100-576: The Stuttgart Open (sponsored since 2022 by Hugo Boss and called the BOSS Open ) is an ATP Tour 250 series professional tennis tournament on the ATP Tour . From 1970 to 1989, the Stuttgart Open was a Grand Prix tennis circuit event. From 1990 to 1999, the Stuttgart Open was an ATP Championship Series tournament. The Championship Series name was changed to ATP International Series Gold in 2000, and
200-553: A circular economy . The investment in the start-up Heiq Aeoniq LLC supports the development of its cellulose fiber Heiq Aeoniq, which is intended to replace chemical fibers such as polyester . Heiq Aeoniq LLC primarily sources its materials from discarded algae , sugarcane , straw , hemp , nutshells , cigarette butts , and coffee grounds . At the Hugo Boss Digital Campus, data is processed to make company processes more efficient and to thus improve determination of
300-400: A "supporter and beneficiary of National Socialism". In a 1946 judgment, he was stripped of his voting rights, his capacity to run a business, and fined "a very heavy penalty" of 100,000 ℛ︁ℳ︁ ($ 70,553 U.S.) (£54,008 stg ), which was later decreased to 25,000 ℛ︁ℳ︁ . However, Hugo Ferdinand Boss appealed, and he was eventually classified as a "follower",
400-543: A cease and desist letter to Canadian fitness company Boss Athletics Inc. In February 2020, professedly as a protest, comedian Joe Lycett changed his legal name to Hugo Boss. In 2020, Hugo Boss told NBC News it did not use cotton from the Xinjiang area of China to avoid Uyghur forced labor . However, in 2021, the Chinese subsidiary of Hugo Boss stated on its official Sina Weibo account that they had been using cotton from
500-620: A climate-related venture capital fund aimed at promoting sustainability in the fashion industry. The company has introduced structures to ensure compliance. In this context, it works with the Fair Labor Association , has established an ombudsman system, has social audits carried out on working conditions and offers the opportunity to use the Fair Labor Association's comprehensive external and anonymous complaints management system. British comedian and actor Russell Brand
600-506: A daily rate of 133 in 1931). The 1929 crash brought the Roaring Twenties to a halt. As tentatively expressed by economic historian Charles P. Kindleberger , in 1929, there was no lender of last resort effectively present, which, if it had existed and been properly exercised, would have been key in shortening the business slowdown that normally follows financial crises. The crash instigated widespread and long-lasting consequences for
700-529: A determination to put things right and ensure there cannot be a repeat of what went wrong." In August 2019, Hugo Boss sent a cease and desist letter, objecting to the trademark application of Boss Brewing , a small brewery based in Swansea , costing the brewery nearly £10,000 in legal fees and compelling them to change the name of several beer brands. Similarly, in November 2023, it was reported that Hugo Boss had sent
800-410: A further 24.69% via financial instruments . In June 2021, Daniel Grieder took over as CEO of Hugo Boss. Under his direction, the growth strategy Claim 5 was introduced, with the objective of improving the consumer journey and product offerings, increasing relevance, and driving growth across all geographical regions. This strategy is intended to ensure the sustainable growth of the company. In
900-625: A lesser category, which meant that he was not regarded as an active promoter of National Socialism. In June 2000, Hugo Boss joined the Foundation Initiative of German Business for the Compensation of Forced Laborers and contributed financially to the fund. An initial study commissioned by the company at the end of the 1990s on the situation in the Third Reich was not published by the company. The author, Elisabeth Timm, later published it on
1000-775: A major global fashion house. As of December 2023, it operated 1,418 retail stores worldwide. After the end of the First World War , Hugo Ferdinand Boss (1885–1948) took over his parents' clothing retail business in Metzingen, where it still operates, and registered it as a business for manufactured goods in 1922. In 1924, he started a factory for the production of workwear along with two partners, Albert and Theodor Bräuchle, as shareholders. The company produced shirts, jackets, work clothing, sportswear, and raincoats. In 1925 and 1926, Hugo Boss, like all Metzingen companies, announced Kurzarbeit for its almost 30 employees. In connection with
1100-620: A mass of 250 million bushels of wheat to be "carried over" when 1929 opened. By May there was also a winter wheat crop of 560 million bushels ready for harvest in the Mississippi Valley. The oversupply caused such a drop in wheat prices that the net incomes of farmers from wheat were threatened with extinction. Stock markets are always sensitive to the future state of commodity markets, and the slump in Wall Street that had been predicted for May by Sir George Paish arrived on time. In June 1929,
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#17328843239091200-533: A partner of the child protection organization UNICEF since 2007. In addition, the Group established the Hugo Boss Foundation , whose main source of income is the "Every purchase counts" initiative. Since 2023, 5 cents of every own product (excluding licensed products) have been donated through this initiative. The donations are intended to support local, regional and global impact-oriented projects, particularly in
1300-482: A practice of suspending trading when prices fell rapidly to limit panic selling . Scholars differ over crash's effect on the Great Depression, with some claiming that the price fluctuations were insufficient on their own to trigger a major collapse of the financial system, with others arguing that the crash, combined with the other economic problems in the U.S. at the end of the 1920s, should be jointly interpreted as
1400-425: A promissory bill loan with a total value of €175 million was placed for the first time. As at March 2024, the shareholder structure was as follows: As early as the 1980s, Hugo Boss began with product placements and the outfitting of celebrities . Among other things, Hugo Boss outfitted the actors of the popular US law series L.A. Law and was henceforth seen as the outfitter of yuppies . Hugo Boss dressed
1500-508: A serious setback to industry when industrial production is for the most part in a healthy and balanced condition?" They argued that there must be some setback, but there was not yet sufficient evidence to prove that it would be long or would necessarily produce a general industrial depression. However, The Economist also cautioned that some bank failures were also to be expected and some banks may not have had any reserves left for financing commercial and industrial enterprises. It concluded that
1600-506: A sharp decline in prices on the New York Stock Exchange (NYSE) and ending in mid-November. The crash, which began a rapid erosion of confidence in the U.S. banking system and marked the beginning of the worldwide Great Depression , which lasted until 1939, is considered the most devastating in the country's history. It is most associated with October 24, 1929, known as "Black Thursday", when about 12.9 million shares were traded on
1700-697: A significant influence on the Hugo Boss company. Sälzer left the company in February 2008. In mid-2008, Permira appointed Claus-Dietrich Lahrs as CEO of Hugo Boss. Shortly afterward, the company launched an online shop in the UK, followed by other countries. In 2009, the Boss brand was by far the largest segment, consisting of 68% of all sales. The remainder of sales were made up by Boss Orange at 17%, Boss Selection at 3%, Boss Green at 3% and Hugo at 9%. Also in 2009, Hugo Boss
1800-777: A sponsoring member ("Förderndes Mitglied") of the Schutzstaffel (SS). He also joined the German Labour Front in 1936, the Reich Air Protection Association in 1939, and the National Socialist People's Welfare in 1941. He was also a member of the Reichskriegerbund and the Reichsbund for physical exercises. After joining these organizations, he received orders for the production of clothing for
1900-445: A stage in the business cycles which affect all capitalist economies. The " Roaring Twenties ", the decade following World War I that led to the crash, was a time of wealth and excess. Building on post-war optimism, rural Americans migrated to the cities in vast numbers throughout the decade with hopes of finding a more prosperous life in the ever-growing expansion of America's industrial sector. Scholars believe that declines in
2000-536: A strategy used during the Panic of 1907 . This encouraged a brief recovery before Black Tuesday. Further action failed to halt the fall, which continued until July 8, 1932; by then, the stock market had lost some 90% of its pre-crash value. The United States Congress responded to the events by passing the Banking Act of 1933 (Glass–Steagall Act), which separated commercial and investment banking . Stock exchanges introduced
2100-605: A trademark in 1977. This was followed by the start of the company's long association with motorsport, sponsoring Formula One teams. In 1984, the first Boss branded fragrance appeared. This helped the company gain the required growth for listing on the Frankfurt Stock Exchange the following year. The brand began a golf sponsorship for Bernhard Langer in 1986 and tennis for the Davis Cup in 1987. In 1989, Boss launched its first licensed sunglasses . Later that year,
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#17328843239092200-403: A two-brand strategy, with the core brand Boss (stylized as BOSS) for upscale business and leisure wear and Hugo (stylized as HUGO) for a young target group. The company has additional licensing agreements with Coty , C.W.F. , Movado and Safilo for product collaborations. Hugo Boss is active in the following segments: Products are manufactured in a variety of locations, including
2300-570: Is one of the largest German clothing brands, with global sales of about €4.2 billion in 2023. Its stock is a component of the MDAX . The company's fashion brands are Boss and Hugo . Hugo Boss also sells licensed brand products for children's fashion, eyewear , watches , home textiles, riding apparel, writing utensils and fragrances . The company was founded in 1924 in Germany by Hugo Ferdinand Boss and originally produced general-purpose clothing. In
2400-589: The Aston Martin F1 team since July 2022. One year later, Boss also appointed Aston Martin driver Fernando Alonso as a brand ambassador. In 2024, Boss signed a partnership with David Beckham . Wall Street Crash of 1929 The Wall Street crash of 1929 , also known as the Great Crash or Crash of '29 , was a major stock market crash in the United States in late 1929, beginning in late October with
2500-559: The Boss Orange brand was launched as a separate line for casual wear, followed by Boss Selection (2004) and Boss Green , which emerged from Boss Golf in 2004. 2000 saw the launch of Boss Woman , a product line initially managed by German fashion designer Grit Seymour in Milan , which has since also been presented at Berlin Fashion Week and New York Fashion Week . In 2002, the company
2600-404: The MDAX since March 1999. Until June 2012, the share capital was divided into common and preferred stock . On June 15, 2012, after the close of trading, the preference shares were converted into ordinary shares and all shares were converted into registered shares . Since then, the company's share capital has consisted of around 70.4 million no-par value registered ordinary shares. In 2023,
2700-544: The National City Bank , would provide $ 25 million in credit to stop the market's slide. Mitchell's move brought a temporary halt to the financial crisis, and call money declined from 20 to 8 percent. However, the American economy showed ominous signs of trouble. Steel production declined, construction was sluggish, automobile sales went down, and consumers were building up large debts because of easy credit. Despite all
2800-479: The National City Bank of New York . They chose Richard Whitney , vice president of the Exchange, to act on their behalf. With the bankers' financial resources behind him, Whitney placed a bid to purchase 25,000 shares of U.S. Steel at $ 205 per share, a price well above the current market. As traders watched, Whitney then placed similar bids on other " blue chip " stocks. The tactic was similar to one that had ended
2900-502: The Panic of 1907 and succeeded in halting the slide. The Dow Jones Industrial Average recovered, closing down only 6.38 points (2.09%) for the day. On October 28, " Black Monday ", more investors facing margin calls decided to get out of the market, and the slide continued with a record loss in the Dow for the day of 38.33 points, or 12.82%. On October 29, 1929, " Black Tuesday " hit Wall Street as investors traded some 16 million shares on
3000-520: The Pecora Commission was established by the U.S. Senate to study the causes of the crash. The following year, the U.S. Congress passed the Glass–Steagall Act mandating a separation between commercial banks , which take deposits and extend loans , and investment banks , which underwrite , issue, and distribute stocks , bonds , and other securities . Afterwards, stock markets around
3100-590: The Solomon R. Guggenheim Foundation every two years as a cultural sponsor, and supported international contemporary exhibitions . In collaboration with the Staatliche Modeschule Stuttgart , the company has presented the Hugo Boss Fashion Award to fashion students since 1987. In February 2024, a fashion collection designed by supermodel Naomi Campbell was introduced. Hugo Boss has been
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3200-632: The Solomon R. Guggenheim Foundation was launched in 1995, resulting in the Hugo Boss Prize . In 1997, Littmann left the company after differences of opinion with the Marzotto Group and Baldessarini was appointed CEO in 1998. Women's fashion ( Hugo Womenswear ) was first introduced in 1998, with the first women's fragrance ( Hugo Woman ) appearing at the same time. Since then, multiple fragrances and skincare ranges have been launched. In January 1999, Hugo Boss launched its first website. Also in 1999,
3300-503: The Sturmabteilung (SA), Schutzstaffel (SS), Wehrmacht , Hitler Youth , National Socialist Motor Corps , and other party organizations. By the third quarter of 1932, the all-black SS uniform was designed by SS members Karl Diebitsch (artist) and Walter Heck (graphic designer). The Hugo Boss company was one of the companies that produced these black uniforms for the SS. By 1938,
3400-473: The e-commerce business was expanded. In 2017, Hugo Boss was also included in the Dow Jones Sustainability Index for the first time. In the same year, the sales of Hugo Boss climbed by 7% during the final quarter of the year. In 2020, Mike Ashley's British Frasers Group acquired a stake of around 5% in Hugo Boss. This stake was reduced to 2.63% by February 2023, but Ashley has access to
3500-468: The ticker tape in brokerage offices around the nation was hours late, and so investors had no idea what most stocks were trading for. Several leading Wall Street bankers met to find a solution to the panic and chaos on the trading floor. The meeting included Thomas W. Lamont , acting head of Morgan Bank ; Albert Wiggin , head of the Chase National Bank ; and Charles E. Mitchell, president of
3600-486: The uptick rule , which allowed short selling only when the last tick in a stock's price was positive, was implemented after the 1929 market crash to prevent short sellers from driving the price of a stock down in a bear raid . The stock market crash of October 1929 led directly to the Great Depression in Europe. When stocks plummeted on the New York Stock Exchange , the world noticed immediately. Although financial leaders in
3700-505: The 1970s with the support of racing driver Jochen Mass , and were further expanded in motorsport through the sponsorship of the McLaren Formula 1 team from 1981 to 2014, one of the longest partnerships in motorsport. This led to several drivers being outfitted with Hugo Boss clothing, including Alain Prost , Ayrton Senna , and Niki Lauda . Boss has been the official clothing partner of
3800-427: The Dow closing at 198.60. The market then recovered for several months, starting on November 14, with the Dow gaining 18.59 points to close at 217.28, and reaching a secondary closing peak ( bear market rally ) of 294.07 on April 17, 1930. The Dow then embarked on another, much longer, steady slide from April 1930 to July 8, 1932, when it closed at 41.22, its lowest level of the 20th century, concluding an 89.2% loss for
3900-509: The Great Depression. True or not, the consequences were dire for almost everybody. Most academic experts agree on one aspect of the crash: It wiped out billions of dollars of wealth in one day, and this immediately depressed consumer buying. The failure set off a worldwide run on US gold deposits (i.e., the dollar) and forced the Federal Reserve to raise interest rates into the slump. Some 4,000 banks and other lenders ultimately failed. Also,
4000-490: The Group in 2016 and the former CFO Mark Langer was appointed as the new CEO in mid-May. In the same year, Coty took over the perfume licenses for Hugo Boss from Procter & Gamble . A realignment took place shortly afterwards. As a result, the Boss Orange and Boss Green lines were discontinued, and only the Boss and Hugo brands remained active. Furthermore, the company's own global prices were adjusted, while unprofitable stores were closed, existing ones modernized and
4100-729: The Hugo Boss Supplier Code of Conduct. In September 2021, the European Center for Constitutional and Human Rights filed a complaint with German prosecutors accusing Hugo Boss of abetting and profiting from forced labor in Xinjiang. In 2022, researchers from Nordhausen University of Applied Sciences identified cotton from Xinjiang in Hugo Boss shirts. In the field of sports sponsorships, Hugo Boss has been active in motorsport , golf , association football , sailing , tennis , and winter sports . The company's activities began in
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4200-599: The Hugo Boss proposal to cut the workers' hourly wage 36% from $ 13 an hour to $ 8.30. After an initial statement by CFO Andreas Stockert saying the company had a responsibility to shareholders and would move suit manufacturing from the US to other facilities in Turkey, Bulgaria and Romania, the company capitulated to the boycott and cancelled the project. Renewed plans to close the plant in April 2015 also failed. In September 2015, Hugo Boss (UK)
4300-467: The London Stock Exchange. In the days leading up to the crash, the market was severely unstable. Periods of selling and high volumes were interspersed with brief periods of rising prices and recovery. Selling intensified in mid-October. On October 24, " Black Thursday ", the market lost 11% of its value at the opening bell on very heavy trading. The huge volume meant that the report of prices on
4400-549: The NYSE in a single day (as compared to an average of 4 million), and October 29, 1929, "Black Tuesday", when some 16.4 million shares were traded. The " Roaring Twenties " of the previous decade had been a time of industrial expansion in the U.S., and much of the profit had been invested in speculation , including in stocks. Many members of the public, disappointed by the low interest rates offered on their bank deposits, committed their relatively small sums to stockbrokers . By 1929,
4500-485: The Nazi Party and its organizations, which helped Hugo Ferdinand Boss to stabilize the company again and his sales increased from 38,260 ℛ︁ℳ︁ ($ 26,993 U.S. dollars in 1932) to over 3,300,000 ℛ︁ℳ︁ in 1941. Though he claimed in a 1934–35 advertisement that he had been a "supplier for National Socialist uniforms since 1924", it is probable that he did not begin to supply them until 1928 at
4600-603: The New York Stock Exchange in a single day. Around $ 14 billion of stock value was lost, wiping out thousands of investors. The panic selling reached its peak with some stocks having no buyers at any price. The Dow lost an additional 30.57 points, or 11.73%, for a total drop of 68.90 points, or 23.05% in two days. On October 29, William C. Durant joined with members of the Rockefeller family and other financial giants to buy large quantities of stocks to demonstrate to
4700-672: The Second World War its was branded as the Stuttgart International Championships or the Stuttgart Weissenhof International . The Stuttgart Open was played on clay up to and including 2014. Starting in 2015, the tournament is played on grass. Along with the move to grass courts , the tournament is now staged in the week after the French Open finishes. Under the sponsorship of Mercedes-Benz ,
4800-584: The Stuttgart Open was a part of this series from 2000–2001 and 2003–2008. In 2002, the Stuttgart Open was briefly demoted for one year to ATP International Series status, which was renamed to the ATP Tour 250 in 2009, and it has retained the classification ever since. Held since 1916 in Stuttgart , Germany, prior to the beginning of World War II the tournament was known as the Championships of Stuttgart . Following
4900-417: The U.S. economy was showing signs of trouble; the agricultural sector was depressed due to overproduction and falling prices, forcing many farmers into debt, and consumer goods manufacturers also had unsellable output due to low wages and thus low purchasing power . Factory owners cut production and fired staff, reducing demand even further. Despite these trends, investors continued to buy shares in areas of
5000-475: The UK, protests often focused on the so-called means test , which the government had instituted in 1931 to limit the amount of unemployment payments made to individuals and families. For working people, the means test seemed an intrusive and insensitive way to deal with the chronic and relentless deprivation caused by the economic crisis. The strikes were met forcefully, with police breaking up protests, arresting demonstrators, and charging them with crimes related to
5100-703: The United Kingdom, as in the United States, vastly underestimated the extent of the crisis that ensued, it soon became clear that the world's economies were more interconnected than ever. The effects of the disruption to the global system of financing, trade, and production and the subsequent meltdown of the American economy were soon felt throughout Europe. In 1930 and 1931, in particular, unemployed workers went on strike, demonstrated in public, and otherwise took direct action to call public attention to their plight. Within
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#17328843239095200-427: The United States. Historians still debate whether the 1929 crash sparked the Great Depression or if it merely coincided with bursting a loose credit-inspired economic bubble. Only 16% of American households were invested in the stock market within the United States during the period leading up to this depression, suggesting that the crash carried somewhat less weight in causing it. However, the psychological effects of
5300-456: The company managers were fervent Nazis who were all great admirers of Adolf Hitler . In 1945, Hugo Ferdinand Boss had a photograph in his apartment of him with Hitler, taken at Berghof , Hitler's Obersalzberg retreat. Because of his early Nazi Party membership, his financial support of the SS, and the uniforms delivered to the Nazi party, Hugo Ferdinand Boss was considered both an "activist" and
5400-562: The company to his sons Jochen and Uwe, who began international development. In 1970, the first Boss branded suits were produced and in 1972, the Holy brothers opened the first factory outlet in a nearby warehouse, which later became the Outletcity Metzingen . In 1975, the Austrian designer Werner Baldessarini was hired and eventually became head designer. The Boss brand was registered as
5500-688: The company was bought by a Japanese group. After the Marzotto textile group acquired a 77.5% stake for $ 165,000,000 in 1991, the Hugo , Boss and Baldessarini brands were introduced in 1993. In the same year, the Holy-brothers left the company and Peter Littmann became the new Chairman of the Management Board. In 1995, the company launched its footwear range, the first in a now fully developed leather products range, across all sub-brands. A partnership with
5600-457: The company's own production sites in: Metzingen , Germany ; Morrovalle, Italy ; Radom , Poland ; İzmir , Turkey ; and Cleveland , United States . Hugo Boss has invested in technology for its made-to-measure program, using machines for almost all tailoring traditionally done by hand. In 2020, Hugo Boss created its first vegan men's suit, using all non-animal materials, dyes, and chemicals. The Hugo Boss shares have been included in
5700-556: The company. Production initially focused on uniforms for the French army and the French Red Cross , then on uniforms for the post office , railroads and police . In 1950, the company received its first order for men's suits , resulting in an expansion to 150 employees by the end of the year. Hugo Boss men's suits first appeared on the market in 1953. By 1960, the company was producing ready-made suits. In 1967, Eugen retired, leaving
5800-565: The coroner had said that the death was an "accident waiting to happen". In June 2015, Hugo Boss (UK) had admitted its breach of both the Health and Safety at Work Act 1974 and Management of Health and Safety at Work regulations 1999. The company's legal representative said: "The consequence of this failing is as awful as one could reasonably imagine. Since the day of the accident Hugo Boss has done all it can, first to acknowledge those failings, to express genuine, heartfelt remorse and also demonstrate
5900-543: The crash reverberated across the nation as businesses became aware of the difficulties in securing capital market investments for new projects and expansions. Business uncertainty naturally affects job security for employees, and as the American worker (the consumer) faced uncertainty with regard to income, naturally the propensity to consume declined. The decline in stock prices caused bankruptcies and severe macroeconomic difficulties, including contraction of credit, business closures, firing of workers, bank failures, decline of
6000-409: The crash, economist Irving Fisher famously proclaimed "Stock prices have reached what looks like a permanently high plateau". The optimism and the financial gains of the great bull market were shaken after a well-publicized September 8 prediction from financial expert Roger Babson that "a crash is coming, and it may be terrific". The initial September decline was thus called the "Babson Break" in
6100-575: The demand for products, thereby avoiding the overproduction of clothing. Structures are also being created to better track supply chains. This is in line with the Supply Chain Act , which aims to ensure compliance with environmental and social standards. The company has also announced its intention to become CO2-neutral by 2050. Since December 2023, Hugo Boss has been the first company to invest in Collateral Good Ventures Fashion I,
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#17328843239096200-469: The earliest, but was one of the first to produce brown shirts, copies of the "Lettow shirts" introduced to the SA by Gerhard Roßbach in 1924 rather by chance. The factory was "one of numerous smaller manufacturing companies involved in uniform production". Hugo Boss was not involved in the design of the uniform. 1924 is also the year the company became a Reichszeugmeisterei -licensed supplier of uniforms to
6300-556: The early 1930s, Hugo Boss began to produce and supply military uniforms for the Nazi Germany government , resulting in a large boost in sales. After World War II and the founder's death in 1948, Hugo Boss started to turn its focus to men's suits . The company went public in 1988 and introduced a fragrance line that same year, adding men's and women's wear diffusion lines in 1997, a full women's collection in 2000, and children's clothing in 2006–2007. The company has since evolved into
6400-632: The economic warning signs and the market breaks in March and May 1929, stocks resumed their advance in June, and the gains continued almost unabated until early September 1929 (the Dow Jones average gained more than 20% between June and September). The market had been on a nine-year run that saw the Dow Jones Industrial Average increase in value tenfold, peaking at 381.17 on September 3, 1929. Shortly before
6500-505: The economy where output was declining and unemployment was increasing, so the purchase price of stocks greatly exceeded their real value. By September 1929, more experienced shareholders realized that prices could not continue to rise and began to get rid of their holdings, which caused share values to stall and then fall, encouraging more to sell. As investors panicked, the selling became frenzied. After Black Thursday, leading bankers joined forces to purchase stock at prices above market value,
6600-445: The end of September, the market had dropped 10% from the peak (the "Babson Break"). Selling intensified in early and mid-October, with sharp down days punctuated by a few up days. Panic selling of massive proportion started the week of October 21 and intensified and culminated on October 24, October 28, and especially October 29 ("Black Tuesday"). The president of the Chase National Bank, Albert H. Wiggin , said at
6700-431: The face value of the stocks that they were buying. Over $ 8.5 billion was out on loan, more than the entire amount of currency circulating in the United States at the time. The rising share prices encouraged more people to invest on the hope that share prices would rise further. Speculation thus fueled further rises and created an economic bubble . Because of margin buying , investors stood to lose large sums of money if
6800-440: The fiber was first used in the company's textiles. In order to meet increased demands, the Group invested 100 million euros in a new distribution building at the Bonlanden -Filderstadt site near Stuttgart in the same year. The investments were in digitalization and automation, and robotics applications. In June 2023, Hugo Boss opened the Hugo Boss Digital Campus in Gondomar, Portugal . Since 2017, Hugo Boss has pursued
6900-405: The fields of climate and environmental protection. In 2023, for example, the foundation was involved in the crisis areas affected by earthquakes in Turkey and Syria . In 2016, Hugo Boss became a member of the ZDHC Foundation (Zero Discharge of Hazardous Chemicals), which is committed to avoiding harmful substances in production. Since 2017, Hugo Boss has been working on its own contribution to
7000-440: The firm was focused on producing Wehrmacht uniforms and later also uniforms for the Waffen-SS . During the Second World War , besides its 300 employees, Hugo Boss employed 140 forced laborers, the majority of them women from the Soviet Union and Poland . In addition to these workers, 40 French prisoners of war also worked for the company briefly between October 1940 – April 1941. According to German historian Henning Kober,
7100-411: The first six months of 1929, of 36.6% over 1928, itself a record half-year. Iron and steel led the way with doubled gains. Such figures set up a crescendo of stock-exchange speculation that led hundreds of thousands of Americans to invest heavily in the stock market. Many people were borrowing money to buy more stocks. By August 1929, brokers were routinely lending small investors more than two-thirds of
7200-478: The following words: "Hugo Boss has not procured any goods originating in the Xinjiang region from direct suppliers." Initially attracting thousands of likes , the edited Weibo post received many comments accusing the brand of hypocrisy . A company spokeswoman stated that the original Weibo post was unauthorized and that the company's position has not changed. According to the company's official statement, all materials are only sourced from suppliers that comply with
7300-524: The global economic crisis following the New York stock market crash of 1929 , the company had to reduce its workforce by almost a quarter and file for bankruptcy in 1931. In the same year, Hugo Ferdinand Boss reached an agreement with his creditors, leaving him with six sewing machines to start again. In 1931, Hugo Ferdinand Boss became a member of the Nazi Party , receiving the membership number 508 889, and
7400-481: The index in less than three years. Beginning on March 15, 1933, and continuing through the rest of the 1930s, the Dow began to slowly regain the ground it had lost. The largest percentage increases of the Dow Jones occurred during the early and mid-1930s. In late 1937, there was a sharp dip in the stock market, but prices held well above the 1932 lows. The Dow Jones did not return to its peak close of September 3, 1929, for 25 years, until November 23, 1954. In 1932,
7500-506: The internet herself. Later, the economic historian Roman Köster conducted an independent study, which was also financed by the company and published by C. H. Beck in 2011. In the same year, the company issued a statement of "profound regret to those who suffered harm or hardship at the factory run by Hugo Boss under National Socialist rule". Hugo Ferdinand Boss died in 1948, but his business survived. His son Siegfried Boss and his son-in-law Eugen Holy took over ownership and management of
7600-496: The largest financial crisis of the 20th century. The panic of October 1929 has come to serve as a symbol of the economic contraction that gripped the world during the next decade. The falls in share prices on October 24 and 29, 1929 were practically instantaneous in all financial markets, except Japan. The Wall Street Crash had a major impact on the U.S. and world economy, and it has been the source of intense academic historical, economic, and political debate from its aftermath until
7700-436: The leading actors Don Johnson and Philip Michael Thomas in the crime series Miami Vice . Other well-known personalities wore Boss outfits at the time, such as Michael Jackson , who wore a white Boss suit on the album cover of Thriller , or Sylvester Stallone , who wore a Boss sweater as Rocky . From 1996 to 2022, Hugo Boss AG sponsored the Hugo Boss Prize , an annual $ 100,000 stipend in modern arts, awarded by
7800-646: The market turned down or even if it failed to advance quickly enough. The average price to earnings ratio of S&P Composite stocks was 32.6 in September 1929, clearly above historical norms. According to the economist John Kenneth Galbraith , the exuberance also resulted in a large number of people placing their savings and money in leverage investment products like Goldman Sachs 's "Blue Ridge trust" and "Shenandoah Trust", which crashed in 1929 as well, resulting in losses to banks of $ 475 billion in 2010 dollars ($ 663.68 billion in 2023). Good harvests had built up
7900-549: The money supply caused by Federal Reserve decisions had a severely contractionary effect on output. Despite the inherent risk of speculation , it was widely believed that the stock market would continue to rise forever. On March 25, 1929, after the Federal Reserve warned of excessive speculation, a small crash occurred as investors started to sell stocks at a rapid pace, exposing the market's shaky foundation. Two days later, banker Charles E. Mitchell announced that his company,
8000-406: The money supply, and other economically depressing events. The resultant rise of mass unemployment is seen as a result of the crash, although the crash is by no means the sole event that contributed to the depression. The Wall Street Crash is usually seen as having the greatest impact on the events that followed and therefore is widely regarded as signaling the downward economic slide that initiated
8100-524: The position of CEO. Under his leadership, Hugo Boss was transformed into a lifestyle group, the women's line was repositioned, and international expansion was driven forward, particularly in the Asian markets. In 2005, Marzotto spun off its fashion brands into the Valentino Fashion Group . In 2007, Valentino was acquired by financial investor Permira for €3.5 billion , which subsequently exerted
8200-695: The position was saved by a severe drought in the Dakotas and the Canadian West, as well as unfavorable seed times in Argentina and eastern Australia. The oversupply was now wanted to fill the gaps in the 1929 world wheat production. From 97¢ per bushel in May, the price of wheat rose to $ 1.49 in July. When it was seen that figure would make American farmers get more for their crop that year than in 1928, stocks went up again. In August,
8300-529: The present day. Some people believed that abuses by utility holding companies contributed to the Wall Street Crash of 1929 and the Great Depression that followed. Many people blamed the crash on commercial banks that were too eager to put deposits at risk on the stock market. In 1930, 1,352 banks held more than $ 853 million in deposits; in 1931, one year later, 2,294 banks failed with nearly $ 1.7 billion in deposits. Many businesses failed (28,285 failures and
8400-588: The press. That was the start of the Great Crash, but until the severe phase of the crash in October, many investors regarded the September "Babson Break" as a "healthy correction" and buying opportunity. On September 20, 1929, top British investor Clarence Hatry and many of his associates were jailed for fraud and forgery, leading to the suspension of his companies. This may have weakened the confidence of Americans in their own companies, although it had minimal impact on
8500-453: The price had fallen to $ 1.31 per bushel. Other important economic barometers were also slowing or even falling by mid-1929, including car sales, house sales, and steel production. The falling commodity and industrial production may have dented even American self-confidence, and the stock market peaked on September 3 at 381.17 just after Labor Day, and it started to falter after Roger Babson issued his prescient "market crash" forecast. By
8600-407: The public their confidence in the market, but their efforts failed to stop the large decline in prices. The massive volume of stocks traded that day made the ticker continue to run until about 7:45 p.m. After a one-day recovery on October 30, when the Dow regained 28.40 points, or 12.34%, to close at 258.47, the market continued to fall, arriving at an interim bottom on November 13, 1929, with
8700-446: The region and would continue to do so: "Xinjiang's long-stapled cotton is one of the best in the world. We believe top quality raw materials will definitely show its value. We will continue to purchase and support Xinjiang cotton." The statement was later edited to simply saying they have partners "in various regions of China" with a link to an English-language page on their website, which in turn linked to another statement containing
8800-422: The same year, Daniel Grieder set the goal of achieving a revenue of 4 billion euros by 2025. As this revenue target was reached two years earlier, Hugo Boss increased the revenue target for 2025 to 5 billion euros in June 2023. In 2022, Marco Falcioni was appointed Creative Director. The same year, Hugo Boss invested in the start-up Heiq Aeoniq LLC, which is developing the cellulose fabric Heiq Aeoniq. In 2023,
8900-717: The successful implementation of the UN Sustainable Development Goals . Furthermore, Hugo Boss was part of the Sustainability 2030 science platform initiated by the German government and joined the Klimabündnis Baden-Württemberg in 2024. Sustainability is also part of the Claim 5 strategy implemented by Grieder. As part of this, the resale website Hugo Boss Pre-Loved was launched in 2022, which pursues
9000-401: The time: We are reaping the natural fruit of the orgy of speculation in which millions of people have indulged. It was inevitable, because of the tremendous increase in the number of stockholders in recent years, that the number of sellers would be greater than ever when the boom ended and selling took the place of buying. Together, the 1929 stock market crash and the Great Depression formed
9100-483: The tournament champions were awarded a Mercedes car, in addition to the prize money. 48°47′46″N 9°10′08″E / 48.796°N 9.169°E / 48.796; 9.169 Hugo Boss Hugo Boss AG (stylized as HUGO BOSS ) is a luxury fashion company headquartered in Metzingen , Baden-Württemberg , Germany . The company sells clothing , accessories , footwear , and leather goods . Hugo Boss
9200-468: The violation of public order. There is a debate among economists and historians as to what role the crash played in subsequent economic, social, and political events. The Economist argued in a 1998 article that the Depression did not start with the stock market crash, nor was it clear at the time of the crash that a depression was starting. They asked, "Can a very serious Stock Exchange collapse produce
9300-467: The wheat price fell when France and Italy were bragging about a magnificent harvest, and the situation in Australia improved. That sent a shiver through Wall Street and stock prices quickly dropped, but word of cheap stocks brought a fresh rush of "stags" (amateur speculators) and investors. Congress voted for a $ 100 million relief package for the farmers on the hope of stabilizing wheat prices, but by October,
9400-506: The world instituted measures to suspend trading in the event of rapid declines, claiming that the measures would prevent such panic sales. However, the one-day crash of Black Monday , October 19, 1987, when the Dow Jones Industrial Average fell 22.6%, as well as Black Monday of March 16, 2020 (−12.9%), were worse in percentage terms than any single day of the 1929 crash (although the combined 25% decline of October 28–29, 1929,
9500-553: Was at the 2013 GQ awards, which were sponsored by Hugo Boss. After receiving an award on stage, Brand proceeded to talk about Hugo Boss's Nazi connection and did a goose step . He was later ejected from the ceremony and later apologized. In March 2010, Hugo Boss was boycotted by actor Danny Glover for the company's plans to close the plant in Brooklyn, Ohio , US after 375 employees of the Workers United Union reportedly rejected
9600-700: Was carved out of the Valentino Fashion Group; from then on, the Hugo Boss stake was held by Permira via its Red & Black Holding. Since a share placement on the stock exchange in November 2011, Permira has held around 66% of the total share capital and 89% of the voting rights in Hugo Boss. In 2010, the company had sales of $ 2,345,850,000 and a net profit of $ 262,183,000, with royalties of 42% of total net profit . Hugo Boss then had at least 6,102 points of sale in 124 countries. Hugo Boss AG directly owned over 364 shops, 537 mono-brand shops, and over 1,000 franchisee-owned shops. In June 2013, designer Jason Wu
9700-465: Was fined £1.2 million in relation to the death in June 2013 of a child who died four days after suffering fatal head injuries at its store in Bicester , Oxfordshire. The four-year-old boy had been injured when a steel-framed fitting-room mirror weighing 120 kilograms (260 lb) fell on him. Oxford Crown Court had earlier been told that it had "negligently been left free-standing without any fixings" and
9800-452: Was hired as artistic director of the Boss womenswear collection. The collaboration ended in 2018. In March 2015, Permira announced plans to sell the remaining shares of 12%. Since the exit of Permira, 91% of the shares have been floating on the Frankfurt Stock Exchange , and the residual 2% have been held by the company. 15% of the shares are owned by the Marzotto family. Lahrs left
9900-463: Was larger than that of October 19, 1987, and remains the worst two-day decline as of October 7, 2024 ). The crash followed a speculative boom that had taken hold in the late 1920s. During the latter half of the 1920s, steel production, building construction, retail turnover, automobiles registered, and even railway receipts advanced from record to record. The combined net profits of 536 manufacturing and trading companies showed an increase, in
10000-463: Was repositioned with a design team at the Metzingen site. The Baldessarini brand was sold to Werner Baldessarini in 2006 and replaced in the Boss range by the Boss Selection collection. Boss Selection was expanded in 2009 to include Boss Selection Tailored Line , but was integrated into the core Boss brand in mid-2012. In 2002, Baldessarini left the company and Bruno Sälzer took over
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