Hugo Boss Targets €3.1 Billion in Sales, Halts Russian Operations

The recently rebranded group is forecasting that sales will reach between €3.1 billion and €3.2 billion this year, following a return to pre-pandemic levels in 2021. Revenue for the year ending Dec. 31 reached €2.8 billion, flat on 2019 levels. Net income reached €144 million, up from a €219 loss in 2020.

Despite the momentum, shares fell on Thursday as the war in Ukraine continues to create uncertainty for the apparel sector. Hugo Boss said it closed stores and suspended its e-commerce site in Russia on March 9, joining a long list of brands pushed to stop trading in the country due to logistical challenges. Last year, the Russian and Ukrainian markets combined accounted for 3 percent of Hugo Boss sales, the group said.

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The Strategy Behind The Hugo Boss Rebrand

CEO Daniel Grieder breaks down the strategy behind the German menswear giant’s new brand campaign, and why he’s splitting up “Hugo” and “Boss.”