TAIPEI (Taiwan News) — British luxury brand Harrods is pulling out of Asian markets, ending its cooperation with retailers including Taiwan’s Shin Kong Mitsukoshi department stores, reports said Thursday (Feb. 24).
The Taiwan group signed an exclusive agreement to house Harrods stores in 2006, selling landmark products such as English teas, teddy bears, and shopping bags, UDN reported. However, due to the disruption caused by the COVID-19 pandemic and by changes in supply chains, the British group decided last year to prepare its withdrawal from Asian markets.
Nine Harrods outlets will disappear from Shin Kong Mitsukoshi department stores in Taiwan, but Thailand and Singapore will also see the brand close down shops in 2022, the report said. Harrods is expected to launch sales with discounts ranging from 60% to 80% before ending its presence in Taiwan.