Hugo Boss to raise prices globally amid rising US tariffs
'I think we have been very humble,' Müller said, citing 'very moderate' price action over the last four to five years. 'We are really focusing on a very good price-value proposition.'
The move follows price hikes in the US by other companies, including Hermès International SCA, Adidas AG, and Nike Inc.
Overall, Hugo Boss's US exposure is lower than many rivals, Müller said, with the country accounting for about 15% of annual sales. About half of its US products are sourced from Europe, particularly Turkey, for which US President Trump announced a 15% levy on imports, while less than 5% come from China.
Hugo Boss shares rose 0.4% at 1:15 pm in Frankfurt after posting better-than-expected earnings in the second quarter and confirming its full-year guidance.
Chief Executive Officer Daniel Grieder, who has repositioned Hugo Boss for a younger audience, is seeking to reignite growth with strict cost control. His revamp plans faced some setbacks last year as consumer spending weakened in key markets.
'Quite clearly, Boss's overachievement on cost discipline is becoming a material defensive boost at a time of heightened tariff/macro uncertainty,' Jefferies analysts including Frederick Wild said in a note.
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