Cortefiel Exits UK Market Again, Seeks New Partner for 200-Store Expansion
Cortefiel Group has terminated its partnership with Brand Empire in the UK, marking the second time the Spanish retailer has reversed its entry into the British market. The decision comes after Brand Empire failed to meet opening deadlines set in their initial agreement.
Cortefiel, which operates the chains Cortefiel, Women'secret, Springfield, and Fifty Factory across over 1,700 stores in sixty countries, has begun seeking a new partner in the UK. The names of companies currently under negotiation have not been disclosed.
In the year since the alliance began, Brand Empire managed to open only eight stores under Cortefiel's brands. These stores will now close. Cortefiel aims to replicate the growth it has seen in markets like Russia, Korea, and Mexico, with a target of opening two hundred new stores in the UK over the next five years.
The company's focus on international expansion is evident in its recent alliances, including Coin in Italy and El Palacio de Hierro in Mexico. Cortefiel closed its last fiscal year with a turnover of €942.6 million.
Cortefiel Group's termination of its alliance with Brand Empire in the UK signals a shift in the company's strategy for the British market. With a new partner search underway and ambitious expansion plans, Cortefiel is committed to growing its presence in the UK, building on its success in other international markets.
Read also:
- HLC Approves ₹4,645.60 Crore for Flood Recovery and Wetland Rejuvenation in Nine States
- Crooked House Pub's Demolition: Council Orders Rebuild, Debate on Historic Building Protections
- Shaping India's Economic Progression: Readying the Financial System for Tomorrow
- Conflict between Ben & Jerry's co-founder and Unilever over Gaza issues leads to resignation of co-founder
