HUGO BOSS will in future be managing its business in Korea and the Middle East itself. The Group will also take over the last remaining franchise stores in China.
In Korea, HUGO BOSS will be taking over all 17 franchise stores from its partner TDCo Limited with effect from March 1, 2015. In addition, the Group will manage seven duty free stores in close cooperation with its partners. The takeover reflects the fast-growing importance of Korea as a tourist destination and also its role as a trend-setting cultural and fashion market within the Asia Pacific region. The takeover will ideally position HUGO BOSS to strengthen its position in menswear and to exploit the attractive opportunities offered by the booming Korean womenswear market.
In China, the Group will now take its business entirely into its own hands. Following last year's buyout of the joint venture partner Rainbow Group, the agreement with the last franchise partner Wenzhou Noble in China will see control over the 21 BOSS stores currently operated on a franchise basis pass to HUGO BOSS with effect from April 1, 2015. This will enable it to more precisely target its strategy – which is based on strengthening the perception of its brand and on upgrading its retail network – and implement it consistently across all channels. Once the takeover is completed, HUGO BOSS will operate some 130 stores on the Chinese mainland.
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