Annual Report 2023

Topics filter


Our Share

HUGO BOSS shares with strong gains, up 25% in fiscal year 2023

Significant outperformance of relevant indices and most competitors

Resilience in volatile market environment through successful “CLAIM 5” execution

For global equity markets, 2023 was another year characterized by heightened macroeconomic and geopolitical uncertainties. Against the backdrop of an overall volatile and challenging market environment, HUGO BOSS shares recorded significant gains, ultimately ending the year at EUR 67.46 (2022: EUR 54.16). This was supported by the ongoing successful execution of the Company’s “CLAIM 5” strategy as well as the increase of our mid-term financial ambition at the Capital Markets Day in June. Consequently, with an increase of 25%, HUGO BOSS shares considerably outperformed not only important indices but also the share price performances of most relevant competitors with the peer group being up 15% on average.

Share price performance 2023

(Index: December 31, 2022 = 100)

120 140 100 80 Mar Jun Sep Dec HUGO BOSS share MDAX DAX Ø Peer Group 1

Burberry Group plc, Capri Holdings Ltd., G-III Apparel Group, Guess Inc., Levi Strauss & Co., Moncler Group, PVH Corp., Ralph Lauren Corp., SMCP Group, Tapestry Inc., VF Corp.

In fiscal year 2023, global equity markets faced substantial challenges stemming from persistent macroeconomic and geopolitical uncertainties. The year commenced with several focal points demanding market attention: the lingering issue of high inflation, Europe’s energy crisis-induced natural gas shortage, a brief banking crisis, and China’s strategic shift away from its zero-COVID policy. Notably, the trajectory of inflation and the responses of central banks emerged as the predominant theme throughout 2023. Against the backdrop of these challenges, central banks were faced with a delicate balancing act as they had to navigate between the need to aggressively raise interest rates to combat inflation and the need to avert an economic downturn. This dilemma prompted both the Fed and the ECB to raise interest rates to multiyear highs during the course of the year. Despite a relatively turbulent first half of the year, the overall mood on the markets remained optimistic, supported by data confirming the resilience of the global economy beyond initial expectations, as reflected in particularly robust labor markets, among other things. However, the overall positive sentiment began to deteriorate in the second half of the year as the gradual but slower-than-expected easing of inflation, coupled with mounting geopolitical tensions in the Middle East, prompted a shift to a risk-off mode among capital market participants. The turning point only came in November, with signs of inflation substantially cooling and the anticipation of a return to a more accommodative monetary policy. As the hope for an imminent end to rate hikes gained traction, markets experienced a significant rebound from November onward. This year-end resurgence propelled global equity markets to perform above the annual average, concluding 2023 on an overall positive note.

HUGO BOSS share in comparison to major indices (change in %)



1 year


3 years


5 years


10 years




























MSCI World Textiles, Apparel & Luxury Goods









Overall, and despite the high level of macroeconomic and geopolitical uncertainty, 2023 proved to be a risk-on year for equities. In this context, Germany’s major indices recorded robust gains in 2023, with the DAX up 20% and the MDAX up 8%. The MSCI World Textiles, Apparel & Luxury Goods Index, which reflects the share price performance of key companies in the apparel and luxury goods segment, also developed positively in 2023, ending the year up 11%.

The HUGO BOSS share






Number of shares





Thereof outstanding shares





Thereof own shares





Share price in EUR1





Last (December 31)















Market capitalization in EUR million (December 31)





Earnings per share in EUR2





Price-earnings ratio3





Dividend per share in EUR4





Dividend yield in %3,4





Amount distributed in EUR million4





Payout ratio in %2,4








Based on net income attributable to shareholders.


Based on closing price (December 31).


2023: Proposed dividend.

Against the backdrop of the overall challenging market environment in 2023, the HUGO BOSS share showcased remarkable resilience, driven by the rigorous and successful execution of our “CLAIM 5” strategy. In the first months of 2023, investor sentiment was buoyed by expectations surrounding China’s reopening and strong demand from European consumers. This enabled our share to record a very positive start to the year. Furthermore, the ongoing strong brand momentum of BOSS and HUGO and subsequent robust operational performance provided additional impetus to our share price performance – in particular, as HUGO BOSS not only exceeded its full-year guidance for 2022, which had been revised upwards twice during the course of the year, but also raised its full-year outlook for 2023 in May. At its Capital Markets Day in June 2023, HUGO BOSS gave a strategic update on “CLAIM 5” and also raised its mid-term financial ambition. As a result, our share rose to a five-year high of EUR 75.26 in mid-July. While the renewed raising of our full-year guidance for fiscal year 2023 provided further support to our share price performance in August, macroeconomic and geopolitical uncertainties further increased, amplifying concerns about consumer resilience. This was compounded by a slower-than-anticipated recovery in China and a normalization of demand in the U.S. and Europe. Consequently, the overall consumer sector faced pressure, and investors adopted a risk-off stance starting in September. This resulted in a substantial de-rating of the broader premium and luxury apparel market, including the shares of HUGO BOSS, which reached their annual low of EUR 54.46 end of October, just before the publication of Q3 results. The latter, however, provided relief to investors, demonstrating HUGO BOSS’ ability to successfully navigate away from broader industry trends, thus allowing our share to partially offset losses incurred in prior weeks. Towards the end of the year, the overall brightening market sentiment provided further stimulus to our share. Ultimately, our share closed 2023 at EUR 67.46, marking a robust 25% year-over-year increase and a noteworthy outperformance compared to relevant indices and most relevant competitors.

ISIN, WKN, and ticker symbol HUGO BOSS share







Ticker symbol



Stock exchanges: Xetra, Frankfurt/Main, Stuttgart, Dusseldorf, Hamburg, Munich, Hanover, Berlin/Bremen.

The HUGO BOSS share, which is listed in the German MDAX, improved to 51st place (2022: 56th) in Deutsche Börse’s free-float-adjusted market capitalization ranking at the end of 2023, based on the total number of companies in the DAX, MDAX, and SDAX. While the HUGO BOSS share ranked 48th in terms of trading volume (2022: 48th), the weighting of the HUGO BOSS share in the MDAX increased to a level of 2.7% at the end of 2023 (December 31, 2022: 2.2%). On average, around 270,000 shares per day were traded on Xetra in 2023 (2022: around 475,000). While still at a high level, trading volumes came down somewhat, reflecting both general lower volumes traded on German indices and a higher level of stability in the shareholder base through a successful shift towards long-term-oriented investors.

Shareholder structure as of December 31

(in % of share capital)

2023 (2022) 15 83 2 (15) (83) (2) PFC S.r.l./Zignago Holding S.p.A. Free float Own shares

During 2023, PFC S.r.l. and Zignago Holding S.p.A., each controlled by the Marzotto family, maintained their strategic investment in HUGO BOSS. As of December 31, 2023, their voting rights thus continued to total 15.45%. Both companies have pooled their shares through a shareholder agreement. HUGO BOSS itself holds 1,383,833 own shares, which were purchased as part of a share buyback program between 2004 and 2007. This corresponds to a share of 1.97% or EUR 1,383,833 of the share capital. The remaining 82.55% of the shares were held in free float. Legal Disclosures

At the Annual General Meeting 2020, HUGO BOSS was granted a renewed authorization to buy back shares up to a proportion of 10% of the outstanding share capital on or before May 26, 2025. The Company did not make use of this authorization as of December 31, 2023. Legal Disclosures

In fiscal year 2023, members of the Managing Board acquired additional HUGO BOSS shares. Details on all transactions conducted by the Managing Board and the Supervisory Board on their own account reported to HUGO BOSS in accordance with Article 19 regulation (EU) No. 596/2014 (Market Abuse Regulation) is published on the Company’s website at In total, members of the Managing Board and the Supervisory Board continued to hold around 1.5% of the shares issued by HUGO BOSS at the end of fiscal year 2023. Notes to the Consolidated Financial Statements, Note 25

The Company received several voting rights notifications from institutional investors in fiscal year 2023. The original wordings of these notifications are published on our corporate website at

Institutional investors (free float) by region as of December 31

(in %)

2023 (2022) 37 (37) 19 (23) 12 (13) 30 (25) 2 (2) North America Great Britain & Ireland Germany Rest of Europe Rest of World

HUGO BOSS regularly conducts analyses of the shares held in free float, in order to address institutional investors in a targeted manner. In the most recent analysis as of December 31, 2023, 97% of the shares could be allocated. Besides the regional distribution of institutional investors, the analysis also allows to determine the proportion of shares held by private shareholders. With around 10% in 2023, the latter remained on the prior-year level. Based on the share register, the Company estimates that the total number of its shareholders remained broadly stable at around 40,000 as of December 31, 2023 (2022: around 40,000).

HUGO BOSS maintains a close dialog with capital market participants and is continuously monitored by a large number of financial analysts, with 22 analysts regularly publishing research reports on HUGO BOSS (2022: 22 analysts). As of December 31, 2023, 64% of analysts recommended investors to buy our share (2022: 41%), 36% to hold our share (2022: 55%), and 0% to sell our share (2022: 4%) coupled with an average target price of EUR 79.36 (2022: EUR 59.82).

Dividend per share

(in EUR)

2023 1 2022 2021 2020 2 2019 2 0.04 0.04 0.70 1.00 1.35

Dividend proposal.

Due to the COVID-19 pandemic, HUGO BOSS had suspended its dividend payment for fiscal year 2019 and 2020, with the exception of the legal minimum dividend of EUR 0.04 per share.

In view of the strong operational and financial performance in 2023, the very solid financial position, and management’s confidence in the Company’s long-term growth opportunities, the Managing Board and the Supervisory Board intend to propose to the Annual General Meeting on May 14, 2024, a dividend of EUR 1.35 per share for fiscal year 2023, corresponding to an increase of 35% year over year (2022: EUR 1.00). Thereby, the increase in proposed dividend is higher than the increase in net income attributable to shareholders. The proposal is equivalent to a payout ratio of 36% of the Group’s net income attributable to shareholders in fiscal year 2023, in line with the Company’s mid-term target payout ratio of between 30% and 50%, as laid out in “CLAIM 5.” Assuming that shareholders approve the proposal, the dividend will be paid out on May 17, 2024. Based on the number of shares outstanding at the end of the year, the amount distributed will total EUR 93 million (2022: EUR 69 million). Outlook

HUGO BOSS aims to inform capital market participants about the Company’s current business development as well as its operational and financial performance in a timely and transparent manner as part of comprehensive communication measures. With our extensive Investor Relations activities, we speak to institutional investors, in particular, at national and international conferences as well as during numerous global roadshow activities. As part of our Capital Markets Day 2023, HUGO BOSS presented an update on its “CLAIM 5” strategy and increased its mid-term financial ambition, enabling attending financial analysts and institutional investors to directly interact with the Managing Board. Also going forward, HUGO BOSS will regularly inform capital market participants about strategic progress and developments. In addition, we regularly present HUGO BOSS to interested private shareholders at dedicated events. Our Investor Relations website is a key communication tool for providing detailed information, including press releases, voting rights notifications, financial reports, the financial calendar, and presentations of roadshows and conferences.

In 2023, the work of our Investor Relations team was awarded several times, including the renowned Institutional Investor Award by Institutional Investor (first place in consumer sector small-l and mid-cap) and the Investors’ Darling Award by manager magazin, and HHL Leipzig Graduate School of Management (second place in MDAX). In addition, our HUGO BOSS 2022 Digital Annual Report received the Digital Communications Award (first place in CSR & Annual Report). With its bold motto “Power,” reflecting the successful execution of numerous strategic initiatives, and its fully digital-first approach including several interactive features, our Annual Report has taken the user journey to the next level.