Hugo Boss has unveiled ambitious plans to double its sales to €4 billion by 2025 as the German fashion brand focuses on appealing to younger customers.
Daniel Grieder, the chief executive who joined in June from Tommy Hilfiger, wants to attract new customers with more casual styles and a bigger range of athleisurewear. He also plans to build partnerships with online platforms such as Asos and Zalando.
Grieder, 59, said that Hugo Boss sales had already rebounded to pre-pandemic levels in Britain and had doubled in Europe.
Hugo Boss anticipates earning between €125 million and €175 million this year after losing €236 million in 2020. The brand said it wants to increase online sales to between 25 and 30 per cent of total turrnover, up from its current 16 per cent.
Grieder said that he would commit to spending €100 million on marketing to attract more customers to the brand that is still best known for suits. He remains committed to the group’s 400 stores and 700 concessions, and said it would focus on refurbishing its existing stores rather than close them.
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Mike Ashley’s Frasers Group owns a 15.2 per cent stake in the German listed fashion retailer but said in May that it didn’t intend to make a bid for the label. Grieder said that he had a “very good relationship” with Ashley and that Frasers Group was one of Hugo Boss’s biggest customers across its Sports Direct, Flannels and House of Frasers businesses.
