Cotton On dispels rumours of Asia exit after liquidation notice surfaces

Cotton On has denied speculation that it is exiting Asia, after a notice triggered reports that the fashion retailer was closing its operations in the region.

On 30 March, a notice published in the Government Gazette stated that Cotton On Asia had entered members’ voluntary liquidation under Singapore’s Insolvency, Restructuring and Dissolution Act 2018. The notice called for creditors of “the abovenamed company, which is being wound up voluntarily,” to submit particulars of their claims by 20 April 2026.

Following the publication, some media reports and social media chatter suggested that Cotton On’s physical stores in Asia were shutting down.

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In response, a Cotton On spokesperson clarified that the liquidation relates only to a dormant corporate entity, and not to its retail operations in the region.

“There have been misleading media reports suggesting that Cotton On stores operating in Asia are being closed, this information is incorrect and we have no plans to exit the Asia region,” the spokesperson said in a statement to MARKETING-INTERACTIVE.

“Cotton On Asia, the liquidated entity, does not and has never operated any stores or employed team members. It was an inactive holding company that was no longer required. This has no impact on customer, team, stores, suppliers or operations within the Asia region,” the spokesperson added.

According to general corporate and insolvency practice in Singapore, a members’ voluntary liquidation is commonly used to wind up a solvent company that is no longer needed, and does not in itself indicate financial distress or a broader shutdown of group operations.

Cotton On continues to operate stores and online platforms across multiple Asian markets.

The clarification from Cotton On comes amid a broader wave of exits and closures in the region's retail and lifestyle landscape in recent months.

Most recently, Tiger Beer is set to end large-scale brewing at its Singapore brewery by the end of 2027, marking the close of 95 years of production in the country. Looking ahead, HEINEKEN’s Asia Pacific Breweries Singapore (APBS) will move to an import-based supply model, with production shifting to regional hubs in Malaysia and Vietnam.

Meanwhile, specialty grocer and café brand The Providore ceased operations in Singapore earlier this March, bringing its local outlets to an abrupt close. Last month, Deliveroo said it would end its operations in Singapore, marking the close of its 11-year presence in the market.

Over in Indonesia, Marks & Spencer is set to withdraw from the Philippine market, with franchise partner SSI Group confirming it will cease operating all M&S stores nationwide by 2 May. The decision followed months of store closures and aggressive discounting that had fuelled speculation about the brand’s future in the country.

In Malaysia, cinema brand MBO Cinemas announced its permanent closure on 11 March, marking the end of Malaysia’s third-largest cinema chain behind Golden Screen Cinemas (GSC) and TGV. The closure comes as a surprise, given MBO’s comeback in 2021 after initially shuttering in 2020 due to the Covid-19 pandemic.

At the end of 2025, French lingerie brand Triumph ended its operations in Mainland China by year end, concluding a presence that spanned over three decades. Triumph entered the Chinese market in 1979 via sourcing, later establishing its first factory in 1992 and launching retail operations in 2008.

Photo courtesy of Velocity Novena. 

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