Al Fayed closes “stable” flash sales site Cocosa

Al Fayed Group, owned by former proprietor of Harrods

Mohamed Al Fayed, acquired Cocosa in July 2011. Two years later and after three different bosses, the flash sales site is to cease all activity in the coming months.

“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,” explained the Al Fayed Group in a communicate earlier this week.

To silence any rumour about financial reasons behind the closure of the online fashion platform, Al Fayed stressed that "Cocosa is stable, is expressly not being placed in administration and the owners have fully committed to funding the wind-down of the business," reported WWD.

As published by the Telegraph, the site will be shut down in an "orderly" way, the statement says "in the months ahead".

The 84-year-old Egyptian's Al Fayed Group purchased the e-tail site in July 2011 from Bauer Media Group for an undisclosed sum.