SINGAPORE: Cotton On has no plans to exit the Asia region, the retail company says in a statement released yesterday.
A Cotton On 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.”
The statement added that Cotton On Asia, the liquidated entity, does not and has never operated any stores or employed team members. It was an inactive holding company that is no longer required.
“This has no impact on customers, teams, stores, suppliers or operations within the Asia region,” Cotton On said.
A notice published in the Government Gazette on March 30, stated that Cotton On Asia was to undergo voluntary liquidation, and that liquidators from PwC Singapore were appointed to wind up the business.
But checks on the Accounting and Corporate Regulatory Authority website on March 30 showed that a second entity, Cotton On Singapore, is still operating as a retail business providing clothing for adults.
Cotton On Asia is part of the Australian fashion and lifestyle retailer Cotton On Group, founded in 1991 by Nigel Austin.
The brand opened its first store in Singapore at Wisma Atria in 2007, and its Asia headquarters here in 2014 with more than 90 staff.
Brands under the Cotton On umbrella available in Singapore are Cotton On, Cotton On Body, Cotton On Kids, stationery brand Typo and shoe brand Rubi. Other brands in the group include Factorie, Supre and Ceres Life. According to the group’s website, it operates in 20 countries with 20,000 employees.
More than 30 stores in Singapore were listed on the Cotton On website as at March 30. — The Straits Times/ANN
