Ex-New Look CEO Anders Kristiansen to take charge at Esprit

The board of directors of Esprit Holdings Limited has announced that Anders Kristiansen has been appointed to succeed Jose Manuel Martínez Gutiérrez as Executive Director and Group Chief Executive Officer effective 1 June 2018. The company also said that Dr Raymond Or Ching Fai will be re-designated from independent non-executive chairman of the board and independent non-executive director to Executive Chairman and Executive Director of the company effective April 1, 2018.

The company added that Dr Or will take the role of executive chairman, a position that existed in the past in Esprit, in order to play a more active role in the next phase of the group’s strategy, which includes a very ambitious plan for China. The development takes place after the company reported Esprit 9.6 percent decline in group revenue in local currency, and 3.4 percent in Hong Kong dollar terms for the first six months ended December 31, 2017, while the net loss reached 954 million Hong Kong dollars during the period under review.

Anders Kristiansen to join Esprit as CEO

Anders Kristiansen, aged 51, is currently an industrial advisor for a global private equity fund, Permira. He was previously the chief executive officer and director of New Look, a global fast fashion apparel company based in London, from January 2013 to September 2017. Under his leadership, New Look transformed its business model from a traditional high street retailer to a strong omnichannel player, with an enhanced focus on brand building.

Commenting on Kristiansen’s appointment, Dr Or said in a statement: “Kristiansen is a well-rounded and seasoned executive in the fashion industry, with extensive experience in successful business development both in Europe and Asia, especially China. As former CEO of New Look, Kristiansen has a sound track record of leading complex growth and expansion projects. The board has every confidence that Mr Kristiansen will successfully lead Esprit into the next phase of growth and look forward to working with him to achieve that goal.”

Kristiansen, the company added, was instrumental to the successful execution of a 5-year strategic plan. Prior to this role, he has held various senior executive roles in the Bestseller Fashion Group China, Staples Inc. in China, and in Lyreco, an office supplies company, where he managed the business in Europe and then in Asia Pacific.

“Having followed the company’s progress closely over recent years, I am honoured and excited to join Esprit as Group Chief Executive Officer. Esprit is a strong, global brand at an exciting juncture, and I will focus on leveraging the company’s enormous potential to deliver long-term shareholder value. Our objective will be to recapture market share and ultimately return the company to growth,” added Kristiansen.

Commenting on Martínez’s exit from Esprit, Dr Or said: “We very much regret losing Martínez as his contribution has been most valuable to Esprit. Over the past 5 years, he reversed a severe declining trend of the group's results by stabilizing operations, restructuring the organization, and improving overall profitability.”

Picture:Esprit website