China remains a growth opportunity for Hugo Boss, a German fashion brand, as the company continues to explore ways to meet the needs of Chinese consumers, said CEO Daniel Grieder.
In an interview with China Global Television Network (CGTN), Grieder said that despite declining consumer sentiment around the world, companies can still find new ways to reach customers.
"If you talk about straight into the market and the global situation, it's a challenge and you have to consider it. It's a fact wherever you go, consumer sentiment is down. They are careful how they spend and that is affecting, I think, all the industries. Everybody is thinking, I'll wear my blazer another season, or I'll drive my car another year and so on. So that is a fact. However, I think you always, and in a crisis, you can always say you have more opportunities, and you can seek for opportunities," he said.
Grieder remains optimistic about finding such opportunities in China, as the European brand explores strategies to build its relationship with shoppers in the country.
"It's at the moment also more difficult than it was in the past, but it remains a growth opportunity in China. I think we, as a brand, we just have to find a new approach, how to approach the customer in China. And it's very simple. We are a European brand. We cannot just say what is good in Europe is also good in China. So we adapt also to the China needs," the CEO said.
He also stressed that Hugo Boss has learned much from Chinese counterparts whose business methods work well in the Chinese market, including the trend of selling products directly through social media.
"We learn a lot how they do it. We have to learn it. The social commerce, that comes from China and selling on TV and all that. We never experienced that. But in China, it's working. It's very important. And I think it's only a question of time where, and it's happening now, that Chinese brand also come to Europe and to the States. I expected that already 10 years ago that this is going to happen. And now you see, and I think that's great," he said.
Hugo Boss CEO bullish on Chinese market despite global downturn in fashion
