HUGO BOSS and Coty Renew License Agreement
AMSTERDAM--(BUSINESS WIRE)--Dec 20, 2022--
HUGO BOSS and Coty are happy to announce the renewal of their license agreement. The partnership, which began in 2016 and has now been extended beyond 2035, includes all BOSS and HUGO fragrances for men and women.
“Our CLAIM 5 growth strategy is broad-based. We want to grow across all regions, touchpoints, and brands, as well as in all product areas. We are excited to continue our successful partnership with Coty and are convinced that we have the right partner at our side to exploit the full potential of BOSS and HUGO in the global fragrance business,” says Daniel Grieder, CEO of HUGO BOSS AG.
Sue Y. Nabi, CEO, Coty, says: “We are delighted to extend our highly successful partnership with Hugo Boss, one of the leading premium fragrance brands in our portfolio. Together, we have created many iconic male fragrances, which have been enthusiastically received by consumers, and we look forward to build on these successes.”
HUGO BOSS aspires to claim a leading global role in men’s fragrances and will place particular emphasis on the U.S. market in the coming years. The joint future developments will complement the successful BOSS Bottled range and fully reflect the BE YOUR OWN BOSS brand platform. In addition, HUGO BOSS plans to continue expanding its share of BOSS women’s fragrances in key European markets and lay the foundation for this segment to grow into the U.S. market.
Another strategic focus area is the strengthening of the top of the brand’s fragrance range, BOSS THE COLLECTION. This expansion will specifically enhance the relevance of BOSS in specialty markets such as the Middle East and China.
The existing offering for men and women under the HUGO brand will also be reinvented to sharpen the focus on young target groups, including Gen Z, and to fully reflect the brands new HUGO YOUR WAY platform.
Sue Y. Nabi, CEO Coty, says: “Hugo Boss’ impressive market share gains in recent years demonstrates why Coty is the go-to partner for fashion houses, brands and high-profile individuals that want to create leading beauty portfolios under license. This long term extension is in line with Coty’s strategic objective to focus on key brands which can become global powerhouses, while driving a balanced growth agenda across our fragrance portfolio.”
Following the Hugo Boss license renewal, which includes no material changes in licensing terms, Coty has no sizeable license up for renewal in the next six years. The average remaining duration of Coty’s top six licenses – which together account for over 80% of Coty’s prestige fragrance business – is now approximately ten years.
About Coty Inc.
Founded in Paris in 1904, Coty is one of the world’s largest beauty companies with a portfolio of iconic brands across fragrance, color cosmetics, and skin and body care. Coty serves consumers around the world, selling prestige and mass market products in more than 130 countries and territories. Coty and our brands empower people to express themselves freely, creating their own visions of beauty; and we are committed to making a positive impact on the planet. Learn more at coty.com or on LinkedIn and Instagram.
About HUGO BOSS:
BOSS is known worldwide for its tailoring DNA - but along with this signature product category, BOSS has expanded beyond the confines of tailoring to offer a complete range of casualwear, bodywear, accessories, and athleisure that form a 24/7 wardrobe for the change-makers of today, in every role they play. The product range includes licensed products such as fragrances, eyewear, watches, and kidswear. Customers can experience the world of BOSS in over 400 own stores worldwide. BOSS is the core brand of HUGO BOSS, one of the leading companies positioned in the premium segment of the global apparel market. With its two brands, BOSS and HUGO, the group offers collections in 128 countries at around 6,800 points of sale and online in 59 countries via hugoboss.com. With approximately 14,000 employees worldwide, the company, based in Metzingen (Germany), posted sales of EUR 2.8 billion in the fiscal year 2021.
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KEYWORD: NETHERLANDS EUROPE
INDUSTRY KEYWORD: JEWELRY FASHION LUXURY COSMETICS RETAIL
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PUB: 12/20/2022 08:00 AM/DISC: 12/20/2022 08:01 AM