Lone Pine Capital raises stake in Esprit
By FashionUnited
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Bloomberg
“I don’t think Lone Pine is increasing its stake for the sake of gaining control in the company,” said to Bloomberg Gabriel Chan, a Hong Kong-based analyst at Credit Suisse Group AG. “As a hedge fund, they are more likely to bargain hunt.”
Shares of Esprit Holdings Ltd fell by nearly a quarter last week, mere hours after the clothing retailer's chief executive resigned, Ronald van der Vis , casting uncertainty over its costly restructuring plan and efforts to revitalize a brand that it admitted last year had "lost its soul". Up to now, Esprit has not announce a replacement for van der Vis, who would have played a key role in the company's HK$18 billion ($2.3 billion) restructuring plan due to be completed by 2015.
The very same day that Esprit´s stock fell by over 22%, the Hong-Kong based fashion brand made public the second executive leave in less than 48 hours: Hans Joachim Korber had resigned as chairman and would be replaced by Raymond Or Ching Fai.
Click here to read more about the latest changes at Esprit Holdings Ltd