Going on the lines of other international fashion labels, Ralph Lauren has closed its flagship store in Hong Kong. Four years ago, its then CEO, Ralph Lauren said that the company was transforming its presence in China with promising long term growth.
As per him, the brand was planning to open 60 stores in greater China by 2015. A year after the announcement, the label launched its first men’s flagship store in Asia, in the Landmark Prince’s in Hong Kong’s Central district, and in October 2014 opened a “mansion” store at the Lee Gardens complex, offering accessories, watches and jewellery as well as men’s and women’s fashions.
Quoted to be part of their strategic and financial plan, at present, its 20,000 sqft (1858 sqm) store in Causeway Bay has been closed overnight.
As per a spokeswoman, “We are redeploying assets to focus on new concept stores and transition away from unprofitable formats and locations. Ralph Lauren will combine its men’s and women’s flagships in the newly renovated Prince’s Building location.
The move is part of a new strategy from Stefan Larsson, who replaced Lauren as CEO a year ago. Larsson previously worked for Swedish fast-fashion retailer H&M for 15 years.
As per a report, the restructuring will cut more than 50 stores and 1000 jobs worldwide, saving the company between US$180 million and US$220 million a year.
Meanwhile, American fast-fashion label Forever 21 has announced it will close its multi-storey Causeway Bay flagship store. British label Paul Smith has already closed its Times Square store and Italian luxury clothing and accessories label Tonino Lamborghini has also closed more than 10 stores and in-store counters.