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Category: Fashion

Retail News Asia is committed to providing both local and global retailers with the latest Fashion news throughout the Asian market. This on a daily base.

  • Nike supplier halts production at three Vietnam plants due to Covid-19

    Nike supplier halts production at three Vietnam plants due to Covid-19

    Changshin Vietnam, a South Korean shoemaker, became the second major Nike supplier to suspend production in Vietnam as it shut three of its factories near HCMC on Thursday due to a coronavirus outbreak.

    The factories in Dong Nai province, which employ nearly 42,000 workers, will remain shut until July 20, the Vietnamese government said in a statement, adding many of the 177 infection cases detected in the province were from the factories.

    Nike did not respond for comment outside U.S. business hours, while calls to Changshin went unanswered.

    On Wednesday, Taiwan’s Pou Chen Corp, which makes footwear for Nike and Adidas, suspended operations at its plant in Ho Chi Minh City. The plant will be closed until July 23 for “health and safety considerations”, the company said, adding it did not expect a major financial impact.

    Vietnam had until recently successfully contained coronavirus outbreaks, with limited disruption to its crucial manufacturing sector. However, since late April, it has seen record cases on many days this month, most of those in the commercial hub Ho Chi Minh City and its neighboring industrial provinces of Dong Nai and Binh Duong.

    The country has recorded 38,200 infections and 138 deaths overall, a vast majority of those since May.

    Almost all of Nike’s footwear is manufactured outside the United States. The company has said contract factories in Vietnam produced about 50 percent of total Nike brand footwear in fiscal 2020, but did not specify the volumes that came from Changshin or Pou Chen.

    The latest resurgence in virus cases could signal another hiccup for the world’s largest sportswear chain in 2021, after container shortages and U.S. port congestion held up Nike’s inventory earlier in the year.

    “Having the factories shut for one or two weeks for Nike is going to cause a massive problem for its supply chain,” China Market Research Group analyst Shaun Rein said, adding the shutdown would lead to price hikes.

    Nike also saw its China sales take a hit after calls to boycott global brands for their comments around forced labor in Xinjiang.

    Eclat Textile Co, a Taiwan-based garment and fabric supplier, has suspended production at its Dong Nai plant until July 17, it told the Taipei stock exchange.

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  • Uniqlo takes over Superdry’s London flagship

    Uniqlo takes over Superdry’s London flagship

    The parent company of Uniqlo, Fast Retailing Group has signed a letting for the former Superdry store on Regent Street.

    The store is expected to sell a mixture of both Theory and Uniqlo clothing.

    The contemporary fashion brand Theory launched in New York in 1997 and at the end of February 2021, it holds 436 stores worldwide.

    The Japanese fashion retailer’s other brands, including US-based denim brand J Brand, could also be sold in the store, property sources said.

    The store is expected to open later this year although the exact date is not yet known.

    Last month Superdry closed the doors to its Regent Street flagship store, which first opened in 2011.

    The retailer is currently considering several locations in the capital, including Forever 21’s former flagship store on Oxford Street, which was forced to closed last year after the retailer filed for administration in the UK.

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  • Malaysia’s Industronics to launch online pre-owned watch platform

    Malaysia’s Industronics to launch online pre-owned watch platform

    Industronics Bhd is tapping on the US$17 billion pre-owned luxury watch market through Ecgo International Ltd, its wholly-owned subsidiary in Hong Kong.

    This follows the launch of Industronics’ luxury watch e-commerce platform, watch-exchanges.com.

    Executive director Datuk Chu Boon Tiong said based on data and overall market performance, the pre-owned luxury watch market showed promising growth prospects.

    “We are excited to capitalize on the growing trend with the launch of WatchExchange and aim to pave the way for a streamlined trading platform that will not only revolutionise the transactions of pre-owned luxury watches but drive further growth in this industry,” he said in a statement today.

    WatchExchange aims to be the first luxury watch e-commerce platform that issues authenticity certificates for pre-owned luxury watches in Malaysia and Asia Pacific.

    Some of the leading brands profiled are Audemars Piguet, Hublot, Patek Philippe, Tag Heuer, IWC, Omega, Jaeger LeCoultre, Panerai, Rolex and Breitling.

    Chu said pricing and demand for pre-owned luxury watches had been so strong over the last few years that even high-end watch brands were moving into the pre-owned market themselves.

    “However, the biggest challenge for the pre-owned luxury watch market lies in authenticating the watches.

    “Our role here is to ensure that the shoppers can safely purchase luxury watches on WatchExchange without having to worry about the security and authenticity of the pre-owned luxury watches,” he said.

    Industronics, with its team of professional and experienced watch appraisers, said it wanted to create a professional, safe trading environment that would elevate customers’ experience of purchasing pre-owned luxury watches to a new level.

    The company will set up offices in China, Hong Kong, Japan, Singapore, Malaysia, the United States, Canada and Europe, where sellers worldwide could visit for physical appraisals of their watch collections.

    The success of WatchExchange will depend on excellence in several key areas namely stability, sustainability, search engine optimization (SEO) and new media marketing.

    This will also require extensive funding to carry out both online advertising and offline promotional activities.

    Chu believes the competitive advantage for WatchExchange lies in the company’s ability to build a “unicorn” ecosystem around the region.

    “We do not think that the strength of the platform lies solely in the certification and authentication guarantees.

    “We intend to replicate the business models globally via partnerships with a locally listed company in the respective countries.

    “Among the markets that we are looking into are Malaysia, Singapore, Indonesia, Hong Kong, China and several emerging markets in Europe. Once our ecosystem matures, we will have so much more to offer to our customers, in terms of the variety of brands, models, and other services,” Chu said.

    According to a management consultancy firm Bain & Company, the global pre-owned luxury watch market was valued at US$17 billion in 2018.

    However, less than 20 per cent of that market is in the Asia Pacific region, while only 25 per cent of the total pre-owned luxury watch sales were online transactions.

    Euromonitor International, an independent strategic market research provider, estimates the value of retail sales of timepieces in Malaysia to grow by five per cent per annum between 2019 and 2022, to reach up to RM2.5 billion.

    Industronic is looking to set up a fund in Hong Kong to raise RM250 million from potential investors.

    Proceeds raised will be utilised to purchase different brands of luxury watches for resale on the company’s platform.

    Industronics aims to invest around RM25 million or 10 per cent of the total funding required, together with the Hong Kong Cyberport Fund, which will invest an equivalent amount or at a 1:1 ratio.

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  • Asos to sell Topshop apparel through Nordstrom US stores

    Asos to sell Topshop apparel through Nordstrom US stores

    Online fashion group Asos has partnered with US retailer Nordstrom in a joint venture that will see Topshop clothes sold in physical stores again for the first time since the brand collapsed last year.

    The deal sees Nordstrom, which first struck a deal with the former Arcadia brand nine years ago, buy a minority stake in the Topshop, Topman, Miss Selfridge and HIIT brands that were bought out of administration by Asos earlier this year. No financial terms were disclosed.

    Asos said: “The joint-venture will help drive the growth of these brands and paves the way for exploration of a new wider strategic partnership aimed at building greater awareness and engagement in the US and Canadian market.”

    It is the first time Asos, which sells fashion aimed at 20-somethings, has struck a deal with a retailer with physical stores, having always only traded online in the past.

    Nordstrom has 350 brick-and-mortar stores in North America and a strong online business, which Asos hopes to tap into, despite having a strong internet presence of its own in the region.

    Asos will retain operational and creative control but will collaborate on reaching a larger customer base. This includes “an edit of the best Asos brands launching across Nordstrom.com and in selected high-impact Nordstrom stores”.

    The move is a significant one for Asos and comes five months after it bought the brands from administrators for Sir Philip Green’s Arcadia empire for £330 million.

    But while the retailer bought the brands, it decided not to take on the 70 stores, including the flagship site at London’s Oxford Circus, affecting around 2,500 workers.

    Asos boss Nick Beighton said: “With its long-established connection to Topshop, extensive US consumer insight, and unparalleled reach right across North America, Nordstrom is the right partner to help Asos accelerate the growth of our Topshop and Asos brands in this key market.

    Nordstrom president and chief brand officer Pete Nordstrom said: “We could not have found a better partner in Asos, the world leader in fashion for the 20-something customer.”

    The deal will help Nordstrom improve its assortment and services for millennials and a growing cohort of Generation Z shoppers, he said in an interview.

    “There’s a big opportunity for us to be more meaningful to 20-something customers and to young customers,” Mr Nordstrom. It also makes sense, after a year of retail dislocation, to strike a deal with an online-only fashion company like Asos, he said.

    “Particularly with the pandemic, what we thought was going to happen with the online business overtime ended up happening very quickly because stores were shut down,”

    Topshop and Nordstrom first teamed up in 2012, with the brand selling a range of clothes in the retailer’s US stores. It was part of the UK fashion brand’s first foray into the United States and eventually led to several Topshop stores in US cities.

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  • Tag Heuer and Nintendo announce a Super Mario smartwatch

    Tag Heuer and Nintendo announce a Super Mario smartwatch

    Seems like everybody loves Mario the plumber. The iconic game character has appeared in more than 200 game titles since its first debut back in 1981. And now the Italian pipe-hero has found its way to the smartwatch industry.

    Tag Heuer – the luxury swiss watch brand – announced today that it’s collaborating with Nintendo to make a Super Mario edition of its Connected smartwatch. It’s super limited and also super expensive at $2,150 but then again, the non-Mario version is $1,800. If you’re a Nintendo fan and also love premium swiss watches, this one’s for you.

    The Super Mario watch comes with dedicated animations and also features a unique design. It’s instantly recognizable with its black and white strap and the M logo on the strap buckle. On the bezel, you’ll find familiar elements from the original game – like Super Mushroom, Pipe, Super Star, and Goal Pole. The interface is also cute and game-like – as you progress toward your fitness goals, Mario will reward you with different animations – from tipping his hat to getting on that victory pole. As far as features are concerned, it’s a WearOS device, so you got Google Assistant on board, along with other Google products like Google Pay, Calendar, Translate, Music, etc.

    Google Fit is taking care of your wellbeing, but the watch also has Tag Heuer’s own Sport, Golf, and Wellness apps. The Super Mario watch comes in a 45mm variant and weighs 86 grams (0.18 pounds). It’s water-resistant up to 5ATM, and Tag Heuer promises its 430mAh battery can last a full day.

    If you decide to pull the trigger on this one, you have to act quick – Tag Heuer is making only 2,000 of these and you can register for one right now. The official debut is just two days away – it’s July 15. Oh, and by the way, there’s also a cute Mario-themed box that goes with the watch.

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  • Cos launches its first Philippine store

    Cos launches its first Philippine store

    London-based fashion favorite COS opened its first Philippine store on Friday, June 25, at SM Aura Premier in Taguig City.

    The store, located close to the main entrance of the Bonifacio Global City mall, houses both womenswear and menswear and features the brand’s Spring-Summer 2021 collection.

    At its core, COS cares about sustainability. Its collections are dominated by wardrobe essentials that are designed to last beyond a season.

    Part of its commitments includes shifting to 100% sustainably sourced or recycled materials in its pieces and even its packaging. As of 2021, nearly 86% of its collection are sustainably sourced, according to the brand.

    Most clothing pieces start at P2,000, with accessories costing upwards of P2,000 as well. The store also has in-house consultants to help you shop and plan your outfits.

    COS is located on the first floor of SM Aura Premiere in Taguig City. Customers must follow COVID-19 safety protocols, including the wearing of masks and face shields, as well as social distancing.

  • Paul Frank parent Futurity Brands names China CEO

    Paul Frank parent Futurity Brands names China CEO

    Futurity Brands Limited announced today the appointment of Mr. Zhu Jianshi, as Chief Executive Officer of Futurity Brands China. Stan Wan, Futurity Brands Chairman and Group CEO, said: “After a rigorous search, the Board concluded that Mr. Zhu’s expertise and considerable experience in the licensing, fashion and retail sector, along with his exemplary track record of achievements as a CEO and COO made him the outstanding candidate for the role.

    Mr. Zhu is an accomplished leader and has consistently demonstrated throughout his career the ability to innovate and introduce high-performance strategies in challenging environments yielding impressive growth and significant value creation. I look forward to his partnership in China to create a new chapter of success for the Futurity Brands Group.”

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  • Gap to close all 81 stores across the UK, Ireland

    Gap to close all 81 stores across the UK, Ireland

    The firm said it would close all its stores “in a phased manner” between the end of August and the end of September.

    This includes 19 stores that were already scheduled to close in July as their leases were expiring.

    The company has not disclosed how many employees the closures will affect, but will shortly start a consultation process with the staff.

    The firm said it was “not exiting the UK market” and would continue to offer a web-based store when all the shops had closed.

    A Gap spokesperson said the decision followed a strategic review of its European business.

    Gap was a big hit when it first opened in the UK back in 1987, famous for its hoodies and sweatshirts. But in recent years, it has struggled to stay relevant, resorting to prolific discounting to pull shoppers in. That left Gap in a weak position to withstand the turmoil of a global pandemic.

    It launched a strategic review of its entire European operations last autumn, warning that it was considering closing all its UK stores. Just a few weeks ago, 19 store closures were announced – now the rest of them will close as well.

    Gap blamed what it described as market dynamics – in other words, the huge shift to internet shopping. It’s going online-only, just like Debenhams and Sir Philip Green’s Arcadia group. It’s yet another famous name bidding a retreat from our High Streets, adding to the challenge of what to do with empty shops.

    The closure is because Gap failed to keep up with the competition by not offering enough variety or being as cheap as competitors such as Primark.

    “The brands you want to shop within physical retail have to have so much more than just products on offer, they have to have a purpose,” she says.

    The company said it was in negotiations with another firm to take over all of its French stores.

    In Italy, Gap said it was in discussions with a partner for the potential acquisition of the stores there.

    “We believe in Gap’s global brand power. We are executing against Gap’s Power Plan and partnering to amplify our global reach,” the spokesperson said.

    “We are not exiting the UK market. We will continue to run and operate our Gap e-commerce business in the United Kingdom and Republic of Ireland.”

    A source close to the company said that it had seen rapid uptake of internet shopping for its clothes in the UK since the pandemic-enforced lockdowns.

  • Hugo Boss showcasts its first Japanese flagship store

    Hugo Boss showcasts its first Japanese flagship store

    German luxury fashion house Hugo Boss has launched its first Boss flagship store on Tokyo’s famous shopping street the Ginza.

    Spanning two stories, the Hugo Boss Japan flagship occupies 480sqm of the Tokyu Plaza Ginza shopping centre. The store features a giant glass facade where a digital wall is installed to showcase campaign videos and content.

    Meanwhile, the store interior design follows a white, black, and beige colour palette, using materials such as marble, wood and chrome. While the first floor houses men’s and women’s apparel, accessories, and fragrances, the second floor features a personalization space called ‘Made to Measure’, where customers can enjoy tailoring services.

    Marking the launch, the Hugo Boss Japan flagship store also houses a limited-edition capsule collection and a corner offering limited items with HB-Moji graphics, including hoodies, T-shirts, shorts, and caps.

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  • H&M back to profit again, China sales hit by boycott

    H&M back to profit again, China sales hit by boycott

    Fashion retailer H&M’s global sales growth slowed in the second half of June and the Swedish company took a sales hit in China after its concerns over alleged human rights abuses in Xinjiang led to a social media-inspired boycott by shoppers.`
    The world’s second-largest fashion retailer aon Thursday reported a stronger-than-expected profit for its March-May quarter, after a loss in the same quarter last year.

    In China, sales were down 23% in local currencies when H&M was wiped off Tmall and domestic phone makers app stores in March after the retailer expressed concerns about the alleged Xinjiang human rights abuses.

    “With regards to China the situation remains complex. Beyond that we refer to what we have said before,” Chief Executive Helena Helmersson said, as H&M quantified for the first time the impact of the China boycott, which started on social media.

    H&M in late March said in a statement it was dedicated to regaining the trust of customers and partners China and that its commitment to the country remained strong.

    Helmersson said H&M was closely following the situation in Bangladesh – another main supplier – after a spike in coronavirus cases prompted the country to enforce a strict lockdown, although garment factories remain open.

    Group sales for June 1-28 were up a quarter year-on-year but 4% lower than in pre-pandemic 2019 as growth slowed from mid-June, highlighting a patchy recovery from the pandemic.

    Helmersson, speaking to analysts and reporters, attributed the easing in the second half of June to a combination of factors, including tough year-ago and 2019 comparisons, cold weather last week in some European markets, and how coronavirus restrictions were being eased.

    “We see signals of a strong recovery also in June, and that customers appreciate our collections,” she said.

    Analysts said the figures implied sales were down 9% on 2019 in the latter two weeks of June, and noted that rival Primark has also said trading was currently very volatile from week to week.

    “Recent weeks of trading highlight a mixed demand rebuild,” said Jefferies analyst James Grzinic.

    Quarterly pretax profit was 3.59 billion crowns ($419 million) against a year-earlier loss of 6.48 billion.

    “As more and more people are vaccinated and restrictions are eased, the world is gradually opening up and customers can once again visit our stores,” Helmersson said. “Online sales have continued to develop very well even as the stores have opened.”

    H&M said 95 of its 5,000 stores globally remained temporarily closed, against 1,300 at the start of March.

    Chief Financial Officer Adam Karlsson said the company was not unaffected by rising freight rates due to a global shipping backlog but it expected to mitigate them.

    H&M said prospects of paying a dividend for 2020 in the autumn were now very good after it failed to propose one at its annual general meeting in May.

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  • Aromatica converts Korean store into zero-waste space

    Aromatica converts Korean store into zero-waste space

    South Korean sustainable beauty brand Aromatica has introduced its zero-waste beauty refill space, Aromatica Zero Station, in Seoul.

    Aromatica said the space is a combination of retail, refill station, aromatherapy, recycling, and upcycling centre – and features a tea house.

    Aromatica Zero Station features 18 products, including rosemary shampoo, aloe vera gel, conditioner, body oil, and toner. All products are organic, vegan, and directly produced at Aromatica’s eco-friendly smart factory in Osan, Gyeonggi-do. Consumers can buy their post-consumer recycled plastic or glass bottle at the store or bring their own.

    Aromatica Zero Station has an ‘Aromatherapy Zone’ where customers can try a range of natural and organic raw materials and essential oils used in its products. It also displays the traditional method of extracting oils from each raw material – leaves, stems, trees, and roots.

    The tea house offers 11 tea drinks, including Rosemary Mint Green Tea, Jasmine White Tea, Milky Oolong Tea, and Hibiscus Kombucha. Take-out beverages are only available in tumblers – there are no single-use plastics.

    Meanwhile, the recycling space helps visitors learn to separate, recycle and dispose of their empty containers properly according to the material.

    Aromatica is not the first beauty brand to roll out the beauty refill station concept in South Korea. Last October, Amorepacific launched its first refill station in a key area in ‘Amore Store Gwanggyo’, selling the shampoo and body wash by volume.

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  • Sweaty Betty opens first Singapore store

    Sweaty Betty opens first Singapore store

    British activewear retailer Sweaty Betty has made its Singapore debut, more than two years after entering Asia.

    Located in the city’s Ion Orchard mall, Sweaty Betty Singapore offers a full range of its lifestyle and activewear, including Pride Collection and Halle Berry x Sweaty Betty Collection.

    The Singapore launch is part of Sweaty Betty’s plan to expand and strengthen its presence in the Asian market. The brand, often referred to as a rival to Canada’s Lululemon, first entered Asia in 2019 opening a store in Hong Kong’s IFC mall.

    Founded in Notting Hill, London in 1998 by Simon and Tamara Hill-Norton, Sweaty Betty is renowned for its bum-sculpting leggings, innovative prints, and technical high-performance fabrics.

    The retailer now operates more than 60 outlets, mostly across the UK and the US.

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  • L’Occitane posts record profit as China becomes its largest market

    L’Occitane posts record profit as China becomes its largest market

    Beauty products retailer L’Occitane International has reported sales and profit beyond expectation after successfully adapting to the challenges of selling products during a global pandemic.

    Despite the Covid crisis, like-for-like net sales of US$1.83 billion were down just 1.1 percent against the previous year, but net profit grew by 36.3 percent to a record $187 million, representing 10.2 percent of net sales.

    China is now the company’s largest market, with year-on-year growth of 36 percent.

    The overall performance was largely driven by a strong focus on online sales in the absence of travel retail business and long periods of physical store closures – more than 75 percent of the company’s outlets were closed at the peak of the pandemic. Global e-commerce turnover soared 69.2 percent and accounted for more than one-third of overall sales.

    Social selling was a key component of the online push, with 68 projects in Europe alone, including personal shopping concierge services, live streaming, and online consultation services.

    “Thanks to the group’s agility and adaptability in a socially distant world, the strong sales recovery in the second half of the year helped recover most of the ground lost earlier in the year, resulting in only a slight sales decline,” said chairman Reinold Geiger in a Hong Kong stock exchange filing.

    “Importantly, the group made tremendous progress in expanding its bottom line – recording an operating margin of 14.3 percent with contribution from its online channels, excellent performance in key markets in Asia, strong results from its newer brands, as well as greater operational efficiency.”

    He put the strong performance down to the group adhering to five pillars of its strategy to build trust, sustainable growth and profitability: empowering teams; executing fundamentals, especially in a retail context; adopting an omnichannel, mobile and digital approach; engaging customers; and strengthening brand commitments.

    Geiger said China was undisputedly the group’s best-performing market, coinciding with it being among the first to emerge from Covid-19. During the fourth quarter, L’Occitane International’s China sales grew by more than 50 percent, boosted by successful Chinese New Year and Women’s Day promotional campaigns, as well as a low base the previous year. Physical roadshows during Chinese New Year encouraged product sampling and conversion.

    Meanwhile, Geiger says two major restructuring activities will help the business achieve greater efficiency in future years.

    Last October, the company announced a reorganization that led to the loss of some 300 positions globally from its 9000-strong workforce, mostly at corporate offices. And in January, its US subsidiary, L’Occitane, Inc, commenced voluntary Chapter 11 bankruptcy protection in order to accelerate its store rationalization process. By the end of March, 25 underperforming US stores were closed. The Chapter 11 process is expected to achieve savings of up to $12 million annually for the next four to five years.

  • Burberry CEO resigns to lead rival luxury retailer

    Burberry CEO resigns to lead rival luxury retailer

    Marco Gobbetti is to give up his role as CEO of Burberry after leading the brand and business for almost five years.

    According to a report, Gobbetti will return home to Italy to lead rival luxury goods group Ferragamo.

    Gobbetti will stay with Burberry until the end of this year while the company searches for a successor, and to ensure an orderly transition.

    “Gobbetti has had a transformative impact and established a clearly defined purpose and strategy, an outstanding team, and strong brand momentum,” said Gerry Murphy, chairman of Burberry. “The board and I are naturally disappointed by Marco’s decision but we understand and fully respect his desire to return to Italy after nearly 20 years abroad”.

    Gobbetti became CEO and joined Burberry’s board in 2017, succeeding Christopher Bailey who left the group the following year. Prior to Burberry, Gobbetti was chief executive of Moschino and Givenchy before holding executive positions at French brand Celine in 2008.

    “With Burberry re-energised and firmly set on a path to strong growth, I feel that now is the right time for me to step down,” said Gobbetti. “I would like to thank my colleagues as well as Gerry and the board for their partnership.

    “I am fully committed to supporting them through the transition and I have every confidence that the creativity and strong values that define Burberry will continue to drive the company’s future success.”

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  • Bauhaus ekes profit out of store closures, refocuses on profitability

    Bauhaus ekes profit out of store closures, refocuses on profitability

    Fashion group Bauhaus saw turnover fall 58.1 percent to $47.9 million during the year to 31 March 2021, pushing gross profit down 55 percent to $31 million.

    The group was able to deliver a net profit result of $12.8 million – a vast improvement on last year’s $18 million loss – though this was primarily attributable to government subsidies and the cash gained in selling off over half of its retail stores.

    “The novel coronavirus outbreak in 2020 has severely hit not only local retail sectors but also depressed many economic activities worldwide,” the business wrote in an update to its investors.

    “The same-store-sales growth rate fell to about -40 percent for the year under review. In addition, to confront with ongoing challenges brought on by Covid-19, the group made essential strategic moves to refocus resources on its familiar markets.”

    In December, Bauhaus said it would close all stores in all markets outside of Hong Kong and Macau by the end of March 2021 in order to focus on profitability. This has led the brand’s store count of 102 in 2020 to plummet to 49 in 2021.

    During FY21, its Hong Kong and Macau segment saw sales fall 45.6 percent, compared to its other regions which fell by 89 percent. Hong Kong and Macau accounted for approximately 92 percent of the group’s total turnover.

    Given that the threat of Covid-19 still resonates in many parts of the world, the business expects strong headwinds for the year ahead, and is anticipating a “prolonged path to thorough recovery”.

    “The group will maintain a manageable scale of operations at a reasonable profitability level and does not intend to aggressively do fast and quantitative expansion in the near future until seeing strong signs of sustainable economic activity,” the business said.

    Instead, Bauhaus will focus on making its now-lean business profitable.

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