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Business News

Hugo Boss posts record profits

Hugo Boss enjoyed the best performance in its 88-year history in 2010 and revealed it is "very confident" on the outlook for this year.

The German fashion house, which is backed by the private equity firm Permira, posted an 82 per cent leap in net income to a record €189m (£161m) last year. This was driven by the group expanding its own retail business and the "consistent enforcement" of its pricing policy across this operation and its wholesale unit.

Hugo Boss also delivered its best annual revenues, up 7 per cent to €1.73bn.

Claus-Dietrich Lahrs, the company's chief executive, said: "2010 was the most successful year in the history of Hugo Boss. We have consistently geared the group towards profitable growth. This will be clearly visible also in 2011."