Cotton On says not closing stores or exiting Asia

KUALA LUMPUR - Australian fashion and lifestyle retailer Cotton On has dismissed reports that it is exiting Asia, clarifying that the liquidation of one of its entities, Cotton On Asia Pte Ltd, has no impact on its retail operations in the region.

The fashion and lifestyle retailer said Cotton On Asia is an inactive holding company that does not operate any stores or employ staff.

"There have been misleading media reports suggesting that Cotton On stores operating in Asia are being closed. This information is incorrect and we have no plans to exit the Asia region.

"Cotton On Asia, the liquidated entity, does not and has never operated any stores or employed team members. It was an inactive holding company that was no longer required,” a company spokesperson told Bernama.

It added that the liquidation of Cotton On Asia has no impact on customers, employees, stores, suppliers or operations across the region.

On Monday, media reports stated that Cotton On Asia was set to undergo voluntary liquidation, with liquidators from PwC Singapore appointed to wind up the business, leading to confusion and speculation that the group would exit the Asian market.

Singapore’s Accounting and Corporate Regulatory Authority website showed that another Cotton On entity, Cotton On Singapore, remains in operation as a retail clothing business for adults.

The Cotton On Group, headquartered in Australia, operates multiple brands globally, including Cotton On, Cotton On Body, Typo and Factorie, with a presence in several Asian markets, including Malaysia, Singapore, and Indonesia.

According to the group’s website, it operates in 20 countries and has 20,000 employees. - BERNAMA