Three years after the takeover, the Düsseldorf-based clothing group Peek & Cloppenburg is suspending all marketing and purchasing activities relating to the online luxury fashion retailer Stylebop this year.
Peek & Cloppenburg announced on Tuesday that this step was a consequence of the large sales losses caused by the pandemic in the past two years. “This also affects the luxury platform Stylebop.”
No sale planned
In the most recently published annual report for 2020, sales were EUR 1.02 billion, around 29 percent below the previous year’s level. All financial resources are to be pooled for the moment, but the company says it currently has no intention of closing or selling the luxury platform.
The fashion group is setting itself ambitious goals for the future. The vision is to become the leading European omnichannel multi-brand fashion retailer within the next four years.
No restrictions for customers
Peek & Cloppenburg Group also emphasizes that it “acquired Stylebop in 2019 under different economic conditions”. The luxury fashion platform has since been operated by P&C subsidiary Fashion ID, which controls the group’s online business. In September 2020, Stylebop came back online with its own range of luxury fashion.
The break in purchasing and marketing should not have any impact on the shopping experience. Stylebop’s customers can use the platform as usual, their orders or returns are processed as usual.