British department store Harrods is reportedly set to close its stores in Taiwan, Thailand and Singapore after it has decided not renew its partnerships with local firms.
Taiwan’s Shin Kong Mitsukoshi department stores, which has held an agreement with Harrods since 2006, are among those the retailer will be cutting ties with. Concessions in the retailer’s nine stores will close once the existing stock has been sold.
According to local media and in a report by TechiAzi, Harrods is also planning to close shops in Thailand and Singapore this year. Confirmed by a spokesperson for the department store, it will not be renewing its licensing agreements with local partners, which have come to an end.
The news closely follows Harrods opening two China-based shopping spaces and a tea room concept, a move that comes as it looks to explore and expand in the mainland China market.
In a statement from Harrods to Business of Fashion, the retailer said it was at “an important stage” of its ongoing expansion in Asia.
It added that “the licence contracts for a number of locations have come to a natural end, and therefore these locations are closing”.