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The secretâ€™s out, all ESPRIT stores in Malaysia are closing down by 30th June.
Inside Retail Asia reports that the decision was made following an â€œappalling slumpâ€ in sales over the last 9 months, which was further crippled by the pandemic hit economy in March.
Not only that, the apparel brand will also close all of itâ€™s retail outlets outside of China. This means the shuttering of 56 outlets across Singapore, Malaysia, Taiwan, Hong Kong and Macau.
Although these locations only represent less than 4% of the groupâ€™s global turnover, the company was quoted by South China Morning Post that itâ€™s part of their â€œrestructuring initiatives to focus resources and recalibrate operationsâ€ during the pandemic.
While thereâ€™s zero chance of enjoying any closing down sale at the stores, the brand will probably still be around in Malaysia as the company will continue to operate wholesale and licensing businesses.
This means that ESPRIT clothing lines will most likely still be around in department stores, multi-brand stores and even online.
While weâ€™ll always have fond memories of the store during shopping mall trips of the past, at least itâ€™s not goodbye forever.
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