BERLIN — Hugo Boss has taken full control of its store network in China and Macau.
The company said it has acquired the remaining 40 percent equity stake in the joint venture from Rainbow Group, its long-standing franchise partner. The two companies entered an agreement in 2010, and Boss noted that thanks to Rainbow Group’s expertise and efforts, the brand’s business in China has more than tripled since 2009.
China is Boss’ fourth-largest market worldwide.
It now has full control of the 55 stores operated by the joint venture in mainland China and Macau. In 2013, these doors generated sales of 94 million euros, or $124.9 million. In total, Boss operated 126 freestanding stores and shops-in-shop in China in 2013, when sales there reached 211 million euros, or $280.3 million.
Dollar figures are converted from the euro at average exchange for the period to which they refer.