×
6 602
Fashion Jobs
L BRANDS
Procurement Buyer - Information Technology
Permanent · Columbus
NORDSTROM
Asset Prevention Security Ambassador Downtown Seattle
Permanent · Seattle
NORDSTROM INC
Business Intelligence Analyst - Merchandise Operations
Permanent · Seattle
NORDSTROM INC
District Loss Prevention Manager, ny
Permanent · New York
L BRANDS
Asset Protection Officer, Morse rd (2nd Shift 3pm - 11pm)
Permanent · Columbus
BATH & BODY WORKS
sr. Manager, Carrier Strategy
Permanent · Columbus
VICTORIA'S SECRET
Brand Operations Manager-Crystal Mall
Permanent · Waterford
L BRANDS
Asset Protection Officer, Morse Crossing - 3rd Shift (11pm-7am)
Permanent · Columbus
VICTORIA'S SECRET
Brand Operations Manager-Coconut Point
Permanent · Estero
BATH & BODY WORKS
District Manager - Bath & Body Works - North Austin - Austin, tx
Permanent · Waco
VICTORIA'S SECRET
Brand Operations Manager-Valley West
Permanent · West Des Moines
L BRANDS
Asset Protection Officer, Broad st -1st Shift 7am-3pm
Permanent · Reynoldsburg
L BRANDS
Asset Protection Officer, New York City
Permanent · New York
BATH & BODY WORKS
Senior HR Generalist - Home Office
Permanent · Reynoldsburg
VICTORIA'S SECRET
Brand Operations Manager-White Marsh
Permanent · Baltimore
VICTORIA'S SECRET
Asset Protection Investigator, Victoria's Secret (Southland Mall - Hayward, ca)
Permanent · Sacramento
PINK
Brand Operations Manager-Solano
Permanent · Fairfield
VICTORIA'S SECRET
Product Owner
Permanent · Reynoldsburg
ESTÉE LAUDER COMPANIES
Manager, Creative Operations, Creative Content Hub, North America
Permanent · New York
ESTÉE LAUDER
Director, Ecommerce, North America - dr.Jart+
Permanent · New York
JCPENNEY
Product Manager - Site Management Tools & Cms
Permanent · Plano
JCPENNEY
Financial Planning Senior Analyst - Stores Finance
Permanent · Plano
Published
Jun 26, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Victoria’s Secret closes flagship store in Hong Kong's Causeway Bay

Published
Jun 26, 2020

Victoria’s Secret has closed its flagship store in Causeway Bay, as tourism plunges in Hong Kong and the company faces massive financial losses due to the Covid-19 pandemic. 

Victoria’s Secret closes flagship store in Causeway Bay. - Facebook: Victoria’s Secret


The luxury lingerie retailer simply posted a notice outside of the store on Wednesday that read, “We regret to inform you that we have closed the Victoria’s Secret Flagship Store at Causeway Bay in Hong Kong. You will be available to shop online on our international website.”

The five-story, 50,000-square-foot flagship store, which the company opened in July 2018, is in a prime location and is the company’s last store in the region. Victoria’s Secret will be breaking a 10-year contract about seven-and-half years premature, though it is not yet clear whether it will face an early lease termination penalty. 

The decline of tourism in Hong Kong has also lead other brands to close shop in the area including U.S. fashion brand J. Crew, and Greek jeweller, Folli Folli, while Prada equally closed its flagship store on Russell Street. 

Victoria’s Secret financial pains however, can be found across markets and are not specific to Hong Kong. 

In fact, parent company L Brands had agreed to sell a controlling stake in its Victoria's Secret unit to investment firm Sycamore Partners earlier this year, but the buyout firm walked away from the $525 million deal in April, after the lingerie brand shut down stores and furloughed staff in response to the Covid-19 outbreak.

Last month, L Brands reported a 37.1 percent decline in revenues for the first quarter ended May 2, 2020. The largest decline was seen at the Victoria’s Secret lingerie brand, where sales fell from $1.5 billion to $821.5 million.

It also announced several measures, to ensure liquidity in light of the ongoing Covid-19 pandemic including suspending rent payments and reducing its spring inventory receipts by approximately 45 percent at Victoria’s Secret, among other steps.

Copyright © 2021 FashionNetwork.com All rights reserved.