Hugo Boss and Adidas shape up European trading

In Europe, German Hugo Boss slid 5.7 percent after

private equity firm Permira sold a further 10 percent stake in the company, reported Reuters. In the same vein, Deutsche Bank downgraded Hugo Boss to "hold" from "buy" after first-quarter numbers. German apparel peer Adidas also was big news with an impressive quarterly advance in profit and sales.

Still in Germany, fashion peer Adidas saw shares rising 6.3 percent after the sports brand posted its highest-ever gross profit margin. Adidas was up 5.7 percent at 84.05 euros in early morning trading. The shares have gained 35 percent in the past year, giving the shoemaker a market value of 17.6 billion euros, highlighted Bloomberg.

In the current quarter, 59 percent of companies in Europe have missed earnings expectations while the forecasts for the second quarter have been cut by 2.2 percent on average over the last 30 days, according to Thomson Reuters Starmine data.

In Spain, latest data revealed how the economic crisis has dented the national textile and apparel sector, whose sales dipped 21 percent during the period comprehended between 2008 and 2012, according to an Europa Press report.

The report says that about 46,300 jobs were lost in the Spanish textile and garment sector between 2008 and 2012 due to closure of 4,158 companies during the period. Victorio & Lucchino, Blanco, Caramelo and Hakei were among the firms that filed for bankruptcy during the years of economic crisis.

In March 2013, retail sales in Spain fell by 10.9 percent year-on-year, according to the latest data from the National Statistics Institute (INE). However, some Spanish companies like Inditex, Desigual and Mango, which have presence abroad, have found a lifeline in emerging markets of Asia and the Middle East, as well as Russia, where their exports and are booming.