New Hugo Boss CEO wants to buy more brands to grow
Reuters
Published Sep 16, 2021 11:24
Updated Sep 16, 2021 11:36
BERLIN (Reuters) - New Hugo Boss chief executive Daniel Grieder wants to buy other brands in order to grow the German fashion house, he was quoted as saying in an interview with Manager Magazin.
The German label, which had been struggling to revive its business for years before being hammered by the COVID-19 pandemic, reported a rebound in sales in the second quarter as lockdowns eased, particularly in Britain and China.
"We are pursuing a platform approach that will enable us to grow further also through acquisitions," Grieder told Manager Magazin, adding he saw particular potential in Europe, although it was premature to give any names.
"In Europe, unlike in the United States, there are no bigger players in the premium sector yet."
The former head of Tommy Hilfiger also dismissed reports that Hugo Boss might attract new investors in the short term, saying: "That is not up for debate at the moment."
The Swiss CEO, who took over the top job in June, has said it was his ambition to make Hugo Boss one of the world's top 100 global brands including by spending more than 100 million euros ($118 million) on marketing between now and 2025.
($1 = 0.8498 euros)
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.