Italy Buyer Shop 10 Corso Como Officially Withdraws From China Market

As the freshness faded, the 10 Corso Como finally left behind.

According to the fashion business bulletin, the 10 flagship store in Italy, the last flagship store in China, will be closed after the end of June 2nd in June 2nd. Corso In order to say good-bye, the 10 Corso Como invited consumers to take a sip from June 2nd to 4 o'clock in the afternoon, from 4 to 6 o'clock in June 2nd, to the shop in the North Garden of Taifeng square, Shanghai, Nanjing West Road.

It is reported that the reason for closing the shop is the rental of shops and the 10 Corso Como agreement with the Chinese partners, the hkei group, which will expire.

Up to now, 10 Corso Como and Hechi group have not responded to the news.

10 the closure of Corso Como is not surprising. As early as May 13th, the store sold its store products at a price of 70 percent off. According to sources, the store in the golden section of Jingan Temple has been in a cold business for a long time. There are few customers in the cafe except five storey shops.

10 Corso Como was founded in Milan in 1990 by the younger sister, gallery founder and publisher Carla Sozzani, the former editor in chief of the Italy edition of "VOGUE". It is the first fashion design concept store in the world. It has included elements of art, fashion, music, design and food, and has become the pioneer pronoun of the global design, art, fashion and top restaurants in the world. Corso Similar to the previous French Colette, 10 Corso Como has collaborated with many world famous brands to create joint brand products.

10 Corso Como Milan flagship store belongs to a company called Dieci Srl, but the company does not own the whole brand of 10 Corso Como, nor owns the gallery, bookstore and restaurant of its brand, but holds 10 Corso. Como Milan's flagship store's license to operate, according to the company's total losses in 2016 Twenty-nine point three four 000 euros (about 2 million 250 thousand yuan), liabilities accumulated as high as 13 million euros (about 100 million).

On the basis of the flagship store in Milan, 10 Corso Como has been expanding with the cooperation of Wakubo Rei, Samsung and other enterprises in the Asian market. In 2002, it collaborated with Comme des Garcons to build a Tokyo branch. In 2008, it joined hands with SamSung group to build a Seoul branch. In 2013, 10 Corso Como came to an agreement with HKEE International Group, to develop different business models for the layout of the fashion area in Greater China.

In fact, China could have been a new opportunity for the rise of the 10 Corso Como.

The 10 Corso Como entry into China in the 6 years is precisely the golden age of China's upgrading of consumption power, the rise of designer brands and the outbreak of buying shop formats. In a few short years, Chinese consumers began to have a personalized aesthetic consciousness and gradually developed the habit of shopping at the buyer's shop. These consumers are still full of novelty for buyers' shops, and have given birth to a large number of nationwide buyers' shops.

However, it has not lasted for a long time. Influenced by the global fashion retail instability and consumer shopping habits, the luxury fashion retailing industry started its winter in 2015. With the potential of large-scale fashion, the fashion business began to take over the buyer's shop as the focus of the industry, while the major luxury brands made efforts to communicate directly with consumers, and also allowed the intermediary role of the independent buyer shop industry. No longer important, profit margins are getting smaller and smaller. Buyers with no characteristics are facing serious challenges. Boutique shops such as 10 Corso Como have also been hit hard.

Compared with many unprofessional emerging buyer shops, the 10 Corso Como with international vision and industry foundation should be very competitive. However, in this dynamic fashion change, 10 Corso Como chose to marginalized the position. In the face of the trend of the rise of Chinese designers, the 10 Corso Como continued the thinking of European buyer shops. Although some Chinese designer brand products were introduced, the 10 Corso Como in Shanghai, who was at the center of this fashion change, did not make more localization efforts.

At the same time, a large number of designer brands that do not have the ability to set up independent shops have a growing demand for buyers' outlets. They not only want buyers to sell their goods, but also want to buy their store brands with deep and diverse cooperation. Many Showroom and exhibitions have provided additional advisory services to young designer brands for business development, while some channel partners have also developed close partnership with brands, and both sides have established information feedback mechanisms.

In contrast, the 10 Corso Como is still one way information transmission with local brands and consumers, and the resources contributed to the development of China's fashion industry are also very limited. Back to the basic retail point of view, the performance of the 10 Corso Como is also unsatisfactory.

The golden section and ample exhibition space of Shanghai stores provide excellent conditions for shops to convey ideas, but bad store displays seem to offset consumers' store experience. Shops from the entrance are packed with all kinds of creative products. Clothes hangers are densely covered with clothes. The five storey shops are roughly divided into categories, but the display of various categories is chaotic and lacks focus. Apart from the iconic dots of shops, consumers do not convey clear style to consumers, and style is originally the most important competitive advantage of buyers' stores.

As the performance continues to slump, the business of 10 Corso Como in China has also become a stumbling block for HKEE international in its pursuit of IPO. In 2017, a serious loss of 10 Corso Como SKP flagship store in Beijing announced the closure. Beijing SKP is the most high-end high-end shopping mall in China. The rent is very expensive. Once the business is blocked, the performance will be dragged down. 10 the purchase budget for Corso Como Shanghai store has also been reduced.

In a media interview in 2011, Carla Sozzani admits that the 10 Corso Como is not optimistic. Dieci Srl filed for bankruptcy protection in September 2015. 10 Corso Como owes 4 million 670 thousand euros of debt to the Italy tax department. In order to continue its operation, 10 Corso Como also asked the Italy Tax Committee to extend the debt repayment period.

According to the analysis, the closure of the Shanghai store marks the 10 Corso Como officially losing the Chinese market. After 6 years of struggle, the 10 Corso Como probably will not look for the next partner or reopen the new store.

To be sure, the fashion industry is undergoing structural changes. The reputation of the industry has been unable to provide a secure future for the buyer shop brands such as Colette and 10 Corso Como. With the advent of oligopoly, there is little time left for "small and beautiful".

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