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All stores in Beijing have been closed

Date: 2018-09-07
Times of browsing: 18

Us women's shoe brand Nine West is pulling out of the Chinese market.

All Nine West's stores in Beijing have been closed, while stores in Shanghai, shenzhen, chengdu and hangzhou remain, and the company's China headquarters in dongguan have been disbanded, Beijing business daily reported recently. Nine West Tmall's flagship store has been closed. The store will be officially closed on August 10 due to the brand business adjustment, and customer service will be extended until August 31, according to the notice issued by the flagship store. Tmall officials also confirmed to the Beijing business daily that Nine West submitted an application to tmall yesterday and said "Nine West should withdraw from the Chinese market completely".

In addition to the mainland market, Nine West stores in Hong Kong and Taiwan will also be closed. In a statement released at the end of July, GRI group, the brand's regional agent in Asia, said it had assessed the impact of Nine West holdings' bankruptcy on GRI's finances and on business promotion, and decided that seven footwear and apparel brands in Nine West and its collection store CCSHOP would be closed and removed from Taiwan by the end of August. In Hong Kong, Nine West launched its farewell sale in May.

Exit from the Chinese market is closely related to Nine West group's strategic transformation. Nine West filed for bankruptcy in April, and in June it sold its core Nine West and Bandolino to ABG, the American brand management company, in a court-ordered auction. Nine West said it could focus more on jewelry, apparel and denim after divesting the two brands.

Once the world's largest designer, manufacturer and seller of women's shoes, Nine West once dominated the U.S. women's shoe market, with a 1997 New York times report that "every five pairs of shoes a woman wears in the United States comes from Nine West." But with shoe brand competition and a weak retail market, Nine West's operating income and profits have declined in recent years, and the group has sought capital injections to expand further. In 1999, when JonesApparel bought Nine West for $885 million, it was forced to close factories and shed jobs. By 2014, JonesApparel sold Nine West to a private fund controlled by stefanl. Kaluzny for $4.4 billion and delisted. It has since split Nine West into six different companies. Changes in investors hurt Nine West's business sustainability.

As early as 1994, Nine West entered the Chinese market and positioned itself in the middle and high-end market. Its channels were concentrated in such channels as department stores and outlets, and it was once popular among the middle and high income groups at that time. Over the next two decades, brand initiatives have been few and far between. In recent years, China's department store channel has been weak, sports have taken off, and Nine West, which is dominated by high heels, has been hit hard.

The latest news on Nine West is that ABG, its dealer management and operations strategy, reached a strategic partnership with Kohl's last month, and from next year, Kohl's will introduce Nine West shoes, handbags and coats and develop a new line of women's wear.

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