Thomas Sabo closing all Canadian stores
Just a few short years ago, Thomas Sabo was busy expanding its Canadian operations. Now, the Germany-based jewellery and watch brand confirmed on Monday it is shuttering all stores in the country.
In 2017, Thomas Sabo teamed up with Canadian sales agency Nouvo Luxury Group to strengthen its position in the Canadian market, as well as increase its network of Canadian stores.
“We intend to take Thomas Sabo to the next level in Canada by capitalizing on the brand's equity through both traditional and non-traditional strategies and sales channels,” said Steve Turac, co-founder of Nouvo Luxury Group and head of business development, on the initial partnership announcement
At the time, it operated 16 retail locations across Canada in major cities such as Vancouver, Toronto and Montreal.
However, Thomas Sabo issued an official statement this week confirming it is closing its remaining eight stores in the country to focus on its e-commerce business.
“Thomas Sabo has decided to restructure its Canadian activities. A newly created company (TS e-commerce Ltd., Canada) will focus on the most relevant parts of the business, i.e. the online activities," read the company statement.
The company added that its wholesale business would not be affected by the decision.
“We are convinced that this allows Thomas Sabo to sustainably maintain and strengthen its global presence and will lead to a strong and healthy representation of the Thomas Sabo brand in Canada," it said.
The jewellery brand is just one of many retailers to recently shutter its retail operations in Canada.
Bench announced its exit from the Canadian retail market earlier this month, joining retailers like Forever 21, which closed 44 stores in Canada last year, as well as Payless and Topshop, which equally ended their retail operations in the country.
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