Australian clothing brand Cotton On has no plans to exit Asia, nor close any operations in the region, said the retail store giant in a statement on Tuesday (Mar 31).
The statement came after media reports suggested that Cotton On stores in Asia were shutting down, citing a Government Gazette notice on Monday (Mar 30).
The notice referred to the winding up of Cotton On Asia and an extraordinary general meeting held via video call last Wednesday (Mar 25), during which PwC Singapore was appointed as liquidator to wind up the business. A separate notice also called on creditors to submit details of outstanding debts or claims.
“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,” the company said.
Cotton On clarified that Cotton On Asia, the liquidated entity, never operated any stores or employed staff. “It was an inactive holding company that was no longer required. This has no impact on customers, team members, stores, suppliers, or operations within the Asia region,” the statement added.
Cotton On Singapore, a second entity, continues operating as a retail business.
Cotton On was first started by Nigel Austin in Australia back in 1991. It opened its first Singapore store at Wisma Atria in 2007 and later established its Asia headquarters here in 2014, employing more than 90 staff. As of Mar 31, the Cotton On website listed over 30 stores in Singapore.
According to the group’s website, it operates eight brands across 20 countries and 1,300 stores, employing about 20,000 people.
- Read other articles we’ve written on Singaporean businesses here.
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