- Group strategy takes account of changes in environment
- Defined on the basis of four strategic fields of action
- The goal is to return to sustainable and profitable growth
The environment faced by HUGO BOSS has changed radically in recent years. Growth rates in the premium and luxury apparel industry have slowed considerably. This particularly applies to classic tailored fashion, which has ceded market share to the casualwear and athleisurewear segments of the global apparel market as well as contemporary fashion. The paths taken by consumers to buy clothing have also changed. Today, they are primarily using digital channels to keep up with trends and the ranges on offer from individual brands. Although the overwhelming majority of purchases are still made in physical stores, customers expect the digital offerings and the in-store shopping experience to be seamlessly complementary.
Group strategy aims at return to sustainable and profitable growth
The Group strategy factors in these changes in environment and aims to return the Group to long-term sustainable and profitable growth. The Company’s actions are guided by the vision of being the most desirable fashion and lifestyle brand in the premium segment. HUGO BOSS believes that the desirability of its brands will be the most important factor in the Group’s long-term success. The objectives of employing the right people, maximizing customer satisfaction and offering the best products in the industry are in line with this fundamental concept and are predicated on profitable growth.
Growth strategy based on four pillars
The strategic framework for the Group strategy is formed of five attributes: First and foremost, HUGO BOSS wants to ensure that all its activities are more consistently aligned to the customer. Taking this as a basis, the Group must act in a digital, agile, sustainable and global manner in all areas. This requirement guides the Group’s specific actions within the four strategic fields of action: HUGO BOSS is realigning its brand portfolio and the positioning of its brands. It is enhancing its distribution strategy on this basis. In addition, the Group is advancing the digital transformation of its business model and is aiming at the transformation of its operating model and its corporate culture in order to make its key business processes faster and more agile, and to promote entrepreneurial thinking and actions.