Sydney’s Queen Victoria Building has bid farewell to one of its longest-standing tenants, Country Road Group’s flagship store.
Meanwhile, sister brand Trenery’s store in Mosman, on Sydney’s affluent lower north shore, has also shut its doors for good.
A Country Road outlet in the same suburb is currently closed for renovations, and another CBD store at Pitt Street Mall is expected to close when its lease expires in three years’ time.
A Turbulent Year for Country Road Group
The closures mark a difficult year for the Woolworths Holdings-owned retailer, which also owns 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 $14.2 million.
CEO’s Resignation Amidst Financial Woes
The news 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.