Q1 2025 developments
- Increased macroeconomic uncertainties weigh on global consumer sentiment and impact industry development
- Consistent execution of strategic growth initiatives drives brand momentum and limits decline in currency-adjusted Group sales to 2% in Q1
- Currency-adjusted revenues in EMEA (–1%) and the Americas (–1%) declined slightly; Asia/Pacific (–8%) impacted by ongoing subdued consumer demand in China
- Digital business continues its growth trajectory (+4%), partially offsetting revenue declines in both brick-and-mortar retail (–4%) and brick-and-mortar wholesale (–3%)
- Gross margin remains stable, as efficiency gains in sourcing compensate for headwinds resulting from the challenging market environment
- Operating expenses remain at prior-year level, reflecting ongoing focus on cost efficiency
- EBIT amounts to EUR 61 million (Q1 2024: EUR 69 million), supported by further efficiency gains, resulting in an EBIT margin of 6.1% in Q1
Outlook 2025
- Full-year 2025 outlook confirmed: Group sales to remain broadly stable (–2% to +2%), EBIT to increase by +5% to +22%, with EBIT margin targeted between 9.0% and 10.0%
- Macroeconomic volatility to remain elevated, intensified by ongoing tariff uncertainty; subdued global consumer sentiment continues to weigh on industry development
- Brand and product initiatives to further fuel brand relevance, including global launch of first BOSS collection co-designed with David Beckham in April
- Balanced focus on strategic investments and cost efficiency aimed at driving profitability improvements in 2025
Daniel Grieder, Chief Executive Officer of HUGO BOSS: “Following a strong finish to 2024, our performance in the first quarter of 2025 was affected by the rising macroeconomic uncertainty, which impacted global consumer sentiment and our industry. Against this backdrop, we continued to place strong emphasis on what we have in our control. We further advanced our most impactful strategic initiatives, such as our BOSS ONE bodywear campaign with David Beckham, to further strengthen the relevance of BOSS and HUGO. At the same time, we continued to realize cost efficiencies across important areas of our business, optimizing our global sourcing activities and unlocking further productivity gains. Altogether, these efforts supported our top- and bottom-line development in the first quarter.
In light of our Q1 performance, we confirm our 2025 sales and earnings outlook. We remain committed to balancing strategic investments with disciplined cost management, to further drive brand momentum and profitability improvements throughout the year. At the same time, we are closely monitoring macroeconomic developments and remain vigilant in light of the elevated global uncertainties, including the current tariff discussions. Thanks to our flexible sourcing setup and our strong operational backbone, we are strategically positioned to adapt effectively to potential trade-related developments.
With our two powerful brands, our resilient supply chain, and our agile organizational platform, I am confident in our ability to successfully navigate the external challenges ahead. We are well positioned and firmly committed to continuing our journey in 2025 and beyond.”
If you have any questions, please contact:
Media Relations
Carolin Westermann
Senior Vice President Global Corporate Communications
Phone: +49 7123 94-86321
E-mail: carolin_westermann(at)hugoboss.com
Investor Relations
Christian Stöhr
Senior Vice President Investor Relations
Phone: +49 7123 94-87563
E-mail: christian_stoehr(at)hugoboss.com
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