All We Wear Group, formerly known as Pepe Jeans, is planning to close 50 stores across the globe in addition to several international offices. This comes as part of the company’s “Re:set” transformation to cut costs and increase profitability.
The plan was originally formed in January, and due to the global coronavirus pandemic taking a severe hammer to their business. All We Wear Group has about 500 stores worldwide and is currently seeking rent reductions on some of these. 10 percent of the company’s stores between the U.S., Japan, Mexico, India and Europe are expected to close.
Other cost cutting measures All We Wear Group has in store including integrating marketing and e-commerce at their offices in Spain. The company’s Hong Kong headquarters has closed, and trading in the United States has ceased.
All We Wear Group’s portfolio includes Pepe Jeans, Hackett London, Façonnable, and licenses for Calvin Klein and Tommy Hilfiger in Spain. While All We Wear Group’s brick-and-mortar stores took a nasty hit like virtually every other retailer worldwide thanks to coronavirus, they have seen a sharp uptick in e-commerce sales throughout the year.
The company will be taking a sharper focus on all e-commerce operations moving forward as part of their Re:set plan. Revenues for the company have been reported at 600 million dollars.