The Metzingen fashion retailer Hugo Boss wants to expand its franchise network in the coming years.
The company plans to double its franchise stores in the next few years, Hugo Boss confirmed to FashionUnited. The specialist magazine Textilwirtschaft had previously reported on the plans. The expansion of this area involves the brands Boss and Hugo.
Hugo Boss sees great potential in the franchise business. For the expansion, the fashion provider wants to work with old and new partners. The company is targeting the markets of India and the Middle East. However, expansion in this area is also to be promoted in European markets such as Great Britain and on the German home market.
Hugo Boss drives growth strategy
The plans in the franchise business are part of the “Claim 5” growth program, which, according to Managing Director Daniel Grieder, has had a successful start. With its new strategy, Hugo Boss wants to be one of the 100 leading brands worldwide by 2025.
The fashion group returned to profitability in the 2021 financial year. For the current year, the company expects double-digit growth in sales and earnings, according to the annual report from the beginning of March. The goal is to increase sales to 4 billion euros by 2025.
More on the current annual report: After a “strong comeback” in 2021 – Hugo Boss is aiming for record sales