Against the backdrop of a challenging macroeconomic environment in China, fashion brands are taking a harder look at their balance sheets and trimming underperforming stores.
The latest is Victoria’s Secret, which officially turned off the lights at its first and largest China flagship at Lippo Plaza in Shanghai on Tuesday.
The closure is a part of Victoria’s Secret’s “relocation plan” for China, the retailer said in a short statement Wednesday.
“Currently, the company is actively sourcing suitable nearby premises to maintain the brand’s presence in the area,” the retailer said.
The brand hasn’t unveiled the location of its new flagship but, according to local media reports, the retailer is eyeing another location on Huaihai Road, one soon to be vacated by Muji, the Japanese retailer.
“China is one of Victoria’s Secret’s most important markets. We have built close partnerships here and continue to expand our retail footprint,” the statement continued.
“We are committed to empowering women and calling for attention to women’s health in China. This year we plan to open a number of new stores nationwide, reflecting our long-term confidence in the Chinese market,” the retailer added.
As the brand’s first and largest China flagship, the store was officially launched in 2017 with a splashy event that featured models including Alessandra Ambrosio, Josephine Skriver, Ming Xi and He Sui. The Victoria’s Secret Fashion Show also made its way to Shanghai later that year.
According to local retail insiders, the cost of the store, which featured a sleek all-glass exterior and extravagant interior in black and pink, rivaled that of Apple‘s largest store at the Iapm shopping mall at the time.
The flagship location, on the busy Huaihai Road retail artery, was previously occupied by Louis Vuitton.
Victoria’s Secret currently counts 67 stores in China. Since January 2026, the brand has opened four new stores in the market.
Its online Tmall flagship has 6.3 million followers.
Despite the flagship closure, the retailer has seen growth momentum coming out of China. Driven by “outstanding performance” in the market, primarily in the digital channels — such as Tmall and JD.com — overall fourth-quarter sales grew 43 percent to $276 million, the retailer noted in its latest quarterly call.
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