“Onward” to withdraw from the Korean market Sales slump due to deterioration of Japan-Korea relations October 7 21:05
Onward Holdings, a major apparel company that develops brands such as “23 wards” and “5 continents”, has shown its policy to close approximately 600 stores in Japan and overseas as business performance deteriorates. Announced to withdraw from the South Korean market, where sales are sluggish due to worsening
Onward Holdings is expected to be in the red for the first time in 11 years in the financial results for the next fiscal year due to sluggish sales at department stores.
The company plans to abolish approximately 600 stores, which accounts for 20% of the total number of stores in Japan and overseas, but announced that it will close 26 stores in South Korea that operate the golf wear brand “23 Golf”.
In Korea, sales of golf wear were sluggish due to the deterioration of Japan-Korea relations, which means that the local subsidiary was liquidated and withdrawn from the Korean market.
As for the casual brand “Joseph”, it means that the business in North America and Europe will be reduced, and unprofitable stores will be closed out of the European stores that develop the “Jill Thunder” brand.
In Japan, the company also announced that it will close 15 stores that handle the casual brand “Field Dream” for shopping centers, and the select shop “Opening Ceremony” in Shibuya-ku, Tokyo.