Hugo Boss Wants To Open 50 Stores And Expand The Brand Market.

Over the past three months, Hugo Boss's stores have undergone a wave of adjustment. First, there were 28 stores in Korea originally established and managed by local agents. But recently, Hugo Boss has put some of these stores away. Reflected in the financial statements, Hugo Boss's direct store revenue increased by 12%.

Not only in The Republic of Korea With this initiative, China will further withdraw its agency power. According to the plan, Hugo Boss will reclaim 44 stores from agents in China and South Korea in 2015.

In South Korea and China, Hugo Boss's CEO Claus-Dietrich Lahrs has said that it is to expand its brand influence by managing its retail channels.

"Recovering the distribution rights of the two countries means further strengthening the layout of these key markets." Lahrs said.

Despite the decision to add 50 new stores in 2015, the Hugo Boss store plan is actually healthy, because some of the shops that are not performing well are being eliminated simultaneously. In the first quarter, Hugo Boss shut down 30 unprofitable old stores.

Sales of global luxury brands continued to fail, and Hugo Boss was no exception. In May 6th, Hugo Boss announced the first quarter of fiscal year 2015. As of the end of 2014, the net profit of Hugo Boss was 75 million 600 thousand euros, down 9% compared to the same period in 2014. Meanwhile, Hugo Boss also announced that 50 new stores will be opened in the world in 2015.

Hugo Boss blamed China's economic slowdown, disappointing US economy and political instability in Latin America as a result of China's economic downturn, with sales in the Chinese market falling by 3%.

But it's not without any positive news. Since the Chinese designer Jason Wu (Wu Jigang) became the creative director of Hugo Boss, the performance of the women's clothing, which started with men's wear, is getting better and better. first quarter Men's wear Sales increased by 2%, while women's clothing increased to 4%. However, the proportion of women's clothing currently occupying Hugo Boss overall sales is still not large, about 11%.

In addition, Hugo Boss Online sales also grew quite rapidly, an increase of 14% over the same period last year. In January of this year, we have reported that Hugo Boss began working with China's e-commerce platform Jingdong. Hugo Boss does not enter Jingdong in the form of a flagship flagship store. Instead, Jingdong buys four series of nearly 10000 items in wholesale form to Hugo Boss and sells online.