Dear Shareholders,
Dear Readers,

Since the beginning of our “CLAIM 5” journey in 2021, HUGO BOSS has achieved significant milestones along its strategic priorities. By investing in our brands, products, and consumer touchpoints, we have fueled the momentum for BOSS and HUGO and achieved above-trend growth. In fiscal 2024, we continued our growth trajectory and increased Group sales by 3% to a new record level of EUR 4.3 billion – despite the challenging market environment and a sharp industry slowdown. Against this backdrop, it was more important than ever to foster customer centricity and focus on the most impactful initiatives: create unique brand experiences, deliver exceptional products, and deepen customer engagement. In doing so, we not only navigated the external headwinds but also further strengthened brand relevance.

FOCUS on Brand Heat

We strive to making every moment with BOSS and HUGO unforgettable. By deepening customer connections and creating bold brand experiences, we’re shaping the future of our brands.

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A particular highlight in enhancing the brand experience was the addition of soccer legend David Beckham to our BOSS brand – not only as a key face of our brand campaigns but also for a multiyear design partnership. At the same time, our various marketing activations, including our successful BOSS Fashion Show in Milan and the HUGO X Formula 1 event in Miami, drove excitement globally and expanded our social media reach.

FOCUS on Customer Loyalty

Our loyalty program HUGO BOSS XP reflects our focus on building meaningful, long-lasting relationships with our customers. With its personalized approach, it brings customer engagement to new heights.

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Throughout the year, we remained steadfast in our commitment to creating exceptional product offerings combined with unique customer experiences. Thanks to our new loyalty program HUGO BOSS XP, we were able to deepen customer relationships and strengthen loyalty while also attracting additional fans. Since its launch, our member base has grown by a remarkable 25%, surpassing ten million registered BOSS and HUGO customers for the first time.

We further strengthened the relevance of BOSS AND HUGO and successfully continued our growth trajectory.

Besides focusing on game-changing initiatives, in 2024 we took decisive action to improve overall cost efficiency. In particular, we further enhanced our digital capabilities and capitalized on the use of artificial intelligence – the driving forces behind our vision of becoming the leading premium tech-driven fashion platform worldwide. We also leveraged our robust organizational and operational platform, as we continued to streamline our sourcing activities and unlocked productivity gains across key business functions. These actions enabled us to notably limit expense growth over the course of the year. As a result, with operating profit (EBIT) reaching EUR 361 million, we successfully met our 2024 full-year targets, as adjusted in July.

As we enter the final year of our “CLAIM 5” journey, our commitment to driving profitability improvements is stronger than ever. At the same time, we remain committed to leverage the strength of our brands and pursue important growth opportunities. However, as macroeconomic volatility remains high and continues to weigh on consumer sentiment, we remain vigilant, closely monitoring market developments. Against this backdrop, we therefore expect Group sales in 2025 to range between EUR 4.2 billion and EUR 4.4 billion, while EBIT is anticipated to increase to a level of EUR 380 million to EUR 440 million. With a relentless focus on maintaining cost discipline and driving additional efficiencies, we are committed to generating robust bottom-line improvements. At the same time, we will continue to invest in key strategic areas to position HUGO BOSS for long-term success – ensuring that we stay ahead in an ever-evolving industry.

Our approach in 2024 to prioritize game-changing initiatives is also reflected in the motto of this year’s Annual Report: “Focus.” In line with this principle, our report provides meaningful insights into our strategic, operational, and financial progress. For the first time, it also integrates all relevant information on environmental, social, and governance (ESG) topics, as sustainability is deeply rooted across our organization, shaping the way we operate and how we make decisions.

We are fully committed to driving robust profitability improvements in 2025

Our strong commitment to creating long-term shareholder value remains equally unwavering. I would therefore like to thank you, dear shareholders, for your trust and continued support and I look forward to continuing this journey with you in the years ahead. At HUGO BOSS, we firmly believe in the immense potential of our brands, and we want to ensure that you participate in our Company’s long-term success. Confident in the strength of our business model and our ability to generate strong cash flows also in the future, we are proposing an increased dividend of EUR 1.40 per share for fiscal year 2024.

At the heart of everything we do is our incredible team worldwide. Their relentless energy fuels our successes, and I am grateful for being surrounded by such talented and passionate people. I have no doubt that, together as one team, we will continue to shape an even stronger future for HUGO BOSS.

Sincerely yours,