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Cheuvreux German Corporate Conference // Frankfurt/Main HUGO BOSS © January 17-18, 2012 2 / 51
Cheuvreux German Corporate Conference // Frankfurt/MainMark Langer, Chief Financial Officer
January 17-18, 2012
Cheuvreux German Corporate Conference // Frankfurt/Main HUGO BOSS © January 17-18, 2012 3 / 51
AGENDA
CURRENT TRADING AND OUTLOOK
SUMMARY
MEDIUM-TERM GROUP STRATEGY
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AGENDA
CURRENT TRADING AND OUTLOOK
SUMMARY
MEDIUM-TERM GROUP STRATEGY
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HUGO BOSS – Medium-term targets increased in early November
Sales(in EUR million)
2010 2015old
2015new
2,500
3,000
…
1,729
CAGR 12%
EBITDA before special items(in EUR million)
2010 2015old
2015new
500
750
…
350
CAGR 16%
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HUGO BOSS – Growth strategy
STRIVING FOROPERATIONALEXCELLENCE
STRENGTHENING INDIVIDUAL
BRAND IDENTITIES
EXPLOITING GLOBAL GROWTH
OPPORTUNITIES
MAXIMIZING CONSUMER FOCUSTO DRIVE RETAIL
Project D.R.I.V.E.
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DISTRIBUTION – Retail to account for 55% of Group sales in 2015
Wholesale
Retail
2009 2015e
Licenses3%
2010 2011e
33%55%
64%
43%
40%
57%
3% 2%…
19%
CAGR 2010 – 2015e
5%
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WHOLESALE – Capturing growth opportunities
■ Competition in most major wholesale markets is tough …
… but HUGO BOSS is best positioned for further growth
Taking over merchandising responsibility
Sharing own retail best practices
Offering desirable brands
Providing intelligent replenishment solutions
Delivering the right product at the right place at the right time
Leveraging strength in core offerings across the brand portfolio
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RETAIL – The HUGO BOSS retail universe
EUROPE292
ASIA/PACIFIC179
AMERICAS120
Number of own retail stores as of September 30, 2011
Target to open around 50 new stores every year organically
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RETAIL – Ongoing development initiatives in all fields
Supply Chain & DistributionSystemsProduct
Consumer-centric development process
Improved preorder planning
Single product-based productivity analysis
“Core Range”offeringConsumer facing
Operations
Personnel
Reporting enhancements through Group-wide SAP Retail platform
Ongoing optimization of in-store systems
More flexible in-season product allocation based on actual demand
Transparent merchandise flow across the supply chain
Implementation of store operations manual
Standardized retail staff training
Introduction of new incentive elements
Systematic CRM approach
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■ Positive mix effect on gross margin
■ Store expansion results in higher rent and personnel expenses
■ Shift from receivables to inventories
■ Increasing operating lease obligations
Key levers for further profitability improvement
■ Consistent comp store sales growth
■ Improved merchandise management process
■ Operating leverage through efficient retail management
Structural Changes
RETAIL – Key to achievement of 2015 targets
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ONLINE – e-Commerce a powerful third distribution channel
■ Constant improvement of usability, product assortment, presentation and service features
■ Dedicated mono-brand sub-stores to elevate consumer experience
■ Several new store launches planned for 2012, including
■ Mobile store in first half
■ China online store in second half
Online to become a 150 million euro business by 2015
2008 2009 2010 2011e0.5
7.8
19.7
Online Sales (in EUR million)
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CasualUrban ChicContemporary
SportiveRelaxedEnergetic
PremiumModernSophisticated
ProgressiveAvant-gardeContemporary
Refined CasualMasculineAesthetic
LuxuriousModernAuthentic
HUGO BOSSBrand
Portfolio
BRANDS – Targeting clearly defined consumer segments
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BOSS Selection – Addressing the luxury consumer
■ Role within HUGO BOSSThe most luxurious brand with the highest quality standards
■ Brand PersonalityLuxurious, modern, authentic
■ Brand PromiseExquisite style, high value materials and workmanship
■ Point of differenceInnovation in style and taste
■ Brand PurposeCreate an exquisite and authentic style for all occasions
BOSS Selection revenues to reach 100 million euro by 2015
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WOMENSWEAR – Growth strategy refined
Organization Dedicated womenswear organization across all functions 01
Brands02
Design03
Product Range04
Communication05
Events06
Target to achieve overproportionate sales growth in womenswear
Sharper and more focused brand image
Emphasize femininity across the product range
New York Fashion Show in September 2012
Key communication focus in Fall 2012
Grow luxury sportswear category
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WOMENSWEAR – Different brand identities reflected in unique designs
casual urban chic
sportive relaxed
modern sophisticated
progressive avant-garde
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REGIONS – Asia/Pacific expected to grow overproportionately
Europe
Americas
Asia / Pacific
Licenses
2009
8%
67%
20%
3%
2010
62%
22%
13%
3%
2011e 2015e
54%
23%
21%
2%…
11%
9%
CAGR 2010 - 2015
13%
22%
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EUROPE – Set for continued growth
■ Leveraging brand strength to gain space in wholesale
■ Store expansion and productivity gains to support overproportionate growth in retail
■ Encouraging first results from implementation of Project D.R.I.V.E.
■ Eastern Europe an important growth region
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AMERICAS – Strong brand momentum to continue
■ Favorable brand perception built on modern European design, consistent fit and superior value
■ Attractive brand presentation in high-end US department stores
■ Selective retail expansion and robust e-Commerce growth
■ Medium-term opportunities in Latin American market
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ASIA / PACIFIC – China the region’s most important growth engine
■ Focus on further building luxury brand perception in China
■ Tremendous growth opportunities for BOSS Selection brand
■ Enlargement and upgrade of retail footprint
■ Operational backbone strengthened
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PROJECT D.R.I.V.E. – Key enabler of growth strategy
Strong brands
Faster response to market changes
Above average growth
Consumer centric business model
Better and more focused assortment
Systematic analysis of sell through data
Consumer insight drives collection planning
Sales floor optimized product development
Focus on wholesale and own retail needs alike
Active sell through management
38 WeeksDesirable brand
with best POS performance
________________________38
WeeksDesirable brand with best POS performance
________________________38
Weeks
1 2
4
35
12345
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PROJECT D.R.I.V.E. – Striving for operational excellence
D.R.I.V.E.
Core Range
ComplexityOptimization
Increase ProductEfficiencies
Direct Development& Delivery
QualityImprovements
Sourcing &Manufacturing
Time to Market
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PROJECT D.R.I.V.E. – Implementation of 4-season cycle
■ Cycle shift fully reflected in retail
■ Fresher merchandise offering
■ Better adjustment to seasonal differences in consumer buying behavior
■ Increasing wholesale support
DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV
JAN FEB MAY JUL AUG NOV
PAST
FUTURE
2 main collections and 2 much smaller pre-collections
4 equally weighted collections based on actual consumer buying behavior
Full price sales curve
DEC APR JUN OCTMAR SEP
WHS
WHS
WHS
WHS
Current delivery curve
DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV
JAN FEB MAY JUL AUG NOV
PAST
FUTURE
2 main collections and 2 much smaller pre-collections
4 equally weighted collections based on actual consumer buying behavior
Full price sales curve
DEC APR JUN OCTMAR SEP
WHS
WHS
WHS
WHS
Current delivery curve
Time to Market
PROJECT D.R.I.V.E. – Core range a major productivity driver in Europe
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Units sold per style (Fall 2011)
x 3.5
Non Core Range Core RangeFall 2011 Spring 2012
Share of Core Range(in %)
15%
45%
60%
75%
30%
45%
67%
15%
28%
Value share of core range
Core range style/colors as % oftotal collection style/colors
Core Range
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AGENDA
CURRENT TRADING AND OUTLOOK
SUMMARY
MEDIUM-TERM GROUP STRATEGY
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Current trading supports full year and medium-term growth expectations
■ Good holiday season across all major markets
■ Healthy demand in most European markets despite economic challenges
■ No signs of slowdown in the Americas
■ Slight moderation of growth trends in Asia / Pacific
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FINANCIAL GUIDANCE – On track for achievement of 2011 targets
2011 Outlook
Sales growth (currency-adjusted) 15% - 17%
Growth of EBITDA beforespecial items 25% - 30%
Capex approx. EUR 90 mill.
Own retail network Expansion by around 70 stores
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AGENDA
CURRENT TRADING AND OUTLOOK
SUMMARY
MEDIUM-TERM GROUP STRATEGY
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SUMMARY – HUGO BOSS set for long-term growth
■ Clear growth strategy in place
■ All brands in good shape
■ Increasing retail sophistication adds to historical strength in wholesale
■ Growth opportunities in all regions
■ Project D.R.I.V.E. key enabler of far-reaching business model improvements
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BACKUP
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BOSS Black – Brand DNA
■ Role within HUGO BOSSCore brand of HUGO BOSS
■ Brand PersonalityModern, superior, premium
■ Brand PromiseBeing impeccably and appropriatelydressed in every situation
■ Point of differenceContemporary elegance and perfectionassociated with a desirable lifestyle
■ Brand PurposeModern classics for business, leisure time and events – perfect looks that underline the customer’s individuality and meet superior standards in quality, design, fit & workmanship
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BOSS Orange – Brand DNA
■ Role within HUGO BOSSRough and unpolished side of HUGO BOSS
■ Brand PersonalityUrban, modern, confident
■ Brand PromiseModern casual wear that adapts to the lifestyle of the metropolitan inner-city
■ Point of differenceFashion-driven premium casual wear forindividual style-seekers
■ Brand PurposePremium lifestyle collection for every day use with an urban fashion twist
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HUGO – Brand DNA
■ Role within HUGO BOSSThe fashion spearhead of HUGO BOSS
■ Brand PersonalityEdgy, progressive, creative, individual
■ Brand PromiseAvant-garde / contemporary fashion that underlines a creative and individual attitude
■ Point of differenceUnconventional & progressive without being loud
■ Brand PurposeHigh fashion for men and women for almost every occasion (worklife & nightlife)
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BOSS Green – Brand DNA
■ Role within HUGO BOSSThe golf & premium sportswear / lifestyle brand
■ Brand PersonalityRelaxed, sporty, optimistic, vigorous
■ Brand PromiseGolf meets lifestyle in a premium sportswear collection based on vibrant colors
■ Point of differenceSophisticated lifestyle sports fashion – with roots in the golf sport
■ Brand PurposePremium sportswear for the sophisticated golfer and people with a relaxed sporty attitude
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PROJECT D.R.I.V.E. – Striving for operational excellence
D.R.I.V.E.
Core Range
ComplexityOptimization
Increase ProductEfficiencies
Direct Development& Delivery
QualityImprovements
Sourcing &Manufacturing
Time to Market
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PROJECT D.R.I.V.E. – Implementation in full swing
SPRINGOrder: ~ Jul / Aug
SUMMEROrder: ~ Oct / Nov
FALL Order: ~ Jan / Feb
WINTEROrder: ~ Apr / May
Spr
ing
1
Spr
ing
2
Spr
ing
3
Sum
mer
1
Sum
mer
2
Sum
mer
3
Fall
1
Fall
2
Fall
3
Win
ter
1
Win
ter
2
Win
ter
3
D J F M A M J J A S O N D
spring / summer core themes
fall / winter core themes
SPRINGOrder: ~ Jul / Aug
SUMMEROrder: ~ Oct / Nov
FALL Order: ~ Jan / Feb
WINTEROrder: ~ Apr / May
Spr
ing
1
Spr
ing
2
Spr
ing
3
Sum
mer
1
Sum
mer
2
Sum
mer
3
Fall
1
Fall
2
Fall
3
Win
ter
1
Win
ter
2
Win
ter
3
D J F M A M J J A S O N D
spring / summer core themes
fall / winter core themes
Time to Market
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PROJECT D.R.I.V.E. – Efficient global sourcing activities
EUROPE (62%)- thereof 17% HB IZMIR -
SOUTH EAST ASIA (11%)
NORTH AMERICA (1%)
Sourcing &Manufacturing
CENTRAL & SOUTH AMERICA (1%)
NORTH AFRICA (9%)
CHINA (16%)
As of full year 2010.
Annual investments(in EUR million)
99
119
5548
85
0
20
40
60
80
100
120
140
2006 2007 2008 2009 2010 2011e
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Investments support realization of key strategic growth opportunities
■ Strengthening the Group’s retail footprint
■ Upgrading supply chain capabilities
Dividend* and payout ratio(in EUR and in % of consolidated net income)
1.20
1.38
2.03
0.97
1.46
64.1% 65.2%
84.7%
64.0%75.2%
0.0
0.5
1.0
1.5
2.0
2006 2007 2008 2009 2010
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Profit-oriented dividend policy
Group committed to pay out between 60% and 80% of consolidated net income
* Preferred shares / excluding special dividend.
Net debt(in EUR million)
118
583
201174
379
0
100
200
300
400
500
600
2006 2007 2008 2009 2010
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Strong free cash flow generation to sustain further debt reduction
Use of Free Cash Flow to further reduce net debt
Sales(in EUR million)
538
1,307
615
1,560
0
400
800
1,200
1,600
Q3 2010 Q3 2011 Jan - Sep. 2010 Jan. - Sep. 2011
Gross margin(in %)
59.2% 58.0%58.8% 59.9%
0%
15%
30%
45%
60%
Q3 2010 Q3 2011 Jan. - Sep. 2010 Jan. - Sep. 2011
Net debt(in EUR million)
304
247
0
40
80
120
160
200
240
280
320
Sep. 30, 2010 Sep. 30, 2011
EBITDA before special items(in EUR million)
150
273
177
372
0
60
120
180
240
300
360
Q3 2010 Q3 2011 Jan. - Sep. 2010 Jan. - Sep. 2011
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NINE MONTHS RESULTS AT A GLANCE
+19%
+14%
-0.4 pp+1.9 pp
+36%
+18%
-19%
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SALES – Sales up in all regions
*incl. Middle East and Africa
■ Europe continues to expand at a double-digit rate
■ Americas the strongest growing region in the third quarter
■ Q3 sales development in Asia reflects non-recurrence of consolidation effects
Sales development by region, y-o-yJan. - Sep. 2011
20%
41%
25%
15%
19%
40%
18%
16%
0% 10% 20% 30% 40% 50%
Group
Asia/Pacific
Americas
Europe*
in eurofx adjusted
Sales development by region, y-o-yQ3 2011
16%
20%
22%
14%
14%
16%
13%
15%
0% 10% 20% 30%
Group
Asia/Pacific
Americas
Europe*
in eurofx adjusted
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SALES – All distribution channels grow at double-digit rate year-to-date
■ Solid growth in wholesale despite negative impact from franchise takeovers
■ Retail comp store sales increase reaches +6% in Q3 (+9% year-to-date, both currency-adjusted)
■ Fragrance launches drive sales improvement in royalties business
Sales development by distribution channel, y-o-yJan. - Sep. 2011
20%
10%
38%
10%
19%
10%
36%
10%
0% 10% 20% 30% 40%
Group
Royalties
Retail
Wholesale
in eurofx adjusted
Sales development by distribution channel, y-o-yQ3 2011
16%
12%
30%
9%
14%
12%
27%
8%
0% 5% 10% 15% 20% 25% 30%
Group
Royalties
Retail
Wholesale
in eurofx adjusted
Cheuvreux German Corporate Conference // Frankfurt/Main HUGO BOSS © January 17-18, 2012 44 / 51
GROUP INCOME STATEMENT
1 Basic and diluted earnings per share.
in EUR millionJan. - Sep.
2011Jan. - Sep.
2010Change
in %Q3 2011 Q3 2010 Change
in %Net sales 1,559.6 1,307.0 19 615.0 538.0 14
Cost of sales (596.4) (521.0) (14) (241.1) (205.1) (18)Direct selling expenses (29.0) (28.3) (2) (12.0) (14.5) 17
Gross profit 934.2 757.7 23 361.9 318.4 14in % of sales 59.9 58.0 1.9 pp 58.8 59.2 (0.4) pp
Selling and distribution expenses (473.2) (403.0) (17) (159.1) (140.8) (13)Administration costs and other operating income and expenses (139.6) (139.0) 0 (43.1) (49.0) 12
Operating result (EBIT) 321.4 215.7 49 159.7 128.6 24in % of sales 20.6 16.5 4.1 pp 26.0 23.9 2.1 pp
Net interest income/expense (11.8) (12.9) 9 (4.1) (4.2) 0Other financial items 1.2 0.3 >100 2.0 (3.7) >100
Financial result (10.6) (12.6) 16 (2.1) (7.9) 73
Earnings before taxes 310.8 203.1 53 157.6 120.7 31Income taxes (74.6) (48.3) (54) (37.9) (28.5) (33)
Net income 236.2 154.8 53 119.7 92.2 30
Attributable to:Equity holders of the parent company 231.1 153.9 50 118.0 91.3 29Minority interests 5.1 0.9 >100 1.7 0.9 90
Net income 236.2 154.8 53 119.7 92.2 30
Earnings per share (EUR)1
Common share 3.34 2.24 49 1.71 1.34 28Preferred share 3.35 2.25 49 1.71 1.34 28
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SEGMENT PROFIT – Profitability improvements in all regions
■ EBITDA margin in Europe exceeds 40%
■ Strongest margin increase in the Americas
■ Retail expansion drives improvement in Asia
*incl. Middle East and Africa
in EUR millionJan. - Sep.
2011in % of sales Jan. - Sep.
2010in % of sales Change in %
Europe* 397.9 40.4 324.8 38.4 23Americas 83.7 25.6 62.0 22.4 35Asia/Pacific 75.0 34.9 51.4 33.3 46Royalties 29.2 89.6 26.6 89.4 10Segment profit operating segments 585.8 37.6 464.8 35.6 26Corporate units / consolidation (213.7) (191.8)EBITDA before special items 372.1 23.9 273.0 20.9 36
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Tight working capital management continues to be a top priority
Average trade net working capital as a percentage of sales by quarter(in %)
29.7%27.2%
19.9% 19.6%20.9%
19.3%
24.6%
28.5%
19.2%
22.7%
19.1%
0%
10%
20%
30%
Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011
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RETAIL NETWORK – Net increase of 54 stores in first nine months of 2011
*Europe incl. Middle East / Africa
AMERICASASIA/PACIFIC
+ 49 + 7+ 23 - 25
Dec. 31, 2010 Sep. 30, 2011
537
591
+ 22 UK (incl. 15 Moss Bros stores)+ 6 Netherlands+ 6 Spain+ 4 France+ 4 Portugal+ 1 Austria + 1 Germany+ 1 Italy+ 1 Poland+ 1 Sweden+ 1 Switzerland+ 1 Turkey
+ 6 USA+ 1 Brazil
+ 20 China + 3 Japan
Number of own retail stores:CLOSINGS
EUROPE*
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FINANCIAL CALENDAR 2012
Date Event
March 14, 2012 Press and Analysts’ Conference
April 26, 2012 First Quarter Results 2012
May 3, 2012 Annual Shareholders’ Meeting
July 31, 2012 First Half Year Results 2012
October 30, 2012 Nine Months Results 2012
February 9, 2012 Preliminary Full Year 2011 Results
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INVESTOR RELATIONS CONTACT
Dennis Weber, Head of Investor Relations
Phone: +49 (0) 7123 94 - 86267E-Mail: [email protected]: www.hugoboss.com
Cheuvreux German Corporate Conference // Frankfurt/Main HUGO BOSS © January 17-18, 2012 50 / 51
FORWARD-LOOKING STATEMENTS CONTAIN RISKS
DateThis document contains forward-looking statements that reflect management's current views with respect to future events. The words "anticipate“, "assume“, "believe", "estimate", "expect", "intend", "may", "plan", "project", "should", and similar expressions identify forward-looking statements. Such statements are subject to risks and uncertainties. If any of these or other risks and uncertainties occur, or if the assumptions underlying any of these statements prove incorrect, then actual results may be materially different from those expressed or implied by such statements. We do not intend or assume any obligation to update any forward-looking statement, which speaks only as of the date on which it is made.