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Hugo Boss expects 20% growth by 2022

Hugo Boss releases 2022 strategic business plan where it says their growth relies on Asia sales.

German fashion retailer Hugo Boss sets new targets to accelerate sales growth and lift profitability on 15 November 2018 as it seeks to react faster to trends, expand in Asia and quadruple the size to increase to 20 percent by the year 2022.

Hugo Boss 2022 strategic business plan
Courtesy: Hugo Boss

The company said in a statement, “The board is convinced 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.”

“Globally, Hugo Boss will focus on personalization and speed to boost brand desirability between now and 2022. The company plans to increase currency-adjusted sales by between 5 percent and 7 percent annually for the next four years and grow its operating margin to 15 percent. Operating profit will grow significantly faster than sales,” the company said.

We have set ourselves high targets for the coming years and we want to grow faster than the market and expect our operating profit to develop significantly better than our sales.

Mark Langer, CEO, Hugo Boss

The CEO of Hugo Boss Mark Langer said, “We have set ourselves high targets for the coming years and 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 personalization 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.”

Personalization will be developed by adopting a more individualized customer approach, a personalized product range, “a unique shopping experience” and by building on its extensive experience in made-to-measure clothing.

On the speed front, Hugo Boss plans to make its business processes “considerably more agile”. Said the release.

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