Hugo Boss to expand business into China

Hugo Boss’ CEO, Claus-Dietrich Lahrs, wants to expand Hugo Boss, especially into China and the Far East. The company wants to reach a high single digit sales growth by 2020.

Major shareholder Gaetano Marzotto, who has been involved in the fashion house since 1991 and holds 7.9% of the company together with PFC and Tamburi Investment Partners, sees potential for higher sales in China despite a slowing growth, he said in an interview with the German newspaper Welt am Sonntag. 

“We are committed to following our plan until 2020. “However, life is full of surprises, so we are always ready to review our goals,” said Marzotto to the paper. 

According to the shareholder, Hugo Boss is facing an increasing popularity in China. "Up until now China accounts for less than 10 percent of group sales, this could be ramped up," he stated.

With 1,000 stores worldwide, Hugo Boss wants to emphasize on strengthening its own network. The label expects to increase its in-store sales to at least 75 percent from 57 percent.