General economic situation and industry development
The general economic situation and industry-specific environment continued to prove challenging for the HUGO BOSS Group last year. The downturn in Asia, clearly noticeable in the second half of the year, weighed particularly on global economic growth, estimated by the IMF to have slowed to 3.1% compared to the prior year. The persistently weak economic environment and resulting cautious consumer spending also held back growth in the premium and luxury goods sector. With an increase from 1% to 2% adjusted for currency effects it lagged far behind historical growth rates. The greatest stimulus came from Europe, where industry growth was also supported by more business with tourists from Asia and North America.