Cotton On clarifies it has no plans to exit Asia, following media reports on liquidation

The company said Cotton On Asia Pte Ltd, mentioned in a notice of liquidation, was an inactive holding company that was no longer required, and that the liquidation "has no impact on customer, team, stores, suppliers, or operations within the Asia region."

Cotton On will not be exiting Asia, the company clarified in a statement on Tuesday (31 March).

The statement comes following media reports on Monday that the brand was shutting its stores in the region. The reports were based on a notice published on the Singapore Government Gazette, which stated that Cotton On Asia was being "wound up voluntarily".

In a statement to HRO, a spokesperson said: "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", adding that "Cotton On Asia Pte Ltd, the liquidated entity, does not and has never operated any stores or employed team members."

The company clarified that the abovementioned firm was an inactive holding company that was no longer required, and that the liquidation "has no impact on customer, team, stores, suppliers, or operations within the Asia region."

Cotton On Group marked its entry into the Asia market in 2007, with the opening of a store in Wisma Shopping Centre on Singapore's Orchard Road. Within the first decade, it had opened 243 additional stores in the region, along with four distribution centres and close to three thousand team members across Singapore, Malaysia, Hong Kong, China, Thailand, the Philippines and Indonesia.

The Group opened its Singapore country hub in 2014, with regional offices later opening in Kuala Lumpur, Bangkok, and Hong Kong. Today, the Group operates a total of eight brands across 20 markets and 1,300 stores, employing about 20,000 team members. 

Photo / Cotton On Group's website