Façade and window displays of the Boss store by Hugo Boss, in the Salamanca district, on 25 February, 2023 in Madrid, Spain.
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Shares of Hugo Boss plunged 18%, before paring losses slightly Thursday, after warning that it may fail to meet its 2025 sales target amid weakening consumer demand.
The German high-end fashion brand was on course for its worst trading day since 2016, after it said it expects sales to grow more slowly in the coming year despite reaching 4.2 billion euros ($4.6 billion) in 2023 — an increase of 18% on the previous year.
Shares were trading 18% lower at 8:52 a.m. London time.
CEO Daniel Grieder told CNBC on Thursday that 2023 was a “record year,” but signaled to more modest growth of 3% to 6% in 2024.
“Consumer sentiment is getting here and there a bit tough,” he said.
This is a breaking news story, and it is being updated.
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