Former Harrods owner Mohamed Al-Fayed has today confirmed that flash sales website Cocosa will close in the coming months. The 84-year-old’s Al Fayed Group purchased the e-tail site in July 2011 from the Bauer Media Group.
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Launched in 2008, the site offers designer fashion and homewares at a fraction of their original retail price. Brands currently listed on the site include Diane Von Furstenberg, Nicole Farhi and Stephen Webster jewellery.
In a statement released today the company declared: ‘Cocosa made significant progress in its sector and built a reputation for quality products and customer service in the luxury fashion off-price flash sales market. Despite this progress, the costs of continuing to build the brand to market leadership were deemed too high to merit material further investment.’
The Al Fayed group disposed of luxury department store Harrods in 2010 and Fulham Football Club in July 2013 as it desires to simplify its portfolio.
The good news is that the site plans to make ‘some very special offers to our customers over the next few weeks’ as it seeks to clear its stock.