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Fashion brand Factorie has closed down in Malaysia and Singapore. In a statement to A+M, a spokesperson from parent company Cotton On Group confirmed the closures, explaining that the move impacts eight outlets, four in each country.
The spokesperson added that the company will continue to look at ways to improve its store footprint across the markets it operates in to better serve its customers in locations that work for them. When asked about the impact on staff and marketing teams, the spokesperson said:
“We value the incredible contribution our team members have made to Factorie in the local community. Our team members remain our number one priority and we’re working closely with them to identify opportunities for their redeployment within the business,” the statement read.
The spokesperson declined to comment on the reason behind the closure.
Factorie first entered the Asia Pacific market in 2013. The stores are slated to be closed by the end of February, with Factorie products still being available online on Zalora.
The move comes amidst a rise in retail woes in Singapore, which in the past few years saw fashion brands such as New Look and Celio exiting the market. Meanwhile in Malaysia, the retail industry saw a 1.1% dip in sales in the third quarter last year. According to The Star, this was due to the decline in purchasing power among Malaysians, quoting a report compiled by Retail Group Malaysia.
This story was first published in Marketing magazine.
Photo / 123RF
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