A Lucys-owned retail store is closing its doors in China after a $1 billion investment from China.
The store in Beijing was shuttered Monday due to rising costs, according to a statement from the company.
It’s the first Lucys outlet in China to close in two years.
The announcement came as Lucys announced a $400 million acquisition of a Chinese company that makes high-end computer chips.
Lucys had already acquired another Chinese company, a consumer electronics manufacturer, last month.