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. "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. 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."
BERLIN (Reuters) -New Hugo Boss chief executive Daniel Grieder set the ambitious target of doubling sales and ratcheting up profit margins on Wednesday, as the former head of Tommy Hilfiger stamped his mark on the German fashion house. Under Grieder, the company aims to double sales to 4 billion euros ($4.75 billion) from the 2 billion it slumped to in 2020 and restore its operating profit margin to 12% of sales by 2025, the same level it was at in 2019 before the pandemic. The Swiss CEO, who took over the top job in June, 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 on marketing between now and 2025.
BERLIN (Reuters) -The new chief executive of German fashion house Hugo Boss set an ambitious target on Wednesday to double sales to 4 billion euros ($4.75 billion) and improve the operating profit margin to 12% of sales by 2025. Hugo Boss, which has been hit hard by coronavirus lockdowns, also reported a rebound in sales in the second quarter, particularly in Britain and China. CEO Daniel Grieder, the former Tommy Hilfiger boss who took over in June, said it was his ambition to make Hugo Boss one of the world's top 100 global brands, with marketing spending set to be more than 100 million euros between now and 2025.