Annual Report 2023

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Non-Financial Statement

Statement summarizes material disclosures on non-financial aspects

Eight topics identified as material within the meaning of Section 289c (3) of the German Commercial Code (HGB)

Definition of reported performance indicators is oriented towards GRI Standards

About this combined non-financial statement

Under Sections 315b and 315c HGB [“Handelsgesetzbuch”: German Commercial Code] in conjunction with Sections 289b to 289e HGB, the Company hereby publishes this combined non-financial statement for HUGO BOSS AG and the HUGO BOSS Group. It substantively summarizes the material disclosures for our Company regarding the five required aspects of environmental matters, employee matters, social matters, respect for human rights, and anti-corruption and bribery matters, as well as regarding the EU Taxonomy. In preparation of the statement, HUGO BOSS oriented itself toward the Global Reporting Initiative (GRI) Standards, particularly for the definition of the reported performance indicators.

As part of the reporting process, HUGO BOSS has analyzed whether risks exist that are associated with its own business activities, its business relationships, as well as its products or services, and that very likely have or could have serious adverse impacts on the aspects listed above. HUGO BOSS has not identified such risks.

Unless otherwise noted, the disclosures made in this statement reflect equally the perspective of HUGO BOSS AG and that of the Group. Any references to information outside the combined non-financial statement – with the exception of references to the chapter “Business Activities and Group Structure” as part of the combined management report – are information going beyond the mandatory disclosures under the German Commercial Code and do not form part of the statement. The combined non-financial statement was subject to a voluntary review with limited assurance according to ISAE 3000 (Revised). Limited Assurance Report of the Independent Practitioner Regarding the Combined Non-financial Statement

Description of the business model

HUGO BOSS is one of the leading fashion and lifestyle companies in the premium segment of the global apparel market. Our business model is described in detail in the chapter “Business Activities and Group Structure” of this Annual Report. Business Activities and Group Structure

Derivation of material topics

The basis used for selecting the topics presented in this statement is a materiality analysis conducted by HUGO BOSS in 2019, which encompassed, in particular, a materiality review according to Section 289c (3) HGB. It has been analyzed to what extent the topics are of particular relevance for understanding the Company’s development, performance, position, and the impact of its activity on the five required aspects. In 2023, HUGO BOSS reviewed its materiality analysis, confirming its continued validity.

Overview of material topics, targets, and 2023 performance of HUGO BOSS Group



Material topics1




2023 performance

Environmental matters


Climate action in production


Reaching net zero climate-damaging emissions by 2050;
Effectively reducing CO2 emissions along the entire value chain by at least 50% by 2030 (base year: 2019)


(1)% vs. prior year2;
+42% vs. base year2




Enabling 80% of our apparel products to become circular by 2030


17% circular apparel products

Employee matters


Employer attractiveness


Further enhancing employer attractiveness


77% employee satisfaction

Social matters


Brand power


Becoming one of the top 100 global brands


Substantial increase in brand value


Data protection


Ruling out any contraventions of applicable data protection laws as far as possible


No such violations in the sense of cases established by authorities or courts

Respect for human rights


Human rights and labor standards in production


Complying with statutory and internal Company requirements on both human rights and labor standards


86% of sourcing volume sourced from finished goods suppliers with one of the two highest attainable social compliance performance levels


Occupational safety in production


Guaranteeing occupational safety at all times


Anti-corruption and bribery matters


Avoidance of corruption and anti-competitive behavior


Preventing legal violations such as corruption, bribery, and antitrust violations


No such violations in the sense of cases established by authorities or courts


The aspects “Climate action in production,“ ”Human rights and labor standards in production,“ and ”Occupational safety in production" relate to both the production activities of HUGO BOSS itself and the production activities of independent suppliers.


Not subject to the voluntary review with limited assurance according to ISAE 3000 (Revised).

Organizational structure and responsibilities

At HUGO BOSS, sustainability is firmly anchored in its “CLAIM 5” growth strategy. The overall responsibility for the sustainable development of the Group lies with the Managing Board. Strategic responsibility is assigned to the Group Strategy and Corporate Development division, which reports directly to the Chief Executive Officer (CEO). Operational responsibility along the supply chain lies with Business Operations, while Investor Relations is responsible for sustainability reporting. Both divisions report to the Chief Financial Officer (CFO)/Chief Operations Officer (COO). He is also responsible for the central Sustainability Committee, which consists of representatives of the main business areas involved in sustainability topics and drives relevant decision-making processes in the area of sustainability. Managing Board

Code of Conduct

HUGO BOSS has summarized Group-wide principles of conduct in its Code of Conduct and in more detailed Group policies, thus creating the basis for ensuring the legality of all employee activities. The focus is on regulations governing conduct in compliance with competition law, the avoidance of conflicts of interest, the appropriate handling of company information, data protection, fair working conditions and respectful treatment, as well as anti-corruption. Employees are continuously familiarized with the regulations of the publicly-available Code of Conduct and the Group policies. Likewise, our Supplier Code of Conduct forms the basis for all supplier relationships and provides an important framework for the structuring of business activities. We constantly review compliance with the Supplier Code of Conduct in the form of regular audits in the production facilities and support our suppliers with training on relevant topics.

Corporate Sustainability Reporting Directive

In fiscal year 2023, HUGO BOSS dealt intensively with the Corporate Sustainability Reporting Directive (CSRD) that will apply from fiscal year 2024 onwards. In this context, important steps were taken as part of a cross-divisional project to comply with the associated comprehensive future reporting requirements. In particular, HUGO BOSS is in the process of conducting a double materiality assessment intended to be finalized in early 2024. It aims to identify the environmental, social, and governance (ESG) topics that are material to HUGO BOSS, especially in connection with the European Sustainability Reporting Standards (ESRS) applicable from 2024 onwards. In its Sustainability Statement for fiscal year 2024, HUGO BOSS will report in detail on all topics assessed as material.