The company stated that despite the decrease, it recorded a positive EBIT of €13 million compared to €124 million in the fourth quarter of 2019 and anticipates recovery in 2021. It also maintained strong momentum in online business (+49%) and in mainland China (+5%).

While the Covid-19 pandemic impacted Hugo Boss Europe, which is group’s largest region, particularly negatively, business in the Americas and in Asia/Pacific continued its gradual recovery in the fourth quarter.

Following the lockdown, business in the strategically important market of mainland China gained strong momentum. By the second quarter of 2020, Hugo Boss was able to return to its double-digit growth trajectory and maintained this momentum throughout 2020.

Hugo Boss exceeded €200 million with its annual online sales for the first time in its history in 2020. This was supported by the expansion of the company’s online flagship store to 32 additional markets.

The company is confident that the global retail environment will gradually improve over the course of 2021, starting with the second quarter. Pushing ahead with the group’s strategic initiatives will further drive its stability, it said in a statement.