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German fashion house Hugo Boss would offer more casual fashion and intensify its online strategy to sustain a third-quarter operating profit of $17.52 million that reversed a loss in the second quarter.
According to Yves Mueller, acting CEO, while customers were increasingly mixing formal and casual items, such as wearing a suit jacket with a T-shirt and sneakers, they have a lot more to offer than the classical suit.
Mueller noted that casualwear is more profitable than selling men’s suits, and they would want to go full speed ahead with the new direction.
Many of its limited-edition casualwear co-designed with world heavyweight champion boxer Anthony Joshua sold out.
Meanwhile, online sales surged 66 percent in the third quarter, as Hugo Boss launched e-commerce in 24 more markets.
It will further launch online stores in 12 more countries in 2021.
Mueller said Hugo Boss was on track to meet its $468 million online sales target by 2024.
He was upbeat about e-commerce and China, where third-quarter sales rose 27 percent from last year. China accounts for about 7 percent of group sales.
