The Marks & Spencer Group says it's withdrawing from Chinese Mainland, closing all of its 10 stores here.

As losses continue, the UK-based retailer has decided it can no longer trade with a store presence in the Chinese market. According to a strategist at United Overseas Bank, "unclear branding positioning” is mainly to blame.  There's also strong competition from local companies and lack of services tailored to the Chinese market.  And the development of e-commerce has also put pressure on its business operations, as online shopping provides diversified channels for Chinese customers to global brands.

Marks & Spencer is just the latest in a series of companies — including ASOS — to throw in the towel. Fashion website ASOS closed its local operations at a cost of 10 million pounds in April, less than three years after it launched.