(Source: The Standard | 12 November 2016)
Fashion chain Kenneth Cole said it will shut nearly all its US stores over the next six months and shift its strategy to emphasize online sales.
The move affects 63 outlet stores in the US, leaving the youth-oriented apparel and shoe maker with just two full-priced stores in the US, according to Bloomberg News.
“At Kenneth Cole, our goal is to be the global standard for New York style and social consciousness. As we continue on our path of strengthening our global lifestyle brand, we look to expand our online and full-price retail footprint across the globe,” said Mark Schneider, chief executive of Kenneth Cole.
“We need to focus our energies and resources to better serve the consumer on their terms,” he said. “Over the next six months, we will be closing our US outlet division.”
The move comes as numerous other chains such as Gap and Macy’s also shutter their brick-and-mortar stores and boost investment in e-commerce.