Hugo Boss’s Q3 numbers that were released on Tuesday contained a lot of negatives but the company remained upbeat overall. It saw a 1% constant currency sales dip in Q3, the German fashion giant said, as it cited “persistently challenging market conditions”.
Reuters
“Macroeconomic headwinds and subdued consumer sentiment weighed on global industry development, particularly impacting the performance in key markets such as the UK and China,” it explained.
But it also said it continued its execution of “strategic initiatives” that are strengthening brand relevance, including the successful launch of AW25 collections and its Boss SS26 Fashion Show.
So what happened in Q3? Total group sales on a reported basis fell 4% to €989 million. By brand, Boss Menswear was flat on a currency-adjusted basis and down 3% reported at €764 million. Boss Womenswear fell 9% currency-adjusted and 10% reported to €67 million. And Hugo was down 5% currency-adjusted and 7% reported at €158 million.
The company saw a 3% currency-adjusted sales improvement in the Americas that “largely compensate[d] for moderate revenue declines” in EMEA (down 2%) and Asia/Pacific (down 4%). But while those currency-adjusted figures don’t look too bad, on a reported basis the Americas fell 3% to €223 million while EMEA was down 3% at €641 million and Asia pacific was down 9% at €101 million. Licenses fell 14% on both a currency-adjusted and reported basis to €25 million.
Clearly exchange rate fluctuations had a big negative impact during the quarter.
But it saw “sustained growth in digital” (+2% currency-adjusted and +1% reported at €201 million) and “sequential improvements” in physical stores where sales were flat currency-adjusted and down 3% reported at €483 million. The decline in physical wholesale of 5% currency-adjusted and 7% reported to €281 million reflected the timing of deliveries.
But the gross margin improved by 100 basis points in Q3, mainly due to efficiency gains in sourcing and lower freight-cost levels. And operating expenses declined by 3%, “reflecting ongoing strict cost discipline and additional efficiency gains”.
Profits outlook
Profits-wise, EBIT was “largely stable” although that doesn’t mean there was no movement as it was down 1% compared to a 1% rise for the year to date.
As for the outlook, the company confirmed its top- and bottom-line guidance for 2025. In line with market expectations, group sales and EBIT are expected to “align with the lower end of guidance ranges”. Those ranges include sales of between €4.2 billion and €4.4 billion, with EBIT ranging from €380 million-€440 million, “due to heightened macroeconomic volatility and significant currency headwinds”.
It added that brand and product initiatives such as the latest Beckham x Boss collection launch combined with ongoing efficiency measures in sourcing, sales, and administration are “expected to support Q4 top- and bottom-line performance”.
CEO Daniel Grieder said: “Despite ongoing global market volatility in Q3, we remained focused on our strategic priorities, emphasising long-term brand strength over short-term gains. In this context, we are particularly encouraged by the sequential improvement in our direct-to-consumer business, as both digital sales and retail improved slightly. At the same time, we achieved meaningful efficiency gains, delivering notable gross margin expansion and streamlined expenses. This is clear evidence of the operational excellence and resilience at the core of our business model.”
Jeanne Friot: a queer manifesto to rouse Fashion Week
With her “Awake” show, Jeanne Friot literally brought her guests to their feet at the Théâtre du Rond-Point des Champs-Élysées. Making her debut on the official calendar, the French designer opened the Paris proceedings with a high-octane performance that, true to form, championed LGBTQI+ causes.
The unveiling of Jeanne Friot’s Autumn/Winter 2026 collection, blending runway and choreography conceived with choreographer Maud Le Pladec and the Ballet de Lorraine company, could not have felt more timely given recent headlines and the American president’s posturing. The thirty-something designer issued a call to wake up, with several dancers wearing T-shirts emblazoned with the slogan “It’s never too late to fight fascism“.
Beyond words, the designer opened with three powerful womenswear looks: a black tweed suit with a cropped jacket; a cocktail dress reimagined in a tartan of silver, red and purple sequins, worn by a model with gothic make-up; and a jacket-and-mini-skirt ensemble in black faux leather, heightened by a play of metal straps and buckles—one of her signatures, applied horizontally or vertically to form skirts or dresses—always nodding to the queer wardrobe.
Soon, dancers—wearing tartan catsuits paired with thigh-high boots, faux-leather mini-shorts, colourful tulle tops or black sequin hoodies—launched into breathless choreography. Then came two women in generously cut suits, one black, the other white. The two models drew closer, stared each other down, touched and kissed intensely and at length, melding like yin and yang as, all around them, the troupe ratcheted up the intensity of their stagecraft. The tableau prompted a wave of approval throughout the Parisian theatre.
Ever more exacting in her use of deadstock materials, the French designer introduced several other visually striking pieces, including a long black faux-leather coat worn over a bodysuit and teamed with metallic thigh-high boots, a houndstooth suit with a broad-shouldered jacket and micro-shorts, and an opulent dress featuring a tartan motif that unfurled from the waist into a train of colourful feathers—a true tribute to the queer community.
That community made its support unmistakable when Friot took to the stage to bow, prompting a prolonged standing ovation for a show that opened Paris Fashion Week Men’s with a bang.
Études Studio and its elegant seekers of sound
On Tuesday, for its show in the impressive Institut de Recherche et Coordination Acoustique, Études Studio staged a composition exploring the tonalities of tailoring. For this collection, christened “N°28 Résonances”, co-founders Aurélien Arbet and Jérémie Egry explained in their letter of intent that they drew inspiration from the origins of 1990s dance music and from the universe of American philosopher John Cage, who questioned the very concepts of music and silence.
To pace their mixed show in soundproofed underground spaces, the French opted for powerful music, teaming with British artist Actress, who composed the soundtrack for a show charting new horizons for Études Studio.
Of course, the brand retained its velvet jackets, hefty canvas blousons with carefully worked washes and a few hoodies (with its logo in a circle of stars on the back), faithful to its utilitarian roots. But the label introduced a compelling, reimagined tailoring proposition, with no fewer than a dozen far more formal looks—straight-cut jackets, fluid trousers and layered shirts, waistcoats and roll-neck jumpers—in black, grey or earthy tones.
Gold prospectors or sound seekers? Between Walkman headphones and cowboy hats, Études Studio refused to choose. Its earnest youths saw their wardrobe explore different material aspects—from worn-in finishes to contrasts between nylon and velvet—and a few chromatic accents, such as an intense purple puffer, or camo riffs on substantial, fuzzy knitwear in shades of green or blue, paired with long, wide scarves in matching hues. This season, the brand presented pieces in collaboration with Berlin-based Canadian artist, Jeremy Shaw.
These silhouettes were accompanied, for the first time, by leather or canvas bags bearing the brand’s logo. This leather goods range, developed in two sizes, should provide a growth driver for the independent creative label.
Valette Studio pays tribute to the New Romantics
Once again this season, Valette Studio’s fashion looked to the past. As the first day of Paris Fashion Week drew to a close, the French brand took over the Institut du Monde Arabe. In a basement room supported by large, thick stone columns, Pierre-François Valette unveiled his Autumn/Winter collection entitled “Les Nouveaux Romantiques”, born of a contemporary melancholy caused by the displacement of creation by image.
This season, Valette Studio focuses on color, frills and ruffles – Samuel Gut
Accompanied by a rock soundtrack with wild percussion, later joined by a violin, the models wore a herringbone denim trench with matching skinny jeans, a short cream dress with a shirt collar and frills that cinched the waist and framed the chest, a black leather ensemble and Louboutins, in collaboration with Louboutin on this collection.
Another dress appeared heavy yet almost bounced, covered in frills and cut from a material that looks, to the eye, like balloon rubber. Perhaps the most striking pieces were two white skirts bearing a made-up face, a watercolour rendered alternately in blue and in orange, created by Teintures de France and inspired in particular by the legendary make-up of David Bowie, the pre-eminent figure of the New Romantics. The models were sometimes adorned with silver make-up swept along the outer corners of the eyes, another nod to the stars of this early-1980s movement. At the end of the show, Pierre-François Valette was warmly applauded by the many guests as he crossed the long room to take his bows.
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Catimini: a name that resonates across France’s childrenswear market. And it is poised for a revival. On January 20, French baby and childrenswear specialist CWF announced the acquisition of Catimini.
CWF takes over Catimini to position it in the premium segment – Catimini
After several turbulent seasons under the ID Kids umbrella, marked by a drastic reduction in its store network from 2023 and a suspension of operations in 2024, Catimini is changing hands. The northern French group had taken over Catimini, along with several other brands from the beleaguered Kidiliz group, in 2020 but failed to restore the brand’s profitability; despite 18 million euros in revenue (per filed accounts) in 2021 and 2022, it posted multi-million-euro losses.
In formalising the deal, without disclosing the amount, Children Worldwide Fashion said it had brought the brand’s founders, Paul and Monique Salmon, who launched the label in 1972, on board.
“Catimini was born of a free and creative vision of children’s fashion. Seeing it join CWF, in Vendée, where it took root, is an obvious choice. We share the same values of know-how, high standards and respect for the brand’s DNA, and I have no doubt about the teams’ ability to embody its codes, gestures and soul,” said Paul Salmon, who is supporting this handover, in a press release.
For CWF, the stakes are high: to restore the lustre of a house that has defined the creative wardrobe of generations of children, while integrating it into the logistical and commercial set-up that has enabled it to establish itself as a strong player on the global children’s luxury stage.
The Les Herbiers-based group built its reputation managing luxury licences (from Givenchy to Marc Jacobs and, more recently, Boss), and is now accelerating the development of its own brands. Alongside Billieblush, Catimini becomes its new in-house standard-bearer. Repositioned in the premium segment, the brand will draw on the group’s expertise as it seeks to reclaim its place in the market by reconnecting with the strongest elements of its DNA, with joyful, graphic fashion in which its signature red is set to play an important role.
CWF is also announcing a first collection for spring/summer 2027, comprising 150 styles for ages 2-14, including accessories, footwear and a gift offering for babies. This comprehensive proposition should quickly find its place within the Kids around network, the group’s multibrand concept, which already boasts 85 stores in 29 countries. The French market accounts for more than a third of the group’s revenue, with CWF Fashion reporting 210 million euros in 2024, according to filed accounts.
To mark this new chapter, CWF intends to make a statement. The group will unveil the first looks of this “new” Catimini on March 11, at a special catwalk show at the Palais de Tokyo in Paris. A deliberate choice of venue, as the site hosts numerous fashion shows during fashion weeks. A symbol of CWF’s determination to bring its premium expertise to Catimini across the board.
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Nike Inc.’s top executive in Greater China, Angela Dong, is stepping down as the sportswear company looks to reverse a sales decline in the market.
Angela Dong – Nike
Dong will leave Nike on March 31, the company said in a statement. She’ll be replaced by Cathy Sparks who was previously leading the Asia Pacific and Latin America division. Nike also announced changes for the leadership of the Europe Middle East and Africa division.
The leadership changes suggest Nike is looking at a new strategy for Greater China. Chief Executive Officer Elliott Hill has recaptured some of Nike’s momentum since taking over, but China remains a key challenge, with sales plunging 17% in the latest quarter.
He said in December that China is “at the top” of the company’s list of priorities, and stressed the company needs to move faster.
Nike shares fell less than 1% in extended trading in New York. The stock fell 16% last year, the fourth consecutive annual decline.