Hugo Boss back at pre-crisis sales in UK, China
Hugo Boss is bouncing back.
The German fashion house said it expected a rebound in business to continue as sales recovered to pre-health crisis levels in Britain and China in the second quarter.
Shares in the label, known for its men's suits, were up around 1.5% by midmorning.
Its new chief executive, former Tommy Hilfiger boss Daniel Grieder, set an ambitious target on Wednesday to double sales to 4 billion euros, or $4.75 billion.
He wants to make Hugo Boss one of the world's top 100 global brands by 2025.
While sales of casual styles continued to accelerate as working-from-home boosts more relaxed dressing, Hugo Boss said it had also seen a recovery in sales of formal wear due to pent-up demand for business attire and party fashion.
The company said it would pursue its existing strategy of trying to become more appealing to younger consumers, and would also seek to double sales of women's fashion by 2025.
The firm reiterated that it expects currency-adjusted group sales in fiscal year 2021 to increase by between 30% and 35%.
