Hugo Boss allowed the sale of the remaining stores in Russia
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The German clothing manufacturer Hugo Boss may sell its remaining stores in Russia and reorient itself to wholesale deliveries. About it says in the company’s financial statements for the first half of 2023.
“In the first half of 2023, Hugo Boss reviewed its business model in Russia, including considering the possibility of transforming it into a wholesale business,” the message says.
The press service of the company in Russia reported that Hugo Boss “is reviewing the business structure in Russia and is looking for a solution that matches the concern’s business model”, transmits “Kommersant”.
After the start of the special operation, Hugo Boss announced the suspension of retail operations and online sales in Russia from March 2022. In total, according to the consulting company CMWP, by the beginning of this year, about 85 Western brands announced a change in the status of their business in Russia. Of these, about 30% have not yet decided on the fate of the Russian unit. The rest have already made the final decision to leave the Russian market or stay.
As of the end of 2022, Hugo Boss Rus operated 19 stores in Russia, including in Moscow and the Moscow Region, St. Petersburg and Rostov-on-Don. According to SPARK, the revenue of the Russian division of Hugo Boss in 2022 decreased by 17% to 6.3 billion rubles, the company’s net loss amounted to 26.2 million rubles. against 406 million rubles. profit at the end of 2021
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