Hugo Boss Adjusts 2024 Sales and Profit Forecasts Downward Amid Market Challenges

The luxury fashion brand cites weakening consumer demand and geopolitical tensions as key factors for its revised outlook.

Hugo Boss shares plummet 18% following the announcement of a pessimistic sales outlook, marking its worst trading day since 2016.
The company forecasts sales growth of 3% to 6% for 2024, below market expectations, after achieving an 18% increase in 2023.
2024 operating profit is expected to be between 430-475 million euros, falling short of analysts' consensus of 490 million euros.
Despite a record-breaking 2023, Hugo Boss anticipates its 2025 sales target of 5 billion euros may be slightly delayed due to economic and geopolitical uncertainties.
The brand's CEO emphasizes Hugo Boss's position as an 'affordable luxury' brand, aiming to maintain pricing flexibility without compromising margins.