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Hugo Boss Sees Recovery in Third Quarter at Earliest

The German suit maker warned it expects second-quarter sales to fall by at least 50 percent.
Hugo Boss store | Source: Shutterstock
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  • Reuters

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.

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.

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