China Net Finance reported on May 12 that Lingzhi fashion (China) Tianjin Co., Ltd. issued a “Notice of Slade’s Termination of Retail Business” on May 9 to its internal suppliers. In a shareholders meeting on April 2022, Lingzhi made the momentous decision to close all of Slade’s retail stores in China before July 31 this year.
SELECTED Slade is a Danish clothing brand which officially entered the Chinese market as Lingzhi Fashion’s fourth brand in 2008. Up to now, Slade has opened more than 1,300 stores in China, including nearly 200 stores in Shanghai, and the number of Tmall flagship store members has reached 4.06 million.
Regarding the decision to close retail stores, Slade said that the significant reduction in customer traffic in offline shopping centers and department stores has brought challenges to its sales recovery, and high overhead has also made operations unsustainable. The continuing epidemic, the weakening of the offline consumer market, and the difficulty in reducing rental costs have made Slade’s goal of responding to the transformation of the consumer market out of reach.
The further deterioration of Communist China’s investment environment and extreme epidemic prevention measures have forced the accelerated withdrawal of foreign capital. As a result, the consequences of the CCP’s poisoning of the world are gradually emerging; but this is just the beginning. As the time of the CCP’s demise approaches, the Chinese Communist Party is doing its utmost to fight to the death.
Translator: Latin | Proofread: I Love Himalaya | Editor/Publish: Little Bee