Annual Report 2021

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HUGO BOSS on the capital market

HUGO BOSS shares record strong growth of +96% in 2021

Significant outperformance of relevant indices and competitors

Successful Capital Markets Day marks start of “CLAIM 5” growth strategy

For global equity markets, 2021 was largely impacted by macroeconomic developments. In an overall volatile market environment, the HUGO BOSS share continued its recovery that had already begun in the prior year, and recorded significant gains thanks to a strong acceleration in business performance. With a strong increase of +96%, the share price almost doubled in 2021, thus significantly outperforming important indices and the share price performances of all relevant competitors.

Share price performance 2021

(Index: December 31, 2020 = 100)

200 250 150 100 50 Mar Jun Sep Dec HUGO BOSS share MDAX DAX

In 2021, the main indices continued to recover from the pandemic-related setbacks of the prior year. In addition to the successful rollout of global vaccination campaigns, in particular the easing of pandemic-related restrictions on public life had a positive impact on global consumer sentiment, fueling optimism on the financial markets. Additional stimulus came from extensive fiscal and financial policy measures taken by various countries, especially the United States, and the continuing low interest rate policies of major central banks. At the same time, the emergence of new virus variants, such as Delta and Omicron, dampened the general optimism of capital market participants, leading to corresponding price corrections over the course of the year. In addition, the impact of pandemic-related disruptions to global supply chains led to uncertainty among market participants. Increasing inflation risks and stronger signals from various central banks regarding a more restrictive monetary policy in the future, together with the associated interest rate hikes, led to noticeable caution on the capital markets, particularly towards the end of the year.

HUGO BOSS share in comparison (change in %)



1 year


3 years


5 years


10 years




























MSCI World Textiles, Apparel & Luxury Goods









Overall, the DAX increased by 16%, while the MDAX was up by 14% over the year. The MSCI World Textiles, Apparel & Luxury Goods Index, which reflects the share price performance of key companies in the apparel and luxury goods segment, rose by 22%.

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 EUR





Price-earnings ratio2





Dividend per share in EUR3





Dividend yield in %2,3





Amount distributed in EUR million3





Payout ratio in %3,4








Based on closing price (December 31).


2021: Proposed dividend; 2020: In light of the high uncertainty and the negative impact of the pandemic, HUGO BOSS had suspended its dividend payment for fiscal year 2020, with the exception of the legal minimum dividend of EUR 0.04 per share.


Based on net income attributable to shareholders.

For the HUGO BOSS share, 2021 started on a very positive note. Prospects of a general economic recovery coupled with hopes of an imminent end to regional lockdowns and related store closures enabled the share to successfully continue its positive momentum of the final quarter of 2020. Already in the course of the second quarter, the HUGO BOSS share was able to more than compensate for the losses of the prior year, supported by a very positive business performance and in anticipation of the arrival of the new CEO Daniel Grieder. Better-than-expected financial results for the second quarter, as well as the successful Capital Markets Day at the beginning of August, at which HUGO BOSS presented its new growth strategy “CLAIM 5” and its financial targets until 2025, provided further stimulus to the share price performance. In light of the significant increase in sales and earnings in the third quarter, supported by the successful execution of first strategic initiatives as part of “CLAIM 5”, HUGO BOSS raised its outlook for fiscal year 2021 in October. As a result, the share reached a two-year high of around EUR 60 shortly before the emergence of the Omicron virus variant. Despite recurring concerns related to the pandemic and increased uncertainty regarding fiscal and financial policy measures towards the end of the year, the HUGO BOSS share closed 2021 at EUR 53.50, representing a strong increase of +96%. In 2021, the HUGO BOSS share thus outperformed all its competitors in the premium segment of the global apparel industry as determined within its long-term incentive program (LTI). Compensation Report

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 MDAX, ranked 63rd (2020: 89th) in Deutsche Börse’s free-float-adjusted market capitalization ranking at the end of the year, based on the total number of companies in the DAX, MDAX, and SDAX. In terms of trading volume, the HUGO BOSS share ranked 55th (2020: 59th). The weighting of the HUGO BOSS share in the MDAX was 1.5% at the end of December (December 31, 2020: 0.5%). On average, around 375,000 shares per day were traded on Xetra in 2021, which reflects a normalization towards the pre-pandemic level (2020: around 600,000).

Shareholder structure as of December 31

(in % of share capital)

2021 (2020) PFC S.r.l./Zignago Holding S.p.A. 15 Free float 83 Own shares 2 (15) (83) (2)

During 2021, PFC S.r.l. and Zignago Holding S.p.A., each controlled by the Marzotto family, maintained their strategic investment in HUGO BOSS AG. As of December 31, 2021, 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 of its own shares, which were purchased as part of a share buyback program between 2004 and 2007. This corresponds to a share of 1.97% of the share capital. The remaining 82.55% of the Company’s shares were in free float. Michael Ashley reduced his investment in HUGO BOSS over the course of the year. At the end of 2021, 4.46% of the voting rights pursuant to Sec. 34 WpHG [“Wertpapierhandelsgesetz”: German Securities Trading Act] were allocated to Michael Ashley according to the voting rights notification of December 22, 2021. In addition, he held a further 0.92% of the voting rights through instruments pursuant to Sec. 38 (1) No. 2 WpHG at that time (December 31, 2020: 0.78% of the voting rights pursuant to Sec. 34 WpHG and a further 9.25% of the voting rights pursuant to Sec. 38 (1) No. 2 WpHG). Legal Disclosures

At the Annual Shareholders’ 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, 2021. Legal Disclosures

In fiscal year 2021, members of the Managing Board and the Supervisory Board acquired additional HUGO BOSS shares. A list of the transactions conducted by the Managing Board and the Supervisory Board on their own account reported to HUGO BOSS AG in 2021 in accordance with Article 19 regulation (EU) No. 596/2014 (Market Abuse Regulation) is published on the Company’s website at In total, the members of the Managing Board and the Supervisory Board held slightly more than 1% of the shares issued by HUGO BOSS AG at the end of fiscal year 2021. Notes to the Consolidated Financial Statements, Note 25

The Company received several voting rights notifications from institutional investors in the reporting period from January 1 to December 31, 2021. The original wordings of these notifications are published on the corporate website at

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

(in %)

2021 (2020) North America 46 (39) Great Britain & Ireland 26 (19) Germany 9 (11) Rest of Europe 17 (25) Rest of World 2 (6)

The Company regularly conducts analyses of the shares held in free float, in order to address institutional investors of HUGO BOSS in a targeted manner. In the most recent analysis, approximately 98% of the shares were allocated. Besides the regional distribution of institutional investors, the analysis also allows to determine the proportion of shares held by private shareholders. The latter decreased slightly from 15% in the prior year to 12% in 2021. Based on the share register, the Company estimates the total number of its shareholders at around 43,000 as of December 31, 2021 (2020: around 47,000).

Dividend per share

(in EUR)

2021 1 2020 2 2019 2 2018 2017 0.04 2.70 2.65 0.04 0.70

Dividend proposal.

In light of the high uncertainty and the negative impact of the 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 2021, the very solid financial position as well as management’s confidence in the successful execution of its “CLAIM 5” growth strategy, HUGO BOSS is planning to resume dividend payments. Consequently, the Managing Board and the Supervisory Board intend to propose to the Annual Shareholders’ Meeting on May 24, 2022, a dividend of EUR 0.70 per share for fiscal year 2021 (2020: legal minimum dividend of EUR 0.04). The proposal is equivalent to a payout ratio of 35% of the Group’s net income attributable to shareholders in fiscal year 2021. Assuming that the shareholders approve the proposal, the dividend will be paid out on May 30, 2022. Based on the number of shares outstanding at the end of the year, the amount distributed will total EUR 48 million (2020: EUR 3 million). In light of the negative impact of the pandemic, and to ensure the ongoing financial stability of the Company, HUGO BOSS had suspended its dividend payments for fiscal year 2019 and 2020, with the exception of the legal minimum dividend of EUR 0.04 per share. Outlook

HUGO BOSS aims to inform capital market participants about current developments in a timely and transparent manner as part of comprehensive communication measures. The dialog between institutional investors and HUGO BOSS takes place in particular as part of national and international conferences as well as numerous global roadshow activities. As part of its Capital Markets Day 2021, the Company presented the new “CLAIM 5” strategy and its financial targets until 2025 in detail to the capital market. In this regard, HUGO BOSS will regularly inform the capital market about strategic progress and developments. In addition, the Company presents itself to interested private shareholders at dedicated events in cooperation with local banks. Due to the pandemic, events were again mainly held virtually in 2021. In addition, the Investor Relations website is a key communication tool for providing detailed information and key figures. Group Strategy