Chinese retailer Bosideng is scaling back its expansion plans for the UK and Europe after what is understood to have been a slow start to trading in its first international store.
The store, on London’s South Molton Street, opened last July and was supported by an investment of about £30m, with plans to use it as a springboard into the rest of the UK, Europe and the US.
But the retailer’s bullishness has since been dampened. Drapers understands that nothing will be opened in Europe this year, and the roll-out into concessions through high-end department stores in the UK has also been pushed back.
New York is now expected to be the next location for a store opening, but Bosideng has yet to secure premises.
The retailer declined to speak directly to Drapers and no financial information is available for the London flagship, although a spokeswoman said trading was in line with expectations.
In a statement, chief executive Wayne Zhu said: “At present we are concentrating our energies on making the London store a success. However, we are looking at expansion into further European markets.”