The fashion group Hugo Boss wants to save money after a drop in profits in the second quarter. The company is taking the current market environment into account and will increase cost discipline, announced CEO Daniel Grieder when presenting the final figures. In addition to savings potential in procurement, the company also wants to reduce costs in sales, marketing and administration. In addition, the cost structure in retail is to be adjusted “to current visitor trends”.

The measures are intended to “strongly support earnings development in the second half of the year,” said Grieder. A weaker consumer climate and higher costs for marketing and in stationary retail led to falling revenues and a drop in profits in the second quarter. At 37 million euros, Hugo Boss earned around half of the previous year’s figure. The company had already presented preliminary figures in mid-July and cut its forecast for the year as a whole.