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Hugo Boss Reaffirms 2023 Outlook amid Luxury Downturn, Shares Rise

FILE - 08 March 2022 - The logo of the Hugo Boss fashion group, taken at an outlet store at the company's headquarters in Metzingen. dpa
FILE - 08 March 2022 - The logo of the Hugo Boss fashion group, taken at an outlet store at the company's headquarters in Metzingen. dpa
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Hugo Boss Reaffirms 2023 Outlook amid Luxury Downturn, Shares Rise

FILE - 08 March 2022 - The logo of the Hugo Boss fashion group, taken at an outlet store at the company's headquarters in Metzingen. dpa
FILE - 08 March 2022 - The logo of the Hugo Boss fashion group, taken at an outlet store at the company's headquarters in Metzingen. dpa

Hugo Boss on Thursday reaffirmed its full-year outlook after posting quarterly results in line with analysts' expectations, supported by strong demand for its products despite a broader downturn in the luxury sector, Reuters reported.
The German fashion house reported a 15% rise in third-quarter sales to 1.03 billion euros ($1.09 billion), spurred by the launch of its fall/winter 2023 collections in August. Analysts had forecast sales of 1.02 billion euros in a poll provided by the company
"Hugo Boss remains one of the few fashion brands still growing in double-digits," Citi analysts said in a note to investors, citing successful product design and diversification and effective marketing among other factors.
Shares were up 4.8% at 0920 GMT. As of Wednesday's close, the stock was 27% off their highest price so far this year, which was reached in July.
The luxury sector, hit by slowing demand for fashion and accessories particularly in the US and Europe, has been further hampered by a slow start to the European fall/winter season amid unusually warm weather.
Hugo Boss, however, had started the fourth quarter strong, CEO Daniel Grieder told reporters in a call.
The company reiterated its annual guidance for sales of 4.10-4.20 billion euros and an operating profit of 400-420 million euros, corresponding to 20%-25% growth.
Its quarterly earnings before interest and taxes (EBIT) rose 12% to 103 million euros, matching analysts' estimate of 102 million euros.

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Fashion

'The Devil Wears Prada 2' Puts Spotlight on Italy's Fashion Capital

An installation of the new movie 'Devil Wears Prada 2' is displayed at La Rinascente shopping center, in Milan, Italy, Monday, April 20, 2026. (AP Photo/Luca Bruno)
An installation of the new movie 'Devil Wears Prada 2' is displayed at La Rinascente shopping center, in Milan, Italy, Monday, April 20, 2026. (AP Photo/Luca Bruno)
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'The Devil Wears Prada 2' Puts Spotlight on Italy's Fashion Capital

An installation of the new movie 'Devil Wears Prada 2' is displayed at La Rinascente shopping center, in Milan, Italy, Monday, April 20, 2026. (AP Photo/Luca Bruno)
An installation of the new movie 'Devil Wears Prada 2' is displayed at La Rinascente shopping center, in Milan, Italy, Monday, April 20, 2026. (AP Photo/Luca Bruno)

Prada may have a title role in “The Devil Wears Prada 2,” which premieres in Italy’s fashion capital on Thursday, but fashion at large gets a spotlight and Milan a supporting role.

The film evokes Prada without being about the storied fashion house that has become synonymous with Milan. In homage, Meryl Streep and Anna Wintour both wear Prada on a current Vogue cover celebrating the film about a demanding fashion editor.

But when part of the movie was shot in Milan during fashion week last September, a Dolce & Gabbana runway show, not Prada, was the backdrop for a scene featuring Streep and Stanley Tucci.

‘’When you think of Prada, when you think of the Prada brand, you also think of Milan. This is obviously good for the fashion system,’’ said Tommaso Sacchi, Milan’s counselor for culture. “It’s a film that is good for the city.’’

That enthusiasm is spilling over to a pop-up at Milan’s main department store, where aficionados of the film and fashionistas have flocked to take selfies at a replica of fictitious fashion editor Miranda Priestly’s desk and against the backdrop of a faux Runway magazine mock-up cover.

VIPs attending the film's Italian premiere on Thursday, ahead of its global release next week, will attend a cocktail in the space.

The Rinascente CEO, Mariella Elia, said the response to the pop-up — which is announced by giant statues of the iconic red pumps outside the store — shows that people have “a desire for lightness.”

“It’s not just about buying, it’s really about reviving what fashion represents ... a desire to have a stylish flair once again, a desire for joy, too — perhaps in contrast with the current economic and international moment that humanity is experiencing,’’ The Associated Press quoted Elia as saying.

On a recent day, the space filled with people browsing limited edition T-shirts with famous phrases from the first film like, “Is there some reason my coffee isn’t here?”

Valentina Cattivelli, a professor, said she wasn’t trying to channel Priestly as she sat behind the replica of her desk. It included an inbox full of other lines from the original film, including Priestly's dismissive, “That’s all.’’

“No, I’m not so cruel in my daily life, but I appreciate her professional style and also her fashion and the taste for fashion. But not her sarcasm or cruelty, no,” Cattivelli said.

The Prada brand was founded a few steps away, in the stately Vittorio Emanuele II Gallery, by Miuccia Prada’s grandfather.

The shopping arcade today is anchored by two Prada flagship stores.

Miuccia Prada transformed the brand into a fashion juggernaut, turning the infamous ugly chic aesthetic into must-have or must-emulate looks and accessories that bring intellectual heft to runway fashion — a theme of the original movie, which offered a peek beyond fashion-world frivolity.

“There is a close relationship between the ‘Devil Wears Prada’ franchise and Prada, because by evoking Prada from the very title, it evokes a fashion that makes you dream, a fashion that makes you feel elegant, a fashion that makes you feel good, a fashion that gives you an allure,’’ said Annarita Briganti, a fashion journalist who wrote a book about Prada for Rizzoli’s Made in Italy editions.

Fashion

British Retailer ASOS Moves to Recover US Tariff Costs

FILE PHOTO: Branded shopping bags are displayed in an ASOS pop-up store in London, Britain, November 12, 2025. REUTERS/Hannah McKay/File Photo
FILE PHOTO: Branded shopping bags are displayed in an ASOS pop-up store in London, Britain, November 12, 2025. REUTERS/Hannah McKay/File Photo
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British Retailer ASOS Moves to Recover US Tariff Costs

FILE PHOTO: Branded shopping bags are displayed in an ASOS pop-up store in London, Britain, November 12, 2025. REUTERS/Hannah McKay/File Photo
FILE PHOTO: Branded shopping bags are displayed in an ASOS pop-up store in London, Britain, November 12, 2025. REUTERS/Hannah McKay/File Photo

ASOS said on Thursday it has started seeking refunds for the 7 million pounds ($9.44 million) of US tariffs paid during the first half of the year, as the British retailer pursues a margin-focused turnaround plan to revive demand.

Thousands of companies around the world are filing lawsuits challenging US President Donald Trump's ⁠sweeping tariffs and seeking ⁠refunds on duties paid, after the levies were deemed illegal by the US Supreme Court in February.

Online fashion retailers such as ASOS are particularly vulnerable to duty ⁠costs on imported goods as they work to rebuild profitability after the pandemic-era expansion gave way to weakening consumer demand.

Once a standout survivor of the dotcom burst, ASOS has been trying to win back shoppers and cut costs amid stiff competition from cheaper Chinese rivals, Reuters reported.

Global retailers are now bracing ⁠for ⁠an impact from the Iran war as customer spending declines and a surge in energy prices and supply-chain snags compound costs further.

ASOS said it has taken proactive actions to help mitigate such impact, but gave no details on said actions.

The company confirmed its outlook for the full year.

Fashion

L’Oreal Quarterly Sales up 6.7% on Growth in US, Emerging Markets

L'Oreal's first-quarter sales rise 6.7%. (AFP)
L'Oreal's first-quarter sales rise 6.7%. (AFP)
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L’Oreal Quarterly Sales up 6.7% on Growth in US, Emerging Markets

L'Oreal's first-quarter sales rise 6.7%. (AFP)
L'Oreal's first-quarter sales rise 6.7%. (AFP)

L'Oreal's first-quarter sales rose 6.7%, it said on Wednesday, as strong demand for premium hair products and perfume, particularly in North ‌America and ‌emerging markets, ‌more ⁠than offset weakness ⁠in the Middle East.

The Paris-based maker of Kerastase shampoo and YSL Libre perfume said ⁠total sales for ‌the ‌three months to ‌end-March came to 12.2 ‌billion euros ($14.32 billion), up 6.7% from 11.7 billion euros on ‌a like-for-like basis after slightly adjusting down ⁠last ⁠year's comparable figures.

The rise also included a 3.4% boost from overstocking ahead of an ongoing overhaul of the group's IT system.