French Connection is reportedly looking to offload its Oxford Street flagship as the retailer seeks to restore its dwindling cash reserves.
According to The Telegraph, French Connection wanted to offload the building – which has a lease expiry date of 2025 – for around £5 million and US sportswear chain Under Armour is reportedly eyeing the lease.
Under Armour is already available in the UK but only through concessions, which means taking over French Connection’s Oxford Street lease would mark its standalone shop debut.
French Connection has been shutting unprofitable shops for the past two years – the chain now has just 39 in the UK, down from 58 – and it another five to eight stores are expected to shut soon.
Last year, pre-tax losses at the British retailer grew from £1.6 million to £3.5 million.