Forever 21 to downsize UK business & close Chinese online stores

1861
Forever 21
// Forever 21 to close all online stores on Chinese etailers
// Chinese website to shut down completely
// Forever 21 also considering downsizing UK store portfolio

Forever 21 has announced it will close all online stores on Chinese etailers Tmall and JD.com on April 29.

Its official Chinese website will also be shut down, according to Asia Times.

It remains unclear as to whether the fashion retailer will reain in the Chinese market. The news follows the retailer’s decision to end its Taiwanese operations last month after almost four years of operating.

Forever 21 also revealed it is considering options to downsize its business in the UK market or pulling out completely after reviewing its UK store portfolio. It announced it January that it is due to close its store in Dublin.

Meanwhile, the retailer has put products into sale both online and in its Chinese physical stores.

Forever 21 has made a loss of £29 million in the year to 28 February 2016, according to its most recent accounts filed with Companies House.

It currently has 11 stores in China.

Click here to sign up to Retail Gazette’s free daily email newsletter