Hugo Boss aims to reach 4 billion in revenue in 2023. An objective that the German group believes to be able to reach before the forecast. It can be done, given the results of the first quarter of 2023, with sales equal to 968 million euro: +25%. Numbers that, if compared to those of 2019, show a 44% increase. “We have further accelerated the brand’s trend all over the world. We will make 2023 another record-year for our company, because we aim to achieve our sales’ goals of 4 billion euro this year already, so much sooner than expected”, says Daniel Grieder, CEO of the group.
Goal of 4 billion
Hugo Boss had forecasted a mid-single-digit growth rate for 2023, with the goal of reaching 4 billion in revenue in 2025. But the results of the 1st quarter of 2023 were excellent, and so the goal is within reach. The company believes it will be able to reach it as soon as this year, given that Q1 sales amounted to 968 million euro: much higher than the 893 million forecasted by Reuters. This increment was generated by the growth of sales in all regions and channels.
The new image and role of the USA
This result pushed the company’s outlook up. The German group expects to increase foreign sales by 10% and on reaching an EBIT of between 10% and 20% of the revenue, equal to 370-400 million euro. The new image seems to be the key to success. In the conference call with analysts, CFO Yves Müller spoke of the benefits of a “more modern and contemporary look with high recognition value” (source Fashion United). Moreover: Müller highlighted the very positive trend of the brand in the USA, which has not always been a sure thing for the company.
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