Hugo Boss Revamp

from Hugo Boss Revamp

by jade.ashtyn1

JAPAN June 2019

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THE REVAMP

To add to Hugo Boss’s avant garde line Hugo, we decided to take a different approach. We wanted draw attention of younger generation’s something they never seen or experience. Recently, there has been social discussions on gender neutral clothing and terms from the drag community have entered mainstream media. In these days, younger audiences have been experimenting with fashion, trying on new shapes and sizes, and mix and matching patterns together. We decided to still to do what we do best which is suits, but make it fun and avant garde. The most fun and avant garde era to ever exist is the New Romantic Era which took place in the 1980’s. Our revamp consists of New Romantic inspired clothing and theme’s, personalized quirky patterns, and a genderless approach. Since it is the modern day and technology is continuing to evolve, we decided to make our unique patterns through the new technology virtual reality, that way each suit has its own unique pattern that has never been seen before. The team has recruited celebrities such as Harry Styles, Troye Sivan, Awkwafina, and Ezra Miller to be our faces for this brand because they are the people that reflect and are inspired by this era. In the past, We got critiques that our brand wasn’t avant garde enough, and took the streetwear approach which by now everybody is doing. We wanted to do something for the people who love to have fun with fashion, and doesn’t mind wearing quirky patterns on the street. We wanted our brand to be more inclusive and since there is a demand for genderless clothing, we made our revamp welcome for all sexualities and for all personalities.

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MANAGING BOARD

HUGO BOSS

A well-versed company that produces business wear, casual outfits, athleisure and eveningwear. Hugo Boss is also known for hosting events and campaigns. From fashion week to sports tournaments, the company has certainly made a name for itself.

HUGO BY HUGO BOSS

The HUGO collection is designed for those who take their own approach to style, offering a full range of tailoring and casual pieces with fashion-forward attitude. With tailoring at its core and a strong casual influence, HUGO Menswear creates clothing for those who lead rather than follow. The HUGO Womenswear collection offers styles filled with bold attitude, ranging from modern tailoring to life-ofthe party dresses and casualwear.

Business History

In 1923, Hugo Ferdinand Boss founded his own clothing company in Metzingen, Germany, where it is still based. In 1924, he started a factory along with two partners. The company produced shirts, jackets, work clothing, sportswear and raincoats.

In 1950, Hugo Boss’ son-in-law Eugen Holy took over ownership and runs the company. After a period supplying work uniforms, the company received its first order for men’s suits, resulting in an expansion to 150 employees by the end of the year. By 1960, the company was producing ready made suits. In 1969, Eugen retired, leaving the company to his sons Jochen and Uwe, who began international development. In 1970, the first Boss branded suits were produced, with the brand becoming a registered trademark in 1977. The was followed by the start of the company’s long association with motorsport, sponsoring Formula One driver, Niki Lauda, and later the McLaren Racing team.

Hugo Boss serves as one of the oldest fashion houses that specialise in perfumery for men. In 1970, the company became well known for tailoring suits. However, in 1985 the company took a different route and released its first original fragrance for men called, Boss Number One. Since then, Hugo Boss has released 81 fragrances for both men and women.

This helped the company gain the required growth for listing on the Frankfurt Stock Exchange the following year. The brand entered the world of golf by sponsoring Bernhard Langer in 1986 and entered the world of tennis by sponsoring the Davis Cup in 1987. In 1989, Boss launched its first licensed sunglasses. Later that year, the company was bought by a Japanese group. After the Marzotto textile group acquired a 77.5% stake for $165,000,000 in 1991, the Hugo and Baldessarini brands were introduced in 1993. In 1995, the company launched its footwear range, the first in a now fully developed leather products range across all sub-brands. A partnership with the SOlomon R. Guggenheim Foundation was launched in 1995, resulting in the Hugo Boss Prize, an annual $100,000 stipend in modern arts presented since 1996.

In 2005, Marzotto spun off its fashion brands into the Valentino Fashion Group, which was then sold to Permira private equity group. In March 2015, Permira announced plans to sell the remaining shareholding of 12%. Since the exit by Permira, 91% of the shares floated on the Börse Frankfurt, and the residual 2% was held by the company. 7% of the shares are owned by the Marzotto family. Hugo Boss has at least 6,102 points of sale in 124 countries. Hugo Boss AG directly owns over 364 shops, 537 monobrand shops, and over 1,000 franchise-owned shops.

In 2009, BOSS Hugo Boss was by far the largest segment, consisting of 68% of all sales. The remainder of sales were made up by BOSS Orange at 17%, BOSS Selection at 3%, BOSS Green at 3% and HUGO at 9%.

In 2010, the company had sales of $2,345,850,000 and a net profit of $262,183,000, with royalties of 42% of total net profit. In June 2013, Jason Wu was named artistic director of Boss Womenswear.

In 2017, the sales of Hugo Boss climbed by 7 percent during the final quarter of the year.

In 2018, the sales grew by 7 percent in the reporting currency and 6 percent in local currencies to 783 million euros (889 million dollars) with both the company’s own retail business and the wholesale business recording positive growth. On unaudited basis, Hugo Boss achieved

sales of 2,796 million euros for the full year, which represents an increase of 2 percent in the reporting currency and 4 percent on a currency-adjusted basis driven by growth of the group’s own retail business. The group anticipates that EBITDA before special items in 2018 will roughly remain on prior year level at around 491 million euros.

“We want to be the most desirable premium fashion and lifestyle brand globally. Thus, we have set ourselves high targets for the coming years. We want to grow faster than the market, and expect our operating profit to develop significantly better than our sales. The successful realignment of our brands BOSS and HUGO has laid the foundation for this. We will further increase the personalization of our offerings in the future and speed up central processes in the course of further developing our strategy.”

Target Audience

Our customers are those who invest themselves in a lifestyle. They walk out the door deliberately in controversial clothing that should not be considered controversial in the first place. Men wearing pink suits is considered an extravagant gesture but for our customers, that is just another suit that makes them feel good. The same goes for women who choose suits over pencil skirts. Hugo dresses both genders in the artistic form of dandyism. Our customers are the extraordinary people who change the world by being themselves. They are the heroes who didn’t set out to be heroes but are considered to be as they are the orchestra band that cheer on individuality for the next generation to come.

Current Trend

Dressing genderless in eccentric yet formal clothing is a world not entirely explored, but our brand, Hugo is willing to do so. Clothes represent ourselves through different emotions and expressions . With trends like camp and soft masculinity coming our way, we suddenly see the beauty in humour, irony, and extravagant theatricalization. As a brand that is willing to take a risk, we feel that we can provide our customers a new form of the trends by presenting them with formal or smart casual clothing with a twist. The trend has blown up for the small percentage of the human race that is slowly growing. With fashion houses like Vogue setting the theme for the Met Gala -- Camp: Notes on Fashion is merely another milestone that celebrates the peculiar ideals of dressing for yourself and no one else. It’s essentially performance art, whether people like it or not, it doesn’t matter because the beauty of an artwork is in the eyes of the beholder. Only a few people understand what it means to dress in non-binary or soft-masculine clothing, but that’s okay. Because the ones who accept and understand the trend are the only ones that truly matter. These are the people who make the world a better place.

SWOT

Strengths

Well known apparel More than just garments Well known fragrance Quirky unique patterns

Opportunities

Celebrity endorsements with popular artists today E-commerce Marketing in social events Social Media

Weaknesses

High price for younger people Specific target market

Threats

Could be easily frowned upon Competitors: Dior, Ralph Lauren, Michael Kors Fast fashion making counterfeits Unisex fashion isn’t favoured by everyone