Harrods exits three Asian markets - report
Harrods is exiting its cooperation deals with local retailers in three major Asian markets, according to local media reports.
The company has had long-term partnership deals with local businesses — such as Taiwan’s Shin Kong Mitsukoshi department stores — selling select products with a strongly English image.
But pandemic disruption and supply chain issues have undermined their strength and it’s believed the company made the decision to start pulling out at some point last year.
Shops will now close down in Thailand, Singapore and Taiwan and are set to launch clearance sales.
Harrods is still reeling from the lack of tourists at its flagship store in London’s Knightsbridge and its airport stores. But it’s clearly positioned well for a recovery as pandemic restrictions are removed. And it’s also forging ahead with expansion plans in its domestic market as its upscale H Beauty chain opens new large-scale stores around Britain.
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