NOTHING LASTS FOREVER: American fast-fashion company Forever 21 is shutting its Chinese online stores, as well as third-party sales channels on Tmall and JD.com, the retailer said on Thursday.
Its official site’s landing page said Forever 21 will no longer provide service after April 29, member points will be cleared and returns will be accepted until May 30.
Local press reported that three stores in Shanghai are discounting heavily, including its flagship on Nanjing East Road, next to the Edition Hotel. “Seventy-five percent off and buy one get one free,” said in the store. Its Shenzhen store is due to close on April 30 as well.
Forever 21 entered the Chinese market in 2008 but left shortly after and re-entered in 2011 and opened its online store on Tmall, Alibaba’s business-to-consumer platform.
Since the end of last year, Forever 21 has been shutting stores in Tianjin, Hangzhou, Beijing, Chongqing and Xi’an, leaving four surviving stores in China, three in Shanghai and one in Beijing.
The company exited the Taiwan market this March and closed its six-floor flagship in Causeway Bay, Hong Kong in 2017.
China is a challenging market for fast fashion brands, as shopping platforms such as Taobao and Pinduoduo offer a great variety of items at an even lower price point. New Look, Asos and Topshop have all exited the market.
WWD has reached out to Forever 21 for comment.