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Hugo Boss earnings up after it saw strong sales in Asia

first_img GERMAN fashion group Hugo Boss yesterday raised its 2010 outlook after a faster-than-expected recovery in the luxury goods market, together with its strategy of opening more stores, helped it beat third-quarter forecasts.After a sharp downturn, the luxury market has started to recover in 2010, driven by tourist shoppers from emerging markets such as China. In its third quarter, Hugo Boss saw EBITDA jump 42 per cent to €150m (£132m).It now forecasts operating profits will be 20 per cent up on last year, against earlier estimates of between 10 per cent and 12 per cent.“Suits seem to fly off hangers,” the Frankfurt-based trader said.Its shares have gained 79 per cent this year as prospects for the luxury sector have improved.A spokeswoman said Hugo Boss was satisfied with all of its markets and was aiming to open up to 60 of its own shops in 2010, which would take the total to 425.Hugo Boss, majority-owned by private equity company Permira, said third-quarter results were driven by its growing retail business and a Chinese joint venture with franchise partner Rainbow, which it intends to use to boost its retail presence in the Asia/Pacific region.It said it would give more details in its nine-month results, to be published on 2 November. Last week, chief executive Claus-Dietrich Lahrs said that luxury markets might bounce back much faster than previously thought. Hugo Boss earnings up after it saw strong sales in Asia KCS-content whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryNoteabley25 Funny Notes Written By StrangersNoteableyTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrapcenter_img Tags: NULL Share Show Comments ▼ Thursday 14 October 2010 8:24 pm whatsapplast_img

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