The Japanese eyewear brand Aigan has revealed recently that it plans to exit the Chinese market, as the impact of the coronavirus continues to hinder company profits.
The Osaka-based company made the announcement as part of its most recent trading update, according to a Nikkei Asia report.
As part of its results, the company forecast a group net loss of 425 million yen for the fiscal year ending March 2023, widening from its previous forecast of 315 million yen. Aigan cited losses related to liquidating its Chinese unit, estimating them at 110 million yen.
Aigan’s Chinese business has lost money for seven straight years since 2015, the report added. Aigan first entered China in 1994, before expanding to six stores in Beijing and Tianjin, including franchisees.
Founded in 1961, the company operates eyeglass specialty store chains offering eyeglasses, hearing aids, sunglasses, and other related products.
