May 30, 2014
Hugo Boss wants to tackle luxury market
May 30, 2014
© 2014 AFP - The German ready-to-wear company Hugo Boss wants to crack the growing luxury and women’s fashion markets, said its CEO in an interview published on Friday, May 30 in the business daily Handelsblatt.
"We want to position the brand at a higher level and give a new dimension to our womenswear collection," said Claus-Dietrich Lahrs to the German business newspaper.
In 2013, the company from Metzingen drew 15% of its revenues ($2.4 billion in 2013) from the luxury segment while womenswear accounted for about 11%.
The group wants to “significantly improve " sales in the luxury sector and to attain double-digit progress in sales of women's apparel, said Claus-Dietrich Lahrs.
It will count on 1,000 or so of its own stores worldwide to realize these ambitions as, according to the company, this will promote an upscale and exclusive brand image.
The company currently generates 50% of its sales from directly managed stores but expects that figure to rise to 80% by 2020, also plans to open more.
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