Forever 21 leaves Hong Kong; closes its last
Forever 21, the American fast fashion retailer, is leaving Hong
The fashion retail giant has shut down its 3-storey Mong Kong
store, after serving the Hong Kong shoppers for 8 years.
The violent protests across the streets of Hong Kong, since last
3 months, have impacted several retailers in the country and
Forever 21 too has suffered.
In April, Forever 21 had shut its e-commerce site in China and
also withdrew products for sale on JD and Tmall. It had also
closed its stores in Taiwan earlier this year.
The firm reportedly filed for bankruptcy in August though few
days back the owners said that the business would trade on.
Talking about the exit from Hong Kong, Helen Mak, Senior
Director and Head of Retail Services at Knight Frank,
said“Forever 21 has been under pressure lately facing fierce
competition from online, while the current dire situation in the
city’s retail sector has speeded up its closure.”
The fashion retailer, meanwhile, has also announced the closure
of all its 14 stores in Japan by the end of October.