growth at its own stores, a jump in online sales and a recovery in the United States.
After a string of profit warnings, Hugo Boss has been slashing prices in China to bring them closer to European and US levels, making efforts to appeal to younger customers, investing in its website and closing loss-making stores.
It said sales from its own retail business rose 7 percent in the quarter on a same-store basis, and it saw growth of 11 percent in the United States, where it has been making efforts to move the brand more upmarket by stopping selling in discount outlets.
It also said online sales, which had fallen in the first quarter, jumped 42 percent after it moved to improve its website, boost its ranking on search engines and offer more lower-priced garments.
At Buying Intelligence, we are seeing a continuing global trend of brands such as Hugo Boss, focusing on aligning the pricing of their ranges with local competitors. Buying Intelligence delivers to our customers a detailed analysis of their markets price architecture, giving immediate and ongoing access to changes as they happen.