Grasp the Menswear Market

The Hugo Boss Group, which is at a critical stage of transformation, is trying to accelerate the pace of recovery by grasping the emerging Chinese menswear market.

According to the fashion business news, the German fashion group Hugo Boss announced today that Chinese power actor Zhao Youting has become the brand spokesperson of the brand "BO Of "Man Of Today" in Greater China. Zhao Youting has become a household name in the hearts of Chinese people in the world through a series of film and television works such as "Scorpion Hero", "Sansheng Sanshi Shili Peach Blossom".

Ingo Wilts, chief brand officer of Hugo Boss, said in a statement that Zhao Youting's image fits well with the positioning of BOSS “Man Of Today”, which is based on German precision craft design and tailoring. It also highlights BOSS's consistent self-confidence, eagerness for success and meticulous excellence. And the core value that can be trusted, the two sides will not rule out more in-depth cooperation in the future.

As of press time, the number of related posts posted by BOSS Dacoz Coupons official microblog has exceeded 10,000, and the number of Wei Weiting's Weibo fans is 13.28 million.

In fact, BOSS has always focused on creating a successful and confident image of men, and invited actor and actor with good temperament to cooperate with the brand to reach the target consumers, establish a brand image, and increase the popularity and exposure to penetrate the local area. market. In addition to Zhao Youting, BOSS invited Zhou Runfa and Huo Jianhua as spokespersons in China in 2012 and 2017.

As the core brand of the Hugo Boss Group, BOSS has been highly praised by high-end professionals for its exquisite craftsmanship and tailoring. It once set a "myth" for six consecutive years of growth. Hugo Boss was founded in 1923. It specializes in men's and women's clothing, perfumes, watches and other accessories. It is currently divided into two business units, BOSS and HUGO.

Despite the short-term crisis in 2015 and 2016, after the current CEO Mark Langer took office, Hugo Boss quickly turned around and returned to the high-end market for men's wear, which is rooted in the brand, and strictly controlled the operating costs and embarked on the road of reform and transformation.

It is noteworthy that in recent years China has become the fastest growing market for the Hugo Boss Group.

According to data released by the Hugo Boss Group in the third quarter of last year, men’s sales rose 1% and women’s sales fell 7% due to the high number of casual wear categories. Sales in the Asia Pacific region rose 6% year-on-year to 87 million euros, thanks to continued high single-digit sales growth in the Chinese mainland market, and sales in Greater China also rose 7% year-on-year.

Among them, BOSS is still the main growth engine of the group, contributing more than 85% of its performance. In addition, the Group also clearly stated that the Asian market including China will be regarded as a key expansion area. It is expected that the overall sales volume of the region will increase from 15% this year to 20% in 2022.

Some analysts pointed out that behind Hugo Boss' rapid growth in sales in China is the accelerated revival of the menswear market. According to data released by market research firm Euromonitor International, the global apparel and footwear market retail sales in 2017 increased by 4% year-on-year to US$1.7 trillion.

Among them, sportswear increased by 6.8% to US$300 billion, and children's wear increased by 6.2% to US$160 billion. Men's and women's wear increased by 3.7% and 3.3% to $419 billion and $643 billion, respectively, and men's wear grew faster than women's wear.

The agency further expects that from 2017 to 2022, men's wear will exceed female sales, with a compound annual growth rate of 2%. In addition, according to relevant data, China has a new middle class of about 200 million to 400 million. The consumption potential of the group in the fields of clothing and lifestyle is shaping a brand that pays more attention to quality.

According to another analysis, men's clothing brands with high quality and affordable price are scarce in China, and male consumer awareness is also rising. Such a market gap is a positive signal for Hugo Boss, which is committed to developing high-end men's clothing. .

Therefore, in the current global fashion industry reshuffle, the Group's men's main business tilt strategy has become more and more accurate, the brand spokesperson also revealed in an interview with the media earlier, the group plans to abandon the luxury goods market, focusing on returning to sell quality men's clothing . And emphasize the more focused development of men's fashion products, is the key to Hugo Boss to maintain a high-quality brand reputation.

In addition, the brand itself is constantly changing to adapt to the market. In order to comply with the younger consumption trend, the brand that once focused on the 40-year-old is moving its target consumer group through brand marketing, design transformation, e-commerce upgrade and other strategies. The scope has expanded to millennials.

In terms of digital marketing, the Hugo Boss Group has not slacked off and promised to increase this share from 50% to 70%. In July last year, the group also broadcast live broadcasts of the HUGO 2019 Spring/Summer series on the official website and social media on the official website and social media, further touching the young user groups and interacting with them online. At the New York Fashion Week in September of the same year, the BOSS 2019 Spring/Summer collection also used social media for simultaneous interactive live broadcasts.

From the design point of view, the collection is designed with light fabrics and distinctive details, and is presented in a street-style neon club-style stage in Berlin. It is very energetic and interesting. The BOSS 2019 Spring/Summer collection is inspired by California summer. The surfboard stripe is a decorative print on suits, dresses and coats. It combines sports and leisure style with urban elite style. Both of them reflect the group's continuous rejuvenation. The determination to change.

It is worth mentioning that men’s wear has become the most affected category as “de-dressing” is popular around the world. Young people think that formal dresses represent the old-school conservative, and therefore turn to street casual wear. According to data released by market research firm Euromonitor, as early as 2015, the sales volume of American suits has dropped by 2%. This is the third consecutive year that the industry has been hit, and the market share of casual men's wear has surpassed that of men's formal wear. In the Hugo Group's financial report, BOSS's business equipment growth is weak, but the HUGO leisure series is relatively popular among young consumers.

Therefore, there is a view that in order to counter the trend of “de-dressing”, Hugo Boss, which is starting out, has gradually changed its design style to the leisure style in recent seasons, trying to maintain the excellent tailoring of the brand for many years. At the same time, high-quality fabrics create a unique men's casual style.

In addition to adjusting the brand development strategy through the choice of spokespersons and the change of design style, and deep into the market, Hugo Boss is also actively embracing technology and fully exerting its online market, especially to grasp the pain points of Chinese consumers prefer online shopping.

Hugo Boss opened its official website in China in 2013. Subsequently, the group's main leisure style series BOSS Orange entered the Tmall Mall in 2014 and participated in the Double Eleven Shopping Festival. It was 198.1 on the double eleventh in 2015. Ten thousand yuan in sales. In 2017, Hugo Boss became the first luxury brand to enter the Luxury Pavilion of the Tmall luxury platform. The platform is brand-operated rather than channel agent, which enables brands to directly reach the mid- to high-end consumer groups and shake their customer resources.

In another e-commerce platform, Jingdong, Hugo Boss adopted a different low-price strategy. In 2015, the group entered Jingdong in a self-operated mode. The latter bought four series of nearly 10,000 items through wholesale. According to Jingdong Public Relations Department, the price of Hugo Boss sold this time is generally lower than or even lower than that of the store. Discounted price sales, even after the purchase of the tax point can not be reached.

Globally, the Hugo Boss Group has also begun to integrate online, retail and wholesale channels. After three years, the Group has completed the transformation of wholesale to self-operated retail-based channels, and in the first quarter of 2018, e-commerce sales surged by 43% through the update of huguboss.com's official website.

In addition, it has also made significant adjustments to the primary contact store that is close to the consumer. Currently in international cities such as London, Singapore and Munich, consumers can experience the concept store combining modern style store decoration with digital service. In June last year, HUGO first opened its first store in Amsterdam, the Netherlands. In addition to the upgrade of its previous infrastructure, the store also added more popular elements suitable for social media. The group plans to promote this type of store to major European cities, including Paris, in the second half of the year.

As a commercial brand, the most important thing is to judge the situation and change from time to time. In the uncertain economic environment, in response to the new round of fashion industry shocks, Hugo Boss is planning to start a new round of transformation, the group announced the new 2022 strategic plan at the end of last year, will increase Personalized service products, market resilience, data analysis and other initiatives to better meet consumer demand, cut a new generation of consumer demand for personalized customization, experiential shopping, and enhance their profitability.

In terms of upstream production and logistics of the brand, the Group plans to optimize and upgrade its product design and development, logistics, IT infrastructure and digital showroom to improve the flexibility and efficiency of business processes. According to Mark Langer, the company has shortened its time-to-market, reducing its time from product concept to store shelves by about half.

Some analysts have said earlier that Mark Langer's transformation strategy has gradually achieved results. Mark Langer emphasized that the group's earnings growth will be sustainable.

Some analysts believe that as men's consumers' pursuit of fashion and beauty intensify, BOSS has great potential for development in the men's wear market in China and the world, but it is worth noting that when the brand blindly sees the consumption power of Chinese consumers. When a swarm of bees floods into the market and wants to carve up, how can they stand out in the Romwe Coupon Code dazzling brand and become a brand must consider.

A solid brand design foundation is very important, but how to jump out of the trend with the trend of reform, create a unique competitiveness to become a brand that really leads the trend of menswear, perhaps the next step for BOSS should be considered.