ISLAMABAD: The first Hugo Boss store in the country was inaugurated in Centaurus Mall here on Tuesday.
The international clothing line Hugo Boss sells clothing, accessories, footwear and fragrances, and is best known for its men’s suits and other formal wear. Hugo Boss is one of the largest German clothing companies, with global sales of as much as €2.9 billion in 2019.
Hugo Boss has claimed that their products will be locally produced in Pakistan. This will make Hugo Boss a part of many other international brands that sell products locally produced by Pakistan. Adidas, H&M, Zara and Mango are amongst the top international brands that sell products ‘made in Pakistan’.
Speaking on the occasion, Islamabad Chamber of Commerce and Industry (ICCI) President Sardar Yasir Ilyas Khan urged the government to incentivise international brands in the country by reducing duties on their imports for a healthy competition in the domestic market.
He said that the labour cost in Pakistan is quite cheap and provides a great advantage to international investors for penetration in Pakistan and urged that the government should also provide good incentives to the manufacturers of international brands in order to attract them for joint ventures (JVs) and investment in Pakistan.
It would help the country to increase exports of international brands and further strengthen its forex reserves. He said that the larger presence of international brands in Pakistan would increase the confidence of foreign investors in the Pakistani market and attract more FDI to the country.
He said that the entry of more international brands and their manufacturers in Pakistan would also bring more competition in the domestic market and motivate the local industry to upgrade itself for producing world class products that would give a boost to Pakistani exports as well.
The ICCI president said that Pakistan is a huge market of over 220 million consumers and international brands including retailers and food chains have great potential for JVs and investment in Pakistan. However, they need good incentives and consistent policies from the government side to penetrate the Pakistani market.
He further emphasised that the Federal Board of Revenue (FBR) should focus on further simplification of the taxation system that would encourage more international brands towards Pakistan. He congratulated the franchisee of Hugo Boss and wished him great success in business.
