Four factors are particularly crucial for further growth of the company: significant growth in the group’s own online business, an improvement in retail sales productivity, exploiting the growth potential in Asia, and an above-average growth of Hugo in the contemporary fashion segment, as per a press release from Hugo Boss.

Exploiting the potential of the company’s own online store hugoboss.com and expanding the concession model are expected to quadruple its sales in its own online business by 2022, the release added.

“The managing board is convinced that the Group still has considerable growth potential particularly in Asia. Sales in the region are expected to increase on average at a double-digit percentage rate per year by 2022, with China playing a key role. In doing so, the share of sales from Asia will increase from around 15 per cent currently to 20 per cent in 2022,” the company said.

Hugo Boss aims to increase retail sales productivity by an average of 4 per cent annually by 2022. Along with an optimisation of the store network, accelerated renovation of existing Boss stores, expansion of omnichannel services and improvements in product range are expected to contribute to this.

The company sees great potential for its Hugo brand. In the coming years, the focus on the dynamic contemporary fashion segment should contribute to above-average growth and therefore also to achieving company targets. This entails taking full advantage of the potential of the Hugo brand in the casualwear segment. Furthermore, additional Hugo stores with a unique store concept will be opened, and the brand will increase its social media activity.

To drive the desirability of its brands, Hugo Boss is focusing on two strategic priorities in its 2022 business plan: personalisation and speed.

With respect to personalisation, the company wants to substantially expand its focus on personalised offerings. The intent is to increase customer satisfaction by employing a more individualised customer approach, a personalised product range, and a unique shopping experience. In doing so, the company is building on its strengths: its global retail network, its systematic customer relationship management, and its extensive experience in made-to-measure clothing.

In speed, Hugo Boss expects to make its business processes considerably more agile. This will enable the company to react to customer needs and to new market trends even more quickly and flexibly in the future by using its existing skills in product design and development, modern logistics and IT infrastructure and the use of digital showrooms.

“We have set ourselves high targets for the coming years,” says Mark Langer, chief executive officer of Hugo Boss. “We want to grow faster than the market, and expect our operating profit to develop significantly better than our sales. The successful realignment of our brands Boss and Hugo has laid the foundation for this. We will further increase the personalisation of our offerings in the future and speed up central processes in the course of further developing our strategy. Our overall aim is clear: We want to be the most desirable premium fashion and lifestyle brand globally.” (PC)

Fibre2Fashion News Desk – India