Hugo Boss Plunges to Nine-Year Low as Turnaround Unravels
- German suitmaker issues another warning on profit, sales
- Company blames tough competition in U.S., Hong Kong protests
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Hugo Boss AG plunged to a nine-year low after the German suitmaker cut its full-year outlook on weakness in the U.S. and Hong Kong, casting doubt on Chief Executive Officer Mark Langer’s turnaround efforts.
The guidance reduction comes two months after the suitmaker previously lowered its outlook, citing weak sales to tourists and pricing pressure in the U.S. Now the anti-Beijing protests in Hong Kong, which led to a plunge in visits by mainland Chinese luxury shoppers, are creating a new headache. The stock fell as much as 13% Friday morning.