25 September 2018

Hugo Boss drops 2015 profit goal on China slowdown, Reuters says

German fashion house Hugo Boss has abandoned its 2015 profit target, Reuters reported Tuesday, citing Hugo Boss chief executive Claus-Dietrich Lahrs. Weakening in economic growth and a crackdown on bribery has tempered demand in China this year, the report said. The company said it sill aimed to reach 3 billion euros (US$4.1 billion) in sales in 2015, but it would no longer be able to reach a 25 percent EBITDA margin. The group reported a margin of 22.6 percent in 2012 and did not give a new time frame for the margin target, it said.

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