Iconic fashion retailer Country Road Group has shut down a number of stores amid plummeting sales.
One of its longstanding flagship stores at Sydney CBD’s Queen Victoria Building has shut up shop, as has sister brand Trenery in Mosman, on Sydney’s affluent lower north shore.
A Country Road outlet in the same suburb is also currently closed for renovations, while another CBD store at Pitt Street Mall is expected to close when its lease expires in three years’ time.
Daily Mail Australia has contacted Country Road Group for comment.
The former Trenery shopfront on Mosman’s Military Road is currently for sale, described by agent Belle Commercial Property as a ‘rare and historic commercial property hitting the market for the first time in over 50 years.’
The closures cap off a turbulent year for the Woolworths Holdings-owned retailer, which also includes fashion brands Mimco, Witchery, and POLITIX.
Sales across the brands plummeted by 6.2 per cent in the first half of the 2024–25 financial year, citing economic and operational headwinds.
Sales slumped by a further 8 per cent in the 26 weeks to December 29, as operating profits dropped 71.7 per cent to just $14.2million.
Country Road Group has closed several stores after one of its worst financial years on record
It also comes just weeks after Country Road Group chief executive Raju Vuppalapati announced his resignation amid a lingering scandal over complaints handling by executives.
Mr Vuppalapati will depart at the end of August to pursue ‘personal interests’ after four years in the top job, news that sparked relief from some staff.
Last October, Mr Vuppalapati warned that the group was facing a ‘perfect storm’ of challenges after recording its worst financial year on record.
The downturn followed an external investigation launched in May 2023 after complaints were made against former chief supply chain officer Rachid Maliki.
A number of employees threatened to leave the company in protest.
Country Road was founded in 1974 as a niche women’s shirting business that has grown into Australia’s first lifestyle brand, renowned for its high-quality apparel, accessories, and homeware.
The retailer was also one of the first major Australian brands to open in the US.
Woolworth Holdings Limited (South Africa) (WHL) secured a controlling interest in Country Road in 1998.
Country Road Group chief executive Raju Vuppalapati will depart the company in August
Country Road Group’s recent demise follows the collapse of rival fashion retail giant Mosaic Brands.
Hundreds of Rivers, Katies, Noni B and Millers stores have closed across Australia in recent months after parent company Mosaic Brands made major cuts to ‘consolidate’ its business.
Thousands of retail jobs were slashed in the process.
Women’s retailer Ally Fashion and surfwear retailer SurfStitch have also collapsed in recent months.
More to come.
