German fashion house Hugo Boss expects demand for suits and formal wear to return as coronavirus lockdowns ease even as it adjusts to the rising popularity of casual styles after sales tumbled 59% in the second quarter.
"People will still get married and hold confirmations or baptisms and people still want to meet up," acting chief executive Yves Mueller told journalists, adding he saw pent-up demand for formal outfits for events postponed by lockdowns.
In the second quarter, products like T-shirts, polo shirts, trousers and lounge wear proved more resilient than formal wear. Mueller is holding the fort after Mark Langer stepped down as chief executive. Daniel Grieder, the former CEO of Tommy Hilfiger Global & PVH Europe, is due to take over next June.
By contrast sales fell 59% in Europe and 82% in the Americas, with unrest and demonstrations in the United States in May and June putting more strain on its business.
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