Deutsche Bank reaffirms its 'buy' recommendation on Hugo Boss while lowering its price target from 76 to 70 euros, appreciating the structural investment case, but judging that 'the short-term outlook remains difficult' for the group.

We think that Hugo Boss's communication has been very consistent since the first-quarter release, but have had the impression that the negative elements of the comments have been highlighted a little more recently", explains the broker.

In addition, it noted that the German clothing house 'had to become a little more promotional during June, as large parts of the product range were discounted for most of the month'.

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