They have denied recent speculations that spread on social media.
In a statement posted on their social media pages, fashion retailer Terranova Philippines aired its side on the circulating news regarding its supposed exit from the country.
The said rumor stemmed from an online post, where netizens shared spotting signs that read “final sale” and “everything must go” in a number of its branches.
It was also picked up by a digital publication, prompting the brand to respond with a formal statement. There, it said, “Terranova Philippines categorically denies the recent online speculation regarding an alleged exit from the Philippine market.“
The company further noted that no representative from any media outlet or publication sought comment or verification from Terranova Philippines or its franchise organization before publishing or circulating this speculation.
The brand then explained, “[t]he current Final Clearance campaign is part of our regular retail strategy aimed at clearing seasonal and aged inventory in preparation for the arrival of our new collections.“
Terranova also said that similar clearance campaigns are regularly implemented across markets where it has presence, including its domestic market in Italy.
In addition, these promotional activities are part of their “standard merchandising and inventory management practices.”
“Terranova remains fully committed to the Philippine market and continues its normal business operations,” it told, before concluding with a message thanking customers for their continued trust and support.
Terranova is an Italian fast-fashion brand and has a 504-store network globally. According to its local website, Terranova has at least 21 stories spanning Metro Manila, Luzon, Visayas, and Mindanao.
