Esprit news and archive

Esprit turns attention to New York offices where layoffs commence

Following bankruptcy filings for its Belgian and Swiss businesses, Esprit is now said to be laying off employees at its New York offices, yet a similar restructuring is not likely to be pursued. This was confirmed by the company’s chief executive officer, William Pak, who told WWD that while the restructuring strategy and Switzerland and Belgium...

Business

Esprit begins negotiating with potential investors

Esprit Holdings Limited is reportedly in talks with an international private equity firm to secure new funding. The fashion company is struggling to maintain its European operations, resulting in the bankruptcy of its Swiss and Belgian subsidiaries. "The potential investor has expressed interest in submitting a non-legally binding memorandum of...

Business

Belgian branch of Esprit files for bankruptcy

The Belgian branch of fashion brand Esprit, Esprit Belgium Retail N.V. (BEBR), has joined its counterpart in filing for bankruptcy with an insolvency court in Belgium on 8 April, Esprit Holdings Limited announced in a press release. The news comes a few weeks after the fashion brand's Swiss arm collapsed. The bankruptcy will only affect the...

Business

Esprit’s net loss widens, revenues drop by 16 percent

Hong Kong-based fashion retailer Esprit Holdings posted an annual net loss of 2.3 billion Hong Kong dollars. Revenue for the year to December 31, 2023, declined by 16 percent to 5.9 billion Hong Kong dollars. Esprit said in a statement that the group’s performance was severely impacted by the unrelenting poor macroeconomic environment in Europe,...

Business

40 Esprit stores to shutter in Germany

Around 40 Esprit shops are to close in Germany, a move that comes just days after the bankruptcy of fashion brand's Swiss arm was announced. At stake are some 40 Esprit stores overseen by franchise operator PTH Group. Esprit has reportedly terminated its contract with the German company, local news outlet Rheinische Post reported citing sources...

Business

Esprit Swiss subsidiary files for insolvency, executive director steps down

The Swiss subsidiary of Hong Kong-based Esprit has filed for insolvency as it looks to reorganise the business amid an “economic slowdown”. Esprit Switzerland Retail AG (ESRA), a wholly-owned subsidiary of the company, has commenced with the insolvency proceedings in the court of Switzerland and said it will now focus on a “comprehensive...

People

Esprit promotes Konstantinos Balogiannis to chief commercial officer

Esprit has announced the promotion of Konstantinos Balogiannis as chief commercial officer with effect from February 20, 2024. Balogiannis, aged 48, joined Esprit in November 2023 as the chief operating officer for Europe and global business development. He has two decades of operations and international sales experience with global apparel and...

Business

Profit warning: Esprit expects losses of almost 2 billion in financial year 2023

Declining revenues and the inability to reduce operating costs due to long-standing historical structural problems make it impossible for Esprit to avoid a profit warning. The US fashion group expects a net loss of almost two billion Hong Kong dollars, or 202.5 million pounds, for the financial year 2023, as reported in an update. The expected...

People

Former Bogner director appointed Esprit COO

Esprit has named Konstantinos Balogiannis the new chief operating officer, managing director Europe and Global Business Development, a dual role he took up towards the beginning of November. Balogiannis announced the appointment on his own LinkedIn, where he said that the project was “extremely intriguing” on so many levels that he “would not...

BusinessFeatured

Esprit swings to H1 loss as sales fall

Fashion retailer Esprit has posted a 17 percent drop in sales and swung to a loss in the first half of the year, but remained upbeat about its ongoing turnaround strategy. The Hong Kong-based company generated revenue of 3.03 billion Hong Kong dollars (around 356.6 million euros/385.5 million dollars) in the six months ended June 30, as it faced...

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How Pixyle.ai's AI-Powered Tagging Services are Enhancing Efficiency at Esprit

Fashion and how we shop online has rapidly changed over the last decade. As the competitive landscape intensifies, fashion retailers must grapple with the complexities of creating a frictionless wholesale e-commerce experience for buyers. Balancing user-friendly interfaces with real-time inventory management and personalised buyer journeys...

Business

In Pictures: This is what Esprit's relaunch looks like

Fashion brand Esprit is relaunching this coming September. Several years of preparation preceded the relaunch, but now the time has finally come. Earlier, Esprit CEO William Pak told FashionUnited exactly how the relaunch was coming together. Now, additional images of the first campaign of the 'new Esprit' have also been shared. Read the article...