GERMANY: Hugo Boss takes control of China and Macau stores
Hugo Boss will now operates its 55 stores in China and Macau
German fashion business Hugo Boss has acquired the remaining equity stake in its joint venture with franchise partner Rainbow Group, taking full control of its China and Macau store network.
The company acquired 40% from its long standing partner, and will now operate its store network of 55 in China and Macau fully on its own going forward.
Hugo Boss entered into the joint venture agreement with Rainbow Group in July 2010, holding a 60% stake. Rainbow Group supported the Hugo Boss business in China with its local market knowledge and sophisticated retail operations, which has more than tripled since 2009.
In fiscal 2013, the operations generated sales of EUR94m (US$128.4m).
"Over the last few years, we have firmly established Hugo Boss as one of the most highly recognised premium and luxury apparel brands in China", said Claus-Dietrich Lahrs, CEO of Hugo Boss.
"We are confident that the consolidation of our distribution activities in China will further elevate the quality of brand presentation, increase productivity and contribute to the strength of our operational platform in a market offering tremendous opportunities for Hugo Boss."
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