Fashion brand Armani Exchange, an offshoot of Giorgio Armani, has closed six of its eight UK shops, including its flagship on Regent Street, W1.
Its shops in Bluewater, Kent; Intu Trafford Centre, Manchester; Met Quarter, Liverpool; Trinity Leeds; the Friary Centre, Guildford; and its flagship on Regent Street, W1, have all closed.
It is trading and will continue to trade at Westfield London and at York Designer Outlet Centre as well as online.
The decision to close the shops forms part of a wider review of the business by parent company Giorgio Armani Group.
The leases have been surrendered back to the landlords and will likely be re-let.
Its 11,700 sq ft Regent Street flagship at 244 Regent Street, the former Dickens & Jones department store, is the trophy opportunity. When it opened in 2007, it was the brand’s largest shop in the world. The Crown Estate owns the freehold.
The billionaire Swedish owner of fashion retailer H&M, Stefan Persson, bought the long leasehold of the 275,000 sq ft property in 2010 for £221m.
Armani Exchange brand was launched in 1991, aimed as an affordable alternative to Giorgio Armani.
Singapore-owned fashion house Club 21 became joint venture partner and licensee of the brand in 2005 to help increase its global presence. It was responsible for all of Armani Exchange’s UK retail property and leases while Giorgio Armani, the parent company, only held a minor stake until 2014 when it took back control.
There are 270 Armani Exchange shops worldwide.
• To send feedback, e-mail amber.rolt@estatesgazette.com or tweet @amberrolt or @estatesgazette
