Hugo Boss profits drop 14 percent in third quarter

Hugo Boss flagship store

Hugo Boss reports a 14% drop in its profits for the third quarter of 2012, to a level of 103,4 million euros. Sales at Hugo Boss were up 5 percent to a total of 646,3 million euros, compared to the same period last year. Wholesale has been underperforming directly operated stores and mature markets such as France, U.S. and Germany have been showing slower demand. Hugo Boss is owned by Permira investment fund, which earlier this year sold its other luxury brand, Valentino.