Fashion
Spanish fast fashion retailer Mango is to close 450 points of sale in the US after deciding not to renew a partnership agreement with department store JC Penney.
The two companies had a five year contract where Mango operated concessions in 450 of the department stores, but they collectively account for just 0.5 per cent of the label’s global sales.
The stores will close in February, leaving Mango with just seven stand alone stores in the US.
But a spokesman for the company said it would not be exiting the US market. Instead it will look to open more of its own stores over time, in selected key cities such as New York and Miami.
Privately-owned Mango is struggling to hold its own against its larger rivals, fellow Spanish brand Zara and Swedish label H&M, internationally, despite a presence in 100 countries. Its profit fell 11 per cent last year.
