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Liberty to close Sloane street boutique

Department store and luxury brand Liberty is to close its Sloane Street, Knightsbridge, store after receiving an unsolicited offer for the lease from an unnamed European fashion brand.

Liberty announced this week it has exchanged contracts to surrender the prime location lease for £0.7m in cash. It said it will use the funds to refocus retail ops at its flagship store, located just off London’s Regent Street, and “further develop the increasingly successful Liberty of London global luxury label”.

Chairman of Liberty Richard Balfour-Lynn noted the “fabulous” offer for the lease came “completely out of the blue”. The retailer is therefore giving up the two-floor, 1,800 sq ft standalone unit it opened just a year ago.

At launch, Liberty heralded the new flagship as “an important step in the brand’s development as a luxury retailer and will be the blueprint for concept stores throughout the global market-place”. It showcased the retailer’s selection of leather accessories, scarves, swimwear, jewellery and men’s collections.

Although a timescale for the closure was not given, Liberty said all its staff, stock and fittings will transfer to the flagship store. In addition to the cash premium, Liberty said the refocus will see annual cost savings of around £0.5m.

The company also said Monday its Liberty of London label and broader retail business has been enjoying “a period of revitalisation” following last February’s ‘Renaissance of Liberty’ launch, witnessing double-digit sales growth over the past five months.

Source: WGSN

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