Hugo Boss wants to quadruple online sales to 400 million euros by 2022.
Pointing to the pandemic, Hugo Boss said sales slipped 59 percent in the second quarter to 275 million euros. Even though 90 percent of Hugo Boss stores are now open, half had been closed during most of the second quarter.
During a press conference, company spokesperson and board member Yves Müller accentuated those more positive developments. Because of double-digit drops in other areas, like Hong Kong and Macau, sales in the Asia Pacific territory were still down 36 percent for the quarter, totaling 69 million euros.Slumps in Europe — the brand’s biggest market — and North America were even bigger during the second quarter, with sales in those territories falling 59 percent and 82 percent, respectively.Online sales vaulted 74 percent to total 55 million and make up a fifth of all sales in the second quarter, Müller reported.
While sales of both of the company’s brands — Boss for formalwear and suiting and Hugo for more casual looks — declined, Hugo fared better than Boss. The more casual line only fell 30 percent while Boss dropped 38 percent. In terms of more enduring and systemic trends — for example, working from home — Müller said the company was well prepared because it had already seen several years of casual clothing increasingly mixed with more formalwear.
The company now believes there could be a second wave of lockdowns, but is betting that these will be more localized. For example, stores in California, New York and most recently, in Melbourne, Australia, had to be closed. Sales at airport locations also remained weak. But in the rest of the world, Hugo Boss sites were open.
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