It’s not just the branded franchises,” said a resident of Yangon’s Thaketa Township who regularly shops at fashion outlets. “Many shops were forced to close after the coup. Now, the recent closures are a sign of a devastated economy. The arrival of foreign brands in recent years marked a milestone in the country’s short-lived emergence from economic isolation. The Norwegian telecoms company Telenor has said it is considering pulling out of Myanmar, raising concerns about online privacy. The company blamed the plummeting Myanmar kyat and higher shipping fees for its departure. KOI Thé, which has branches in Singapore, Indonesia, Vietnam and Thailand, could not be reached for comment.Īlso among those leaving the country is the Thailand-based fashion accessory franchise Jelly Bunny. “Unfortunately, the changing operating environment has led to our decision of closing down the Auntie Anne’s outlets,” the company said in a statement last week. Thiri Yee Mon, a spokesperson for Yoma, declined to comment on the brands’ departures.Īuntie Anne’s entered the country in 2019 and had outlets in the Junction Square, Myanmar Plaza and Junction City shopping malls in Yangon. Singapore-listed Yoma Strategic, owned by the tycoon Serge Pun, was the local partner for the parent companies of Auntie Anne’s and Little Sheep. US pretzel chain Auntie Anne’s, Chinese hot pot chain Little Sheep, and Taiwanese bubble tea franchise KOI Thé are among the biggest names to have announced their branches will be closing permanently. Already hammered by the pandemic, international food and fashion franchises are fleeing Myanmar months after the military sent the country and the economy into turmoil with its illegal power grab
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