The Italian fast-fashion retailer says its nationwide “Final Clearance” campaign is meant to clear seasonal inventory ahead of new collections and is not a sign that it is leaving the country.
Italian fast-fashion retailer Terranova Philippines has denied speculation that it is leaving the Philippine market, saying its ongoing nationwide clearance campaign is part of its regular retail strategy and not a sign of an impending exit.
In an official statement released Thursday, the company “categorically denies” online rumors claiming it is pulling out of the country. The statement came a day after radar reported on the issue.
“Terranova Philippines categorically denies the recent online speculation regarding an alleged exit from the Philippine market,” the company said.
The clarification comes after shoppers noticed “FINAL CLEARANCE” and “EVERYTHING MUST GO” signs in several Terranova branches, including SM North EDSA, Glorietta in Makati, and SM Mall of Asia, as well as on its online store. The sale, which runs until August 31, offers deep discounts, including trousers and shirts for ₱199 and three pairs of pants for ₱999.
The widespread markdowns sparked speculation online that the Italian fashion brand was liquidating its inventory ahead of a possible closure.
Terranova, however, said the campaign is simply part of its regular merchandising cycle.
“The 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,” the company said.
It added that similar clearance campaigns are routinely conducted in Terranova markets worldwide, including Italy, as part of standard inventory management practices.
The company also expressed disappointment that the rumors spread without verification.
“No representative from any media outlet or publication sought comment or verification from Terranova Philippines or our franchise organization before publishing or circulating this speculation,” the statement read.
radar reached out to Terranova through its Instagram account to ask for comment but did not receive any reply.
Terranova emphasized that it remains committed to its Philippine operations.
“Terranova remains fully committed to the Philippine market and continues its normal business operations,” the company said.
Founded in 1988 and owned by Italy’s Teddy S.p.A., Terranova operates more than 500 stores across 37 countries. In the Philippines, the brand has around 30 branches nationwide.
The clarification puts to rest online speculation that Terranova would join other international retail brands that have recently wound down their Philippine operations, including Marks & Spencer, whose local franchise ended earlier this year, and No Brand, whose 11 Philippine stores were closed by Robinsons Retail as part of a portfolio review.
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