Esprit news and archive

Esprit's US subsidiaries file for bankruptcy

Following the collapse of activities in key European markets, the wave of bankruptcies at clothing retailer Esprit Holdings Ltd. has continued. On Monday, the group announced that its US subsidiaries Esprit US Distributions Limited (USDS) and Esprit US Retail Inc. (USRI) filed for bankruptcy on October 25. According to the company, USDS is...

Business

German footwear retailer Deichmann acquires Esprit's brand rights for shoes

For weeks, rumors have been circulating that Deichmann is interested in the Esprit shoe brand rights. Now the takeover has become reality. Deichmann has acquired Esprit's brand rights for shoes, the shoe retailer confirmed to FashionUnited on Tuesday. This means that Deichmann will acquire Esprit's shoe brand rights in Europe and the United...

Business

Deichmann shows interest in footwear trademark rights of bankrupt Esprit

Shoe store chain Deichmann is interested in the brand rights for shoes of the bankrupt fashion brand Esprit. The company confirmed this to a German press agency. "The offer concerns only brand rights and no operational business interests of the company," a spokesperson shared. According to its own statements, Deichmann has been working with...

Business

Esprit wipes out millions in losses through restructuring

Esprit Holdings Limited has managed to reduce its loss from 714 million Hong Kong dollars to 95 million Hong Kong dollars, the company announced citing preliminary figures. The reason for the reduction can be found in the restructuring and deconsolidation of the European subsidiaries, as read in the statement. In recent months, various...

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Esprit: What does the future hold for the former billion-dollar brand?

The Esprit brand is being taken over in Europe by London-based investor Alteri and its fashion company CBR. What will happen to the once multi-billion dollar brand? Here is what we know and don't know. The Esprit we know no longer exists The business operations behind the Esprit brand in Ratingen are being dissolved, while stores are closing in...

Business

Esprit rights sold to British investor Alteri, German stores to close

The brand rights of Esprit’s European business have been sold to the British financial investor Alteri, the financial terms of which were not disclosed in a press release. In light of the news, the company confirmed that it would be closing all of its 56 stores in Germany by the end of the year, with around 1,300 people losing their jobs, as...

Business

Mourning for Esprit: Voices from the Internet

The people behind Esprit have had a difficult week. The clothing group announced last week that it would only focus on the licensing business. Operational activities such as sales and production are to be completely handed over to a licensing partner. The approximately 1,300 employees still in Germany are now worried about their jobs because...

Business

Esprit Germany: Operational Activities to be scaled down

Germany - The Düsseldorf District Court has initiated insolvency proceedings in self-administration for Esprit Europe GmbH, Ratingen, and six other German Esprit group companies. The next steps are to be decided in the coming days. What is clear is that the outlook for employees at the Ratingen headquarters is bleak. Esprit announced that the Dü...

Business

Esprit stops designing and producing clothing, switches to licensing model

The restructuring at Esprit Holdings Limited continues. Now that the biggest steps in Europe have been taken by exiting unprofitable activities, the company is looking at further opportunities. Esprit Holdings Limited is aware that the brand equity of Esprit is the most valuable asset of the company and is therefore transforming into an...

Business

Dutch branch of Esprit files for bankruptcy

Esprit Holdings Limited has filed for bankruptcy for its Dutch subsidiary NLEB with the Amsterdam court on 22 July, as announced in a press release. NLEB generated 6.7 percent of Esprit Holdings Limited's total revenue. NLEB is responsible for Esprit's activities in the Netherlands, including both wholesale and retail. The firm is also a...

Business

Esprit: Negotiations on sale of China business fail

Esprit has broken off negotiations on the potential sale of its Greater China business that had first been struck up towards the end of June. No legally binding contract was concluded with the potential investor, the Hong Kong-based clothing manufacturer announced on Thursday. The company, which is currently facing insolvency applications for...

Business

Esprit considers exiting Greater China market to revive struggling business

Esprit, the once-booming clothing brand, is in talks to sell its entire Greater China business, including Taiwan and Hong Kong, in a bid to raise much-needed capital and restructure its operations. The company, which has been struggling financially, is reportedly in the final stages of negotiations with an unnamed third party for a potential...