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Hugo Boss Introduces New Growth Strategy to Double Sales by 2025

Hugo Boss Introduces New Growth Strategy to Double Sales by 2025
BOSS store at Silverburn, Glasgow. Picture: Collected

Hugo Boss announced its new growth strategy on August 4, 2021, which will include a branding refresh, focusing on product and digital investment and attracting young customers. The company aims to double its sales to €4 billion by 2025.

To deliver on its vision and ambition of becoming the premium tech-driven fashion platform worldwide, the company has introduced its ‘Claim 5’ strategy, which puts the consumer at the core of its business activities more than ever before.

‘Claim 5’ is based on five business pillars: Boost brands, Product is key, Lead in digital, Rebalance omnichannel, and organise for growth. The plans also include a bold commitment to sustainability, together with a strong executional road map and a clear plan on empowering people and teams.

Boost brands
To elevate brand relevance, the company is to refresh BOSS and HUGO – from logos over marketing, to brand new designs in retail and digital. It will also enhance the overall perception of BOSS as a lifestyle brand, increasing brand relevance, and strongly focusing on digital.

Product is key
With product at the centre of its new strategy, Hugo Boss will create products to be worn across all different wearing occasions. The company will strongly invest in its price-value proposition to ensure premium quality as well as high levels of innovation and sustainability.

Lead in digital
The 2025 strategy includes a strong commitment to further digitalising the company’s business activities along the entire value chain, from trend detection and digital product development to AI-enabled pricing capabilities and the global rollout of digital showrooms.

Rebalance omnichannel
Hugo Boss will aim to rebalance its distribution footprint and strongly accelerate its omnichannel activities in the years to come. In this context, the company suggests it will ensure a seamless brand experience across all consumer touchpoints.

The company’s digital ambition also includes a strong commitment to all digital touchpoints – from its own website to its online partner businesses.

Organise for growth
The company aims to drive growth across all geographies while further balancing its global footprint. In Asia/Pacific, revenues are set to grow at a low-teens compound annual growth rate. As a consequence, the region’s revenue share will grow to more than 20% within the next five years. Find more.

Source: Online/KSU

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