German fashion giant Hugo Boss has taken full control of its China and Macau retail operations, buying a 40 percent stake in its joint venture there from.
In 2013, the 55 stores in mainland China and Macau generated sales of 128 million dollars, just under 10 percent of group revenue, it said in a statement.
"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," chief executive Claus-Dietrich Lahrs said, adding that Hugo Boss sees “enormous opportunities” in the Chinese market.
China is Hugo Boss's biggest market in Asia and its fourth-biggest market worldwide. At the end of 2013, Hugo Boss operated 126 stores and shop-in-shops in China.