Abercrombie & Fitch has announced that it will be closing down all of its Gilly Hicks lingerie brand stores around the world.

Although the brands underwear will still be sold through its Hollister chain of stores, the group said the closures will be completed by the end of the first quarter of 2014.

In a statement, Abercrombie & Fitch chief executive Mike Jeffries said: "In connection with our long-term strategic review, we have decided to focus the future development of the Gilly Hicks brand through Hollister stores and direct-to-consumer channels. This decision reflects the successful pilot of selling Gilly Hicks branded intimates in Hollister stores.

“As a result, we have made the determination to close our stand-alone Gilly Hicks stores. We believe it is critical to focus our efforts and resources where we have the greatest opportunities to drive profitable growth for our brands."