Style Check | Closure of Ralph Lauren Hong Kong flagship store probably won’t be the last given city’s poor retail climate
Four years ago Ralph Lauren was talking up China market as important long-term driver of growth, and expansion soon followed in Hong Kong. Now label has joined other big fashion names in closing a flagship store in the city
“We are in the midst of transforming our presence in China, a region that we believe will become an important driver of growth for us over the long term,” Ralph Lauren said in 2012 after the fashion conglomerate of which he was then CEO announced plans to open 60 stores in greater China by 2015.
A year later, Ralph Lauren launched its first men’s flagship store in Asia in Landmark Prince’s in Central, and in October 2014 it unveiled an enormous “mansion” store at Lee Garden Two, presenting accessories, watches and jewellery as well as men’s and women’s fashions.
Fast forward two years, and the 20,000 sq ft store in Causeway Bay is no more, having closed suddenly earlier this month.
Contacted for comment about its abandonment of the space in Lee Garden Two, a representative of the brand said the closure was “part of our strategic and financial plan”, adding: “We are redeploying assets to focus on new concept stores and transition away from unprofitable formats and locations.”