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New Hugo Boss CEO wants to buy more brands to grow - Metro US

New Hugo Boss CEO wants to buy more brands to grow

FILE PHOTO: Ukraine lifts coronavirus lockdown

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.

The German label, which had been struggling to revive its business for years before being hammered by the COVID-19 pandemic, reported a rebound in sales in the second quarter as lockdowns eased, particularly in Britain and China.

“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.

“In Europe, unlike in the United States, there are no bigger players in the premium sector yet.”

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.”

The Swiss CEO, who took over the top job in June, has 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 ($118 million) on marketing between now and 2025.

($1 = 0.8498 euros)

(Reporting by Anneli Palmen, writing by Emma Thomasson, editing by Alexander Smith)

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