Forever 21 leaves Hong Kong; closes its last store

 

Forever 21, the American fast fashion retailer, is leaving Hong Kong!

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.

 

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