Chinese retailer Bosideng has pulled out of the UK market, citing Brexit uncertainty. The retailer’s first overseas flagship store at 28 South Molton Street closed last month, while its UK website has a note asking customers to visit in store.
Bosideng – operating around 10,000 stores and one of the largest clothing operations in Greater China – ploughed £30m into its first and only UK store on South Molton Street in London, which opened in September 2012. It was originally hoped that this would be the launchpad for further European operations.
A spokeswoman for the company said it purchased the property in 2011, when the UK property market was low after the financial crisis.
“After a few years of operation, the flagship store has provided us tremendous overseas retail operation experiences, and enhanced our brand name among overseas retail market and financial community.
“Yet, given the uncertainty of the UK market after Brexit, and considering the investment return, our company decided to rent out the property instead,” she said. “We will return to the UK retail market when we see fit.”
The next tenant is not yet known.
Read an interview with Bosideng’s founder here.