Witchery Group has confirmed it will can its Mimco retail and concession operations in the United Kingdom.
The group owns the Mimco accessories chain and fashion retailer Witchery.
Witchery Group CEO Iain Nairn said the decision, announced to group staff this week, is a result of “exceptional online growth in both hemispheres” and poor trading conditions in Europe.
“The macroeconomic environment of the United Kingdom has been the driving factor in the decision making process,” he said.
“Fundamentally it is a requirement of our corporate and brand strategy to invest in retail environments that are earmarked for future growth, and at this time we are choosing to focus our endeavors on the markets that are contributing to this strategy.”
The shift in channel strategy will also see the company re-focus on expanding its international digital presence.
Nairn said that despite the shut-down of Mimco retail operations in the UK, Mimco will continue to have a presence in the United Kingdom through its online boutique, which has seen “exceptional growth” since its Northern hemisphere launch in August 2010.
Mimco continues to operate retail boutiques in Australia, Singapore and New Zealand.