Hugo Boss and Rémy Cointreau hit by luxury slowdown in China
Tuesday 26 November 2013
German fashion house Hugo Boss and French drinks group Rémy Cointreau warned they would not meet profit expectations due to a slowdown across China, with both companies today blaming profit warnings on the country.
Boss said it would miss its €750 million (£630 million) operating profit target for 2015 as chief executive Claus-Dietrich Lahrs said China “came down to a rather disappointing growth rate for the luxury industry in 2013.” But it said it was sticking to its target of reaching €3 billion sales in 2015.
Meanwhile liqueurs, spirits, champagne and cognac owner Rémy Cointreau said it expected a “substantial” drop in annual profit caused by weaker sales in Europe and Asia, as first-half operating profits fell 7.3 per cent to €132.7 million (£110 million).
The Hugo Boss warning comes only a month after private equity group Permira — which backs the fashion label through London-listed SVG Capital — recapitalised the group and took out £110.9 million in cash as its value grew.
Video: How will China's urbanisation affect the steel industry?
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