Hugo Boss: suspends dividend to preserve capital
(CercleFinance.com) - Hugo Boss said that it will suspend its dividend payment for fiscal year 2019, in a move intended to strengthen its financial stability.
The German fashion house also plans to introduce part-time work for its employees based in Germany, starting in April, while members of its management board have voluntarily waived 40% of their remuneration for the months of April and May.
At its headquarters in Metzingen, Hugo Boss is now dedicating its production site to the manufacturing of face masks, meaning that around 200,000 re-usable masks will donated to public facilities in the coming weeks.
The company - which has closed nearly all of its own retail outlets in Europe and America - also said that this year's general shareholder meeting is scheduled to take place "purely virtually" on 27 May.
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