HUGO BOSS looks back on its business's performance during the fiscal year 2023. It was marked by strong bottom and top-line growth. This performance is mostly a reflection of the enduring branding momentum for BOSS and HUGO that is fuelled by the constant implementation of key brand, distribution, and product initiatives in the company's "CLAIM 5" strategy.

With their respective growth paths continuing in 2023 Both BOSS and HUGO expanded their market share. By doing this, HUGO BOSS achieved its full-year 2023 sales and profit goals, which were adjusted upwards twice throughout the year.

HUGO BOSS records strong top- and bottom-line improvement in 2023.

As reported in January 2024 the Group's sales in the fiscal year 2023 grew by 18 percent on a basis of currency adjustment. In the currency of the Group, the sales increased by 15%, reaching a record of EUR 4197 million (2022: EUR 3,651 million). For the first time in the history of HUGO BOSS, sales exceeded the EUR 4 billion mark which was more than its mid-term target by 2 years earlier than schedule. The growth was again wide-based with every brand, region, and distribution channel delivering two-digit growth.

The company also HUGO BOSS recorded strong bottom-line improvement in 2023, when operating profits (EBIT) rose by 22 percent to EUR 400 million (2022: EUR 335 million). The growth was due to the top-line performance that was more than offset by other investments made into the operation. This resulted in The Group's EBIT margin grew to 60 basis points, bringing it to the level of 9.8 percent (2022: 9.2%).

A strong commitment to continue execution of “CLAIM 5" strategy "CLAIM 5" strategy

In the past two years of successful execution of strategy, HUGO BOSS has laid the foundations for sustainable as well as profitable expansion. By 2024, the company will build on the new strength in the brand of BOSS as well as HUGO and will further increase the importance of its brand. After successfully establishing its place in the minds of consumers over the last few years, moving further, HUGO BOSS will put greater emphasis on encouraging interaction with customers, to keep their trust in the long-term. In this regard, HUGO BOSS will continue to invest in innovative initiatives to build brand awareness and improve its product offerings to enhance the brand's lifestyle imagery. The recent release of BOSS along with the HUGO Spring/Summer 2024 collection, including the debut of HUGO Blue and the corresponding HUGO Blue, is the beginning of the next chapter in the company's "CLAIM 5" journey.

Re-election of Board members to ensure Business Continuity. Board members to provide continuity of business

To keep the continuity of business and ensure long-term growth to ensure continuity and long-term success, to ensure continuity and long-term success, the Supervisory Board of HUGO BOSS determined the long-term structure of its Managing Board, with effect from April 1st, 2024. The announcement was made on March 6, Daniel Grieder was reappointed as Chairman of the Board of Managing Board as well as CEO for HUGO BOSS through December 31st of 2028. In the same month, Oliver Timm, in addition to his duties as CSO at HUGO BOSS, also was named Deputy CEO. He was reappointed CSO from March 2023 to December 31st, 2026. On March 6 Yves Muller was reappointed CFO and COO of HUGO BOSS until December 31st, 2027. With the staggered and long-term nomination of each Managing Board member, the Supervisory Board is setting an important path to ensure the long-term success of HUGO BOSS. Its goal is to ensure continued success in the implementation of "CLAIM 5."

HUGO BOSS strives for an increase in market share by 2024 and beyond

Given its brand's renewed momentum and the unwavering determination to fully follow "CLAIM 5," HUGO BOSS is optimistic about growing its business. Particularly, the company is looking to increase its market share in the future. In this light the financial year 2024 HUGO BOSS expects Group revenues in its reporting currency to rise in a range of between 3% and 6% to an amount of EUR 4.30 billion to EUR 4.45 billion. By doing this the company is taking in the ever-lower consumer confidence that has been reducing the global retail market and in different European economies. Growing geopolitical tensions and conflicts, such as the ongoing conflicts within Ukraine as well as those in the Middle East, pose additional risks for 2024.

Concerning the current geopolitical and macroeconomic uncertainty, the Company's 2025 goals for sales of EUR 5 billion could be delayed. However, HUGO BOSS continues to consider significant growth opportunities in "CLAIM 5." The Company is therefore 100% committed to maximizing the opportunities that lie ahead in 2024 and beyond, regardless of whether it is from a product, brand distribution, geographical, or standpoint.

Press Release: HUGO BOSS edited.