// Hugo Boss has beaten its full-year 2021 sales targets
// Sales jumped by 55% year-on-year to £756.23m for the Q4 period
Hugo Boss has beaten its full-year 2021 sales targets, reporting record quarterly revenues which have helped boost the German fashion house back to pre-pandemic levels.
Sales jumped across both the casual and formalwear divisions, rising by 55% year-on-year to €906m (£756.23m) for the Q4 period between 1 October and 31 December 2021. This was up 12% on the same period in 2019.
The company had previously raised its outlook in October, predicting sales would grow by about 40%, following strong demand across Europe and America.
Online sales increased by 33% during Q4, reaching €110m (£91.82m) in total. This was a 78% increase on 2019 levels and a 51% increase year-on-year.
Hugo Boss’ preliminary full-year results predict that revenue will have risen by 43% in 2021 to €2.79bn, just 1% below its 2019 figure of €2.88bn. Official results will be published on 10 March.
In a statement, the fashion brand said growth was driven by its “ongoing strength within casualwear”, while formalwear sales “continued to recover noticeably, spurred by the occurrence of social events ahead of the holiday season”.
Growth was also credited to 98% of the company’s store network being open for business during Q4.
“2021 was a highly successful year for Hugo Boss,” commented Hugo Boss CEO, Daniel Grieder.
“The upcoming weeks will see further important milestones, with the introduction of our new branding and the launch of the biggest Boss and Hugo marketing campaigns in our company’s history.”