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New Hugo Boss CEO wants to buy more brands to grow By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO. An employee shows suits in the Hugo Boss Section of Central Universal Department Store TsUM, the first day following the end of a coronavirus lockdown. This was taken in Kyiv (Ukraine), 25 January 2021. REUTERS/Valentyn Ogirenko/File Photo

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.

German labels, who had struggled to revive their businesses for many years after being hit by the COVID-19 pandemic in 2004, reported an increase in sales during the second quarter due to lower lockdowns, especially in Britain, and China.

Grieder stated that he is pursuing a platform strategy to allow us to expand further through acquisitions. However, he did not name any specific European players.

There aren’t any bigger players in Europe’s premium market, as opposed to the United States.

According to Tommy Hilfiger’s former chief, Hugo Boss was also dismissive of reports suggesting that Hugo Boss may attract more investors.

After taking over as CEO in June, the Swiss chief executive officer has stated it is his aim to make Hugo Boss a top 100 global brand. This includes spending 100 million euros (or $118 million) marketing efforts between now 2025.

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