Esprit news and archive

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...

Business

Austrian branch of Esprit is insolvent

Esprit's Austrian subsidiary, Esprit Handelsgesellschaft m.b.H., has filed for insolvency with the relevant court in Salzburg, the creditors' protection association Alpenländischer Kreditorenverband (AKV Europa) announced on Wednesday. The proceedings will impact 12 own stores and around 170 employees. In addition to direct sales, Esprit also...

Business

Advanced negotiations: Esprit wants to say goodbye to its China business

Following insolvency filings for several of its European subsidiaries, Esprit is now set to exit China. The Hong Kong-based clothing manufacturer has received multiple offers from several independent third parties for the potential acquisition of its Greater China trademarks, the holding company said in a statement on Wednesday. No legally...

Business

Esprit: New business model in Europe with a focus on wholesale and e-commerce

Esprit has given an update on the company's current situation in Europe. Several branches of the company have opened insolvency proceedings and an investor has not yet been found. However, several talks with potential investors are ongoing and Esprit reveals which direction it wants to take in Europe. Esprit Holdings Limited said in a statement...

Business

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...