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Tag: Tonino Lamborghini

  • Ralph Lauren Hong Kong closes flagship

    Ralph Lauren Hong Kong closes flagship

    Following other international fashion labels, Ralph Lauren Hong Kong has closed its flagship store.

    Four years ago, its then CEO Ralph Lauren said the company was transforming its presence in China, “a region we believe will become an important driver of growth for us over the long term”.

    He was announcing plans to open 60 stores in greater China by 2015. A year after the announcement, the label launched its first men’s flagship store in Asia, in the Landmark Prince’s in Hong Kong’s Central district, and in October 2014 opened a “mansion” store at the Lee Gardens complex, offering accessories, watches and jewellery as well as men’s and women’s fashions.

    Now its 20,000 sqft (1858 sqm) store in Causeway Bay has been closed overnight, with a representative of the brand saying the closure was “part of our strategic and financial plan”.

    “We are redeploying assets to focus on new concept stores and transition away from unprofitable formats and locations,” the spokeswoman says.

    Ralph Lauren will combine its men’s and women’s flagships in the newly renovated Prince’s Building location, she says.

    The move is part of a new strategy from Stefan Larsson, who replaced Lauren as CEO a year ago (Lauren is still executive chairman and chief creative officer). Larsson previously worked for Swedish fast-fashion retailer H&M for 15 years.

    The restructuring will cut more than 50 stores and 1000 jobs worldwide, saving the company between US$180 million and US$220 million a year, reports The South China Morning Post.

    Meanwhile, American fast-fashion label Forever 21 has announced it will close its multi-storey Causeway Bay flagship store. British label Paul Smith has already closed its Times Square store, and Italian luxury clothing and accessories label Tonino Lamborghini has also closed more than 10 stores and in-store counters.

    Abercrombie & Fitch is set to leave its prime location in the Pedder Building in Central, which will leave it without a stand-alone store in Hong Kong. This follows it closing about 50 stores in the US this year. But the US company plans to open a flagship store in Beijing.

  • Big discounts and store closures expected as luxury brand Tonino Lamborghini exits Hong Kong

    Big discounts and store closures expected as luxury brand Tonino Lamborghini exits Hong Kong

    Luxury brand Tonino Lamborghini, which carries apparel, accessories and leather goods, will exit Hong Kong amid poor sales performance of the city’s luxury market, with more than 10 independent shops and in-store counters shutting down soon.

    A shop assistant at its Tsim Sha Tsui store, who has worked for the company for more than 10 years, told the Post that she and other staff members would soon have to find new jobs.

    “We were told all the stores in Hong Kong would be closed, but the company didn’t say exactly when,” she added.

    This comes as another blow to Hong Kong’s battered luxury goods market, after American brand Coach closed its four-storey flagship store in Central and British fashion house Burberry reduced the size of its Pacific Place store, its largest in the city, by 50 per cent.

    Tonino Lamborghini, an Italian brand, was started in 1981 by the son of sports car maker and industrialist Ferruccio Lamborghini, though the two companies remain separate.

    The brand has retail stores in Hong Kong and Macau which sell a variety of luxury products including apparel, bags, shoes and watches.

    Discounts of as much as 70 per cent were offered to the customers in the retailer’s last battle to empty its warehouses in the city. In one of its shops in Jordan, signs which said “Exit Hong Kong” and “Closing Down Sales” had appeared in the store window.

    According to Tonino Lamborghini’s official website, it has 18 shops and in-store counters all over Hong Kong, with many of them located in tourist districts such as Mong Kok and Tsim Sha Tsui.

    Since last year, the luxury retailer has been quietly closing down some of its stores and in-store counters, said the long-time staff member. She added that only a few stores remain open currently.

    Rebecca Tse So-han, general manager of marketing at Yata department store, where the brand had occupied a counter for more than 10 years, said the counter closed in January after its lease expired.

    “Their sales performance was not particularly good … but it was not too bad either,” she said, adding that the retailer had chosen not to renew the lease, not the other way around.

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