Daniel Grieder, the new Chief Executive for Hugo Boss has set new and ambitious target for the brand and is now set to double sales and intensifying up profit margins for the brand in the days to come.
Hugo Boss had been struggling to revive its business for years before getting affected by the pandemic, but the brand has now reported a rebound in sales in the second quarter as lockdowns eased, particularly in Britain and China. 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.
Grieder’sambition is 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. When Grieder was in charge at Tommy Hilfiger, the U.S. brand grew faster than Hugo Boss, posting sales of $6.9 billion in 2020, far ahead of its German rival. Grieder had put a big focus on expanding online sales at Tommy Hilfiger.