Hugo Boss (Metzingen, Germany) announced plans to close about 20 of its stores in China, where it currently operates 145 locations. According to Marketing, the closures are due to a double-digit decrease in sales in that market despite its efforts to boost sales by introducing price structures, in an attempt to bring its Asian market closer in line with its European level.
The company’s CFO Mark Langer explained, “To safeguard our profitable long-term growth, we have to align our strategy even more rigorously with customer needs.”
The company has struggled in other markets, as well, including in the U.S., and has devised a number of additional efforts to boost and revitalize business.