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BERLIN, Germany — Goldman Sachs Group's new casual dress code won't put Hugo Boss out of business yet, the German suit-maker's chief executive said.
Chief executive Mark Langer said Hugo Boss will be a “big beneficiary” of the trend away from formal office wear. Langer said he doesn’t see men’s dress codes ever becoming as strict they were in the 1990s, and so Hugo Boss is preparing with stylish accessories.
“Dressing smartly is becoming far more sophisticated,” he said in an interview with Bloomberg Television. “This new generation entering the workplace, they’ve grown up on social media, and for them the way they look is very important.”
If you're not wearing a suit, Langer said, you might be looking for the right turtleneck sweater or classy sneakers to sport at the office, and the company's Boss brand is trying to meet that demand. Millennials are also more concerned about sustainable materials, and Hugo Boss is studying how to grow in that field as consumers shun products with poor labor and environmental standards.
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The chief executive made the comments as the company forecast faster earnings growth this year, with the German clothier focusing more on sales through its own retail network rather than via third parties.
Hugo Boss shares fell as much as 3.5 percent to €64.52 in Frankfurt trading.
By Thomas Mulier and Anna Edwards, with assistance from Matthew Miller; editors: Eric Pfanner, John J. Edwards III and John Lauerman.
