Forever 21 to Exit China Market
LONDON — Following the closure of its e-commerce operation in China, reported on Thursday, American fast fashion retailer Forever 21 confirmed exclusively to WWD that it has decided to exit the market entirely. A spokesperson from the company said “Forever 21 is constantly evaluating our global portfolio of stores and made the decision to close our operations in the China market after careful consideration of shifts in consumer demands and the long-term profitability of these operations.” The cheap and cheerful retailer, founded by Korean born Do Won Chang and Jin Sook Chang in 1984, entered the Chinese market in 2008 but left shortly after and reentered in 2011 and opened its online store and multiple brick-and-mortar locations. Since the end of last year, however, the company has been shutting stores in Tianjin, Hangzhou, Beijing, Chongqing and Xi’an, leaving four surviving stores in China, three in Shanghai and one in Beijing. Local press reported that its Shanghai stores are discounting heavily. “Seventy-five percent off and buy one get one free,” said in the store. Its Shenzhen store is due to close on April 30 as well. The company exited the Taiwan market this March and closed its six-floor flagship in Causeway Bay, Hong Kong in 2017. ForeverFollow WWD on Twitter or become a fan on Facebook.
from WWDWWD http://bit.ly/2GBmtPp
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