HUGO BOSS CEO Daniel Grieder has shown a strong sign of confidence in the company by investing nearly one million euros in shares of the premium fashion manufacturer. According to voting rights notifications, Grieder acquired a total of 27,000 shares at an average price of around 36.40 euros per share, which corresponds to a total value of 982,925.52 euros.

This investment was made at a time when the company's stock urgently needed a recovery after prolonged losses. In the morning, the HUGO BOSS stock temporarily gained 3.7 percent but was recently down 1.10 percent in XETRA trading, trading at 37.88 euros.

The entire European stock market showed a slight decline following a rally triggered by the US Federal Reserve's interest rate cut. The Stoxx Europe 600 Index fell by 0.6 percent, while the MDAX Index, in which HUGO BOSS is listed, dropped by 1.1 percent.

Since the beginning of the year, the HUGO BOSS share has recorded a decline of over 42 percent. The company is struggling with decreasing demand in the luxury goods segment and the challenges of the turnaround plan for the Hugo and Boss brands.

In July, the company had to revise its financial forecasts for 2024 downwards, attributing this to weak consumer demand, especially in China, which continues to suffer from economic problems. This adjustment triggered a massive drop in stock prices and highlighted consumers' reluctance to invest in luxury goods.