Luxury off-price site Cocosa is being closed down by owner Mohamed Al-Fayed.
The flash Sale site, which was acquired by the Al Fayed group in July 2011 from the Bauer Media Group, will be shut down in an “orderly way” in the coming months.
A statement released by the company said: “Cocosa made significant progress in its sector and built a reputation for quality products and customer service in the luxury fashion off-price flash sales market. Despite this progress, the costs of continuing to build the brand to market leadership were deemed too high to merit material further investment.”
The owners also stated the company is not being placed into administration and the Al Fayed Group is “fully committed” to funding the wind down of the business. The 45 members of staff have been informed that commitments to them, to customers, suppliers and other stakeholders will be honoured in full.
Launched in 2008, the site offers designer fashion and homewares at a fraction of their original retail price. Brands currently listed on the site include Diane Von Furstenberg and Nicole Farhi.