The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
METZINGEN, Germany — Hugo Boss expects a recovery in its business in the third quarter at the earliest due to store closures and consumer caution during the coronavirus pandemic, the chief executive of German fashion house said on Wednesday.
"We must prepare for a very difficult second quarter," Mark Langer told the company's annual general meeting held online.
Langer said conditions were particularly tough in Europe and America which account for about 85 percent of sales and which are still hit by store closures and restrained consumption patterns.
"We only expect a noticeable but gradual improvement in the market environment from the third quarter at the earliest," he said.
ADVERTISEMENT
Hugo Boss warned earlier this month it expects second quarter sales to fall by at least 50 percent even though all its stores have reopened in China and are gradually reopening elsewhere.
By Emma Thomasson and Anneli Palmen.
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.