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  • Dar says multilateralism ‘under assault’ amid complex security climate in South Asia – Pakistan

    Dar says multilateralism ‘under assault’ amid complex security climate in South Asia – Pakistan

    Deputy Prime Minister Ishaq Dar said on Wednesday that multilateralism was “under assault” as stability in South Asia faced various threats, stressing the need for regional cooperation.

    Speaking at an event in Islamabad, Dar said,…

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  • Dar says multilateralism ‘under assault’ amid complex security climate in South Asia – Pakistan

    Dar says multilateralism ‘under assault’ amid complex security climate in South Asia – Pakistan

    Deputy Prime Minister Ishaq Dar said on Wednesday that multilateralism was “under assault” as stability in South Asia faced various threats, stressing the need for regional cooperation.

    Speaking at an event in Islamabad, Dar said,…

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  • HUGO BOSS PROVIDES STRATEGIC UPDATE TO PAVE THE WAY FOR PROFITABLE GROWTH

    HUGO BOSS PROVIDES STRATEGIC UPDATE TO PAVE THE WAY FOR PROFITABLE GROWTH

    • Next strategic phase to realign, simplify, and strengthen the business 
    • Clear execution focus: brand, distribution, and operational excellence through 2028
    • Strong free cash flow of around EUR 300 million annually targeted until 20281
    • 2026 as year of brand and channel realignment for long-term efficiency improvements
    • Currency-adjusted Group sales expected to decline mid- to high-single digits in 2026
    • EBIT expected between EUR 300 million and EUR 350 million in 2026 as top-line development will outweigh targeted gross margin improvements and cost efficiency
    • Return to profitable growth expected from 2027 onward
    • Long-term potential: Outgrow the market and drive EBIT margin to a level of around 12%

    “Since 2021, we have repositioned our Company with CLAIM 5, creating a strong foundation for the future. We have refreshed our two brands and invested extensively in our organizational platform,” says Daniel Grieder, Chief Executive Officer of HUGO BOSS. “Following the successes of recent years, we are now deliberately taking a step back to prepare for tomorrow’s growth. Our focus in the coming years will be on the ongoing optimization in the areas of brand, distribution, and operations with the clear ambition to transform them from great to excellent. Next to strong cash generation, this will drive sustainable profitable growth and long-term value for our shareholders. Our vision is clear: to be the premium, tech-driven, customer-centric global fashion platform.” 

    Today, HUGO BOSS launches CLAIM 5 TOUCHDOWN, setting the course through 2028 and paving the way for sustainable, profitable growth. Amid a challenging market environment, this strategy builds on the successes of CLAIM 5 since 2021. Both brands, BOSS and HUGO, delivered strong growth (CAGR 2020-2024: +22%) and global market share gains, while structural investments have created a robust business platform for the future. 

    Moving forward, HUGO BOSS’ strategic direction remains unchanged, but the focus sharpens. 2026 will serve as a year of realignment, strengthening the business by streamlining processes, refining assortments, and optimizing the distribution network. At the same time, HUGO BOSS will significantly accelerate free cash flow generation, forming the foundation for continued shareholder returns. To deliver against this, execution will center on three key fields of excellence: brand, distribution, and operations. These priorities will boost efficiency and set the stage for renewed top- and bottom-line growth from 2027 onward.

    Brand Excellence
    HUGO BOSS is committed to driving Brand Excellence by further elevating BOSS and HUGO, strengthening brand relevance, and deepening customer loyalty. While BOSS Menswear will continue to leverage its strong 24/7 lifestyle positioning, the Company is improving the long-term performance of BOSS Womenswear and HUGO. BOSS Womenswear will focus on a refined product assortment built around essential products, to strengthen resonance with female consumers. HUGO will sharpen its identity with a refined positioning and a more accessible product range centered even more on contemporary tailoring. A new organizational setup with two dedicated powerhouses for menswear and womenswear will unlock synergies across the two brands. Marketing spendings are targeted at around 7% of Group sales, with priority on high-return initiatives, including key partnerships like Beckham x BOSS and product-led campaigns that drive conversion.

    Distribution Excellence 
    A clear focus on Distribution Excellence will elevate the brand experience across all touch-points, with a more targeted, higher-quality distribution footprint. HUGO BOSS will continue to optimize its own store portfolio for an even better customer experience while enhancing sales productivity and retail efficiency. In brick-and-mortar wholesale, the Company will foster strategic partnerships, adopt a more selective assortment approach, and expand its franchise business. HUGO BOSS will strengthen its digital business by further advancing seamless brand and customer experiences across platforms. From a regional perspective, the Company will further build on its position in the U.S. and China, with a particular focus on optimizing its distribution and tailoring brand activities to local needs. HUGO BOSS will leverage its strong presence in Europe for further market share gains and it will also capture new business opportunities in emerging markets.

    Operational Excellence 
    HUGO BOSS will elevate Operational Excellence across the value chain by leveraging its past investments to fuel long-term growth, profitability, and cash generation. Key priorities include driving further sourcing efficiency through ongoing vendor optimization, a sea-freight-first approach, and shorter lead times. In parallel, the Company will enhance its planning capabilities and enable faster, smarter decisions through technology and artificial intelligence. HUGO BOSS will also maximize the benefits of its expanded automated logistics network and strengthen back-end efficiency through streamlined processes and automation.

    Financial ambition centered on profitability and cash generation 
    CLAIM 5 TOUCHDOWN builds on past successes and centers on efficiency for future sustainable growth. Over the medium to long term, the Company aims to outgrow the market and achieve an EBIT margin of around 12%. Against this ambition, the next years will mark a phase of deliberate refocus and realignment, as HUGO BOSS further strengthens its operational and financial base. Free cash flow is targeted at around EUR 300 million annually, nearly tripling as compared to recent years2. This will be supported by lower capital expenditure (3% to 4% of Group sales) and strict trade net working capital management (18% to 20% of Group sales). Inventory levels are expected to be reduced steadily, approaching 20% of sales by 2028. 

    “2026 will be a year of consolidation and realignment and an important step toward positioning HUGO BOSS for long-term profitable growth,” says Yves Müller, Chief Financial Officer and Chief Operating Officer of HUGO BOSS. “While we expect a temporary decline in sales, we will continue to drive our efficiency agenda along the value chain to safeguard margins and strongly accelerate cash flow generation. With this stronger financial foundation, we are well positioned to return to top- and bottom-line growth from 2027 onward and progress toward our long-term EBIT margin ambition of around 12%, reinforcing our commitment to delivering value to all shareholders.” 

    Refocus in 2026 to pave the way for renewed profitable growth in 2027
    Against the backdrop of deliberate brand and channel realignment, currency-adjusted sales are expected to decline mid- to high-single digits in 2026, before returning to growth in 2027, and accelerating in 2028. Gross margin improvements are expected in 2026 and beyond, supported by sourcing efficiencies, selective price adjustments, and even stronger full-price sell-through. Against the backdrop of ongoing cost discipline, EBIT is expected between EUR 300 million and EUR 350 million in 2026, with profitability improving from 2027 onward. 

    Capital allocation framework with firm commitment to shareholder returns
    As part of CLAIM 5 TOUCHDOWN, the Company’s capital allocation framework is designed to balance investment, value creation, and resilience. The framework emphasizes continued investments into the business to support long-term profitable growth, while also including a firm commitment to delivering continued shareholder returns via dividends and/or share buybacks. At the same time, HUGO BOSS will continue to further strengthen its balance sheet over the coming years, aiming to reduce financial leverage while remaining within its target corridor and maintaining strong investment-grade ratings from S&P (“BBB”) and Moody’s (“Baa2”). The Company will also preserve the strategic flexibility needed to pursue future M&A opportunities.

    From Great to Excellent 
    CLAIM 5 TOUCHDOWN serves to sharpen focus, discipline, and execution across the business. With clear priorities, a performance-driven culture, and fully committed teams, HUGO BOSS is ready to navigate today’s challenges, by turning strategic focus into tangible results for tomorrow. Backed by its strong cash flow profile and a clear trajectory toward sustainable, profitable growth, HUGO BOSS is firmly committed to driving long-term shareholder value.

    HUGO BOSS will present its detailed outlook for fiscal year 2026 including details on shareholder returns on March 10, 2026, as part of its full-year 2025 results release. 

    1Average annual free cash flow target stated excluding the impact of IFRS 16. Including IFRS 16, this corresponds to around EUR 500 million.
    2Average annual free cash flow target stated excluding the impact of IFRS 16. Including IFRS 16, this corresponds to around EUR 500 million.

    For further information, please contact:  
    Media Relations 
    Carolin Westermann 
    Senior Vice President Global Corporate Communications 
    Phone: +49 7123 94-86321 
    E-mail: carolin_westermann(at)hugoboss.com 

    Investor Relations 
    Christian Stöhr 
    Senior Vice President Investor Relations 
    Phone: +49 7123 94-87563 
    E-mail: christian_stoehr(at)hugoboss.com

    GROUP.HUGOBOSS.COM
    YOUTUBE: @HUGOBOSSCorporate
    LINKEDIN: HUGO BOSS

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  • DPM calls for removing artificial obstacles in ways of SAARC – RADIO PAKISTAN

    1. DPM calls for removing artificial obstacles in ways of SAARC  RADIO PAKISTAN
    2. Dar says multilateralism ‘under assault’ amid complex security climate in South Asia  Dawn
    3. ISSI’s flagship annual Dialogue Forum to focus on “Re-imagining South…

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  • Warwickshire friends climb Mount Kilimanjaro for charity

    Warwickshire friends climb Mount Kilimanjaro for charity

    A bowel cancer survivor has scaled Mount Kilimanjaro to raise money in aid of fellow sufferers’ care, to give back after his recovery.

    Mark Harrington was joined by friend Dean Hands, both from Warwickshire, climbed to the summit of the mountain…

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  • Pensions Weekly Update – 3 December 2025

    Pensions Weekly Update – 3 December 2025

    Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information.

    • HM Revenue and Customs (HMRC) has published pension schemes newsletter 175. This includes an overview of the pensions tax measures in the Autumn Budget, which we summarised in our 26 November weekly update. More information is provided about the measure to allow direct payment of surplus assets to members and beneficiaries. Such payments will be treated as authorised payments and will be taxed as pension income at the individual’s marginal rate of tax. Schemes will have to be in surplus on the same funding basis as applies to payments to employers. This is currently the full buyout basis, although the government has indicated its intention to relax this. The member will have to be above their normal minimum pension age. The newsletter also contains more information about the inheritance tax changes that will come into effect in April 2027. If personal representatives reasonably expect that inheritance tax will be due, legislation will give them the power to direct pension scheme administrators to withhold 50% of the taxable benefits for up to 15 months from the date of a member’s death. They can then direct pension scheme administrators to pay inheritance tax due to HMRC from the withheld benefits before releasing the balance to the beneficiaries. There will be some limited exceptions. Personal representatives will also be discharged from liability for any pensions that are discovered after they have received clearance from HMRC.
    • The House of Commons has published an updated briefing paper on pensions tax, following on from the budget. This includes a summary of the way that salary sacrifice currently operates, as well as the impact of the budget announcement. There have been reports in the media that the government has said that it will reassure markets that the £2,000 salary sacrifice cap will proceed, by legislating in the next few weeks, although the cap will not be effective until April 2029.
    • The government has tabled amendments to the Pension Schemes Bill, in advance of the report stage being held today (3 December). These include:
    • An amendment so that the costs of the Pension Protection Fund (PPF) Ombudsman will be met out of The Pensions Regulator’s (TPR) general levy. This will be treated as having come into force from 1 April 2007, in line with what has happened in practice.
    • Amendments to provide for the indexation of PPF and Financial Assistance Scheme (FAS) compensation in relation to pre-1997 accruals. Increases would be by reference to the consumer prices index capped at 2.5% and are estimated to cost £1.2 billion. They will commence on 1 January 2027, for those members whose scheme rules provided for such indexation. The PPF assesses that around 165,000 PPF and 91,000 current FAS members have some pre-97 benefits where their former schemes provided mandatory indexation and so would benefit from this amendment.
    • Amendments so that administration expenses of the PPF and Fraud Compensation Fund will be payable out of those funds, instead of through a separate administration levy. This will be effective from 1 April 2026.
    • Amendments to asset pooling provisions in the Local Government Pension Scheme.
    • Refinements to the way in which small pot consolidation will operate.
    • An amendment to the asset scaling requirements that will ensure that, when determining whether a relevant master trust (or group personal pension plan (GPP)) has sufficient assets (£25 billion) to be approved under the new sections of the Pensions Act 2008, the assets of connected relevant master trusts/ GPPs will be included, along with an amendment that regulations would specify the types of relationships that would constitute being “connected”.
    • Amendments in relation to the Virgin Media remedy, which include minor clarifications, along with a few more significant changes. The first amendment of substance is in relation to what action would constitute “positive action” that would exclude a scheme from being able to take advantage of the Virgin Media remedy. Clause 100(7)(b) is amended to clarify that “taking any other step in relation to the administration of the scheme” actually means notifying any members of the scheme in writing to the effect that the trustees or managers are taking (or have taken) “any other step in relation to the administration of the scheme”. The second amendment of substance is in relation to the types of legal proceedings that would exclude a scheme from benefitting from the Virgin Media remedy. The government amendment clarifies that legal proceedings relate to court proceedings, and not proceedings of a tribunal or The Pensions Ombudsman and that there must be a dispute as to the rules of the scheme, where the parties are or include both the trustees or managers of the scheme and beneficiaries or their representative. The third amendment of substance is to clarify that so far as the Virgin Media remedy applies in relation to a scheme that has transferred to the PPF, it also applies to a section of a scheme if the whole scheme did not transfer to the PPF. A final amendment changes the commencement provision for the Virgin Media remedy so that it would come into force on the day on which the bill receives royal assent, rather than two months later, which is perhaps an indication that the timetable for royal assent has slipped by a couple of months.
    • It is five years since the pledge to combat pension scams campaign was launched. Paul Sweeney, The Pension Scams Action Group Intelligence Business Lead, encourages more organisations to sign up to the pledge and for existing signatories to self-certify that they are turning their commitment into action. He reminds trustees and administrators that they play a crucial role in protecting pension savers.
    • The Pensions Administration Standards Association (PASA) has published the first in a new three-part practical guidance series on delivering digital transformation. It outlines how pension schemes can establish the right frameworks, technologies and cultural mindset to ensure successful and sustainable digital change.
    • For those directors of corporate trustees who have not yet verified their identity with Companies House, there is new guidance on how to verify your identity at the post office. Note, however, that the first stage still requires an individual to start the verification process on GOV.UK One Login. You can still complete the whole process online if you prefer. You can now check your own personal deadline for verifying your identity by searching against your own name at Companies House.
    • Have you seen our Winter Hot Topics in pensions? It is packed with festive fun as well as topical items for your trustee and corporate agenda.

    If you would like specific advice on any of these issues or anything else, please contact a member of our Pensions team.

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  • New method reveals how human cells initiate DNA replication

    New method reveals how human cells initiate DNA replication

    When cells proliferate, genomic DNA is precisely duplicated once per cell cycle. Abnormalities in this DNA replication process can cause alterations in genomic DNA, promoting cellular ageing, cancer, and genetic disorders….

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  • TV tonight: Nazanin Zaghari-Ratcliffe tells the story of her Iranian prison ordeal | Television

    TV tonight: Nazanin Zaghari-Ratcliffe tells the story of her Iranian prison ordeal | Television

    Prisoner 951: The Hostages’ Story

    9pm, BBC Two
    “My child was not even two when I left her … She was nearly eight when I came back.” Following the excellent BBC drama about her six-year detention in Iran, Prisoner 951, Nazanin…

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  • Pat Cummins’ shock return on cards as AUS delay naming XI

    Pat Cummins’ shock return on cards as AUS delay naming XI

    Australia continue to sweat over Test captain Pat Cummins’ fitness ahead of the second Ashes Test starting Thursday (Dec 4) at the Gabba in Brisbane. While England named their starting XI for the Pink-Ball Test, making one change to their…

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  • A week after Hong Kong's deadly fire, some residents return for belongings – Reuters

    1. A week after Hong Kong’s deadly fire, some residents return for belongings  Reuters
    2. The photo that became a symbol for Hong Kong’s deadly fire  Reuters
    3. Hong Kong leader orders independent probe into fire that killed 151  Dawn
    4. Nearly $400m donations…

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