When German fashion house Hugo Boss finally realized it couldn’t become the boss of luxury, it decided to return to its menswear roots. The luxury market was not very kind to this brand, so the newly-appointed Hugo Boss CEO, Mark Langer, says it’s time to call quits.
The 92-year-old brand will give up on the attempt of becoming a true luxury brand, according to the most recent press release. “The effort to make in-roads in the luxury market didn’t prove to be particularly helpful for our business,” Langer told Reuters.
Source / Mark Langer, CEO of Hugo Boss
At the same time, Langer assured the public that Hugo Boss plans to remain a premium brand, just not quite what it was hoping to become. The announcement follows an intensive effort by former CEO Claus-Dietrich Lahrs to diversify the previously menswear-focused retailer.
Worldwide Context
For the past few years, the brand was supposed to take it a step further and go up in the worldwide luxury market. However, after it became clear that the luxury market is in a difficult global slump, Hugo Boss decided to refocus.
The company’s shift was particularly influenced by the U.S. and Chinese markets, where apparel — particularly luxury apparel — now seems less of a priority. People are more interested in buying a nice vacation or the latest technology.
At the same time, another change in buying habits became more visible, with more shoppers turning to fast fashion apparel and logo-free clothing instead of luxury apparel. Even the rich customers are more inclined to purchase fast fashion. Consequently, department store shopping seems to be gradually replaced, even if not always by cheaper options.
Other factors affect the worldwide luxury stagnation, including political and economic uncertainty in the U.S. The changing tastes in the Chinese market have also contributed to the tough times.
Past Mistakes and Future Plans for Hugo Boss
Under the previous administration, the German fashion house quickly expanded as the luxury markets picked up after the financial crisis. During this time, Claus-Dietrich Lahrs approved the opening of more than 400 new stores worldwide in an attempt to reposition itself among the more upmarket brands.
After reaching an all-time high of €120 per share at the beginning of 2015, Hugo Boss lost 60 percent of its value from peak to bottom. Now, the stock is at bottom at €50, prompting the new CEO to rethink the strategy.
“We want to concentrate more strongly on men’s fashion again. We have strongly expanded our collection at the entry price level of €500 for our main brand Boss. That is where demand is highest.”
Langer said the company was also making efforts to further cut costs, starting from administration to brand management. However, the group does not yet need to lay off staff.
What’s changed is that now, the “criteria for new hires and for filling jobs that become free have been tightened”. In the end, Langer hopes to cut costs by $55m and closing underperforming stores is also in the works.
Now that the Hugo Boss will become more accessible, it’s probably time to do some shopping, as well. Browse through the list below to find items from the premium brand.
[easyazon_link identifier=”B01LB6W0HM” locale=”US” tag=”luxauthority-20″]Hugo Boss Long Sleeve Polo Shirt[/easyazon_link]
[easyazon_image align=”none” height=”500″ identifier=”B01LB6W0HM” locale=”US” src=”https://theluxauthority.com/wp-content/uploads/2016/11/3155D2WRm8L.jpg” tag=”luxauthority-20″ width=”418″]
This 100% cotton polo shirt is great for everyday use. Feels comfortable and it’s a fashion fit. Designed under the Hugo Boss Green label, this shirt comes with a classic polo collar. Long-sleeved, with a 4-button placket, the shirt also features ribbed cuffs and waistband, and a small Hugo Boss logo on the left breast.
[easyazon_link identifier=”B000C1VXNA” locale=”US” tag=”luxauthority-20″]Boss Soul Eau De Toilette For Men[/easyazon_link]
[easyazon_image align=”none” height=”500″ identifier=”B000C1VXNA” locale=”US” src=”https://theluxauthority.com/wp-content/uploads/2016/11/51VD4nZxnL.jpg” tag=”luxauthority-20″ width=”500″]
Many customers know Hugo Boss by its eau de toilettes and perfumes. This particular scent was introduced in 2005, which means it’s pretty much a vintage in the Hugo Boss collection.
When applying this fragrance, please consider that the way a scent smells on your skin is influenced by several factors, including age, mood, stress levels, diet, body chemistry, and current medications. All of these may alter the original scent. At the same time, factors like dry or oily skin can also affect how long the fragrance will last after being applied.
[easyazon_link identifier=”B00I3V1D2M” locale=”US” tag=”luxauthority-20″]BOSS Orange Men Black Stainless Steel Watch[/easyazon_link]
[easyazon_image align=”none” height=”500″ identifier=”B00I3V1D2M” locale=”US” src=”https://theluxauthority.com/wp-content/uploads/2016/11/51rdYJaaQeL.jpg” tag=”luxauthority-20″ width=”383″]
This BOSS Orange labeled watch stands out with its black silicon strap and the ionic plated steel case. The combo of the black steel watch and the grey and orange details makes for a stylish accessory. It includes a logo at the top of the case, as well as cutout hands and a diamond-texture round dial.
The 50 mm stainless steel case is covered by a mineral dial window. The analog display and the Quartz movement are pleasant to the eye. For those looking for a water resistant watch, this Hugo Boss product is what you need. It generally withstands splashes or even brief immersions in water, but you should not wear it during swimming.
BOSS Orange is the urban casualwear collection by Hugo Boss, sending an easygoing message to the customers. Both men and women have appreciated the laid-back lifestyle fashion included in this particular line, as it cultivates mobility and spontaneity.
[easyazon_link identifier=”B00TDP8ZZK” locale=”US” tag=”luxauthority-20″]BOSS Rectangular Sunglasses by Hugo Boss Men[/easyazon_link]
[easyazon_image align=”none” height=”246″ identifier=”B00TDP8ZZK” locale=”US” src=”https://theluxauthority.com/wp-content/uploads/2016/11/31M2ZYbh2pL.jpg” tag=”luxauthority-20″ width=”500″]
Even though summer might be over, you still need stylish sunglasses for your skiing trip. Why not buy these rectangular sunglasses with non-polarized lenses? They come with a comfortable plastic frame and plastic lens that are easily replaceable, if that should be the case.
With a great design and fit, the glasses also include 100% UV protection coating. The product comes in a wide variety of colors, both for the frame (Shiny Black, Brown Gradient, Havana, Shadow Blue) and for the lens (Gray, Brown, Gray Gradient).
BOSS by Hugo Boss provides customers with items for every occasion. Their superior quality guarantees satisfaction, while also enhancing the wearer’s personality.
[easyazon_link identifier=”B0102KFBGA” locale=”US” tag=”luxauthority-20″]BOSS Green Spacit Fashion Sneaker[/easyazon_link]
[easyazon_image align=”none” height=”275″ identifier=”B0102KFBGA” locale=”US” src=”https://theluxauthority.com/wp-content/uploads/2016/11/41x29Y7SVDL.jpg” tag=”luxauthority-20″ width=”500″]
These sneakers are ideal if you’re looking for shoes that stay comfortable throughout the day. With their lined rubber sole and flexible structure, the sneakers are fit and lightweight. It might take a day or two to break them in – like most of shoes – but then they give you a feel-good vibe when walking. They look awesome with any outfit, especially with jeans.
BOSS Green specializes in sportswear for men, including classic cuts, refreshing designs and brand new concepts. The line is a successful bridge between traditional sports apparel and fashionable sportswear.
[easyazon_link identifier=”B00LC0G4FM” locale=”US” tag=”luxauthority-20″]Hugo Boss Ma Vie Eau de Parfum for Women[/easyazon_link]
[easyazon_image align=”none” height=”500″ identifier=”B00LC0G4FM” locale=”US” src=”https://theluxauthority.com/wp-content/uploads/2016/11/31UsczCWCL.jpg” tag=”luxauthority-20″ width=”500″]
Part of the more recent collections, this Eau de Parfum Pour Femme was launched in 2014 with a resounding success. Released under the la Hugo Boss label, the Ma Vie perfume has a very nice and sophisticated scent that lingers.
When applying this fragrance, please consider that the way a scent smells on your skin is influenced by several factors, including age, mood, stress levels, diet, body chemistry, and current medications. All of these may alter the original scent. At the same time, factors like dry or oily skin can also affect how long the fragrance will last after being applied.
[easyazon_link identifier=”B00X7GHSCW” locale=”US” tag=”luxauthority-20″]Hugo Boss Ellot Textured Leather Men’s Belt[/easyazon_link]
[easyazon_image align=”none” height=”316″ identifier=”B00X7GHSCW” locale=”US” src=”https://theluxauthority.com/wp-content/uploads/2016/11/412BF7vCvUGL.jpg” tag=”luxauthority-20″ width=”500″]
In the same vein of accessories, this leather belt makes for a great gift to any gentleman. The 100% zinc buckle is shiny and brushed, and the material used for the belt is textured cowhide. The square tip of the pin buckle features a fine embossed Hugo Boss logo. For an extended life and maximum use, please hand wash only.
So Hugo Boss is finally becoming more accessible, giving up on its attempts to become a luxurious brand. Is this news good news for you? It sure is for those who’ve always wanted to buy items from the Hugo Boss collection, but could never afford them. Shop away!
