April 19, 2021, 03:03 PM
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The end is nigh for yet another fashion retailer in Singapore.
On April 18, American apparel brand Abercrombie & Fitch announced on Instagram that it is leaving Singapore's shores for good on May 2, 2021.
https://www.instagram.com/p/CNz5j4yFk86/
No reason was given as to why the brand is leaving for good.
Net sales affected due to Covid-19
According to Abercrombie & Fitch's financial report, the company closed eight flagship locations and 129 non-flagship locations by the end of fiscal 2020.
As a result of the Covid-19 pandemic, the brand reported net sales of US$3.1 billion (S$4.1 billion) for the full year ended Jan. 30, 2021, down by 14 per cent from the previous year ended Feb. 1, 2020.
However, the report also suggested that the company is focusing more on online retail than brick and mortar business, with 54 per cent of full-year revenues digitally derived.
Since 2011
Abercrombie & Fitch opened its flagship store in Orchard Road to much fanfare in 2011, thanks to its once-famous shirtless in-store associates.
Photo from Getty Images.
In 2015, however, Abercrombie & Fitch stopped using "sexualised marketing" as part of its marketing materials.
Top image from Getty Images and Google Maps.
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