Hugo Boss recently renewed its licensing agreement with Coty, according to a press release.
"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,” CEO of HUGO BOSS AG, Daniel Grieder, said. “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.”
With merchandise targeted at Gen Z men and women, the renewal will include all Boss and Hugo fragrances, extending the five-year-old deal to beyond 2035.
“We are delighted to extend our highly successful partnership with Hugo Boss, one of the leading premium fragrance brands in our portfolio,” Sue Y. Nabi, CEO, Coty, said. “Together, we have created many iconic male fragrances, which have been enthusiastically received by consumers, and we look forward to build on these successes.”
The launch forms part of Hugo Boss’ effort to expand in the U.S. market. The company also hopes to pursue growth opportunities in various European regions, as well as the Middle East and China.
“The joint future developments will complement the successful Boss Bottled range and fully reflect the Be Your Own Boss brand platform,” a recent press release explains.
“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,” Nabi said. “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.”
Hugo Boss currently has no upcoming plans to make any other licensing material changes following this licensing deal, while Coty, with a licensing duration average of approximately 10 years, has no sizable licensing renewals to report for the next six years.