Kit and Ace, the Canadian casualwear label founded by the family behind yoga brand Lululemon, is closing its stores in the UK, Australia and the US to “simplifying its business plan and operations”.
Drapers understands Kit and Ace’s two UK stores on Redchurch Street in Shoreditch and Park Street in Borough have now closed, while Monmouth Street in Seven Dials will be open for a further two weeks.
Kit and Ace on Redchurch Street
The firm is also reducing its head office staff to shift focus to its Canadian showrooms and stores, and global ecommerce platform.
“We recognise the traditional world of bricks-and-mortar retailing is changing, which is why we’re shifting strategies,” said Chip Wilson, founder of Hold It All, the Vancouver-based holding company that owns Kit and Ace. “We believe in the business model for Kit and Ace. Going forward, we will be a stronger company.”
He added: “Fewer stores require fewer people. We remain deeply grateful for the creativity and commitment of those leaving the company and thank them for their valuable contribution.”
James Ebel, executive director at property consultancy Harper Dennis Hobbs, said: “This is a real shame as Kit and Ace offered a real point of difference for the international shopper in London.”