Home / Knowledge / News / Apparel/Garments / Retail brand Esprit to shut all US, Canadian outlets
Retail brand Esprit to shut all US, Canadian outlets
03
Feb '12
After failing in its search to find a buyer for its loss-making business, the Hong Kong-listed clothing retail brand, Esprit Holdings Ltd., is considering closure of all its North American outlets, unless it succeeds in finding a potential buyer who is interested in acquiring any of the outlets.

The firm now intends to concentrate on searching one or more license associates to retain the brand's presence in North American markets.

However, the US and the Canadian subsidiaries have yet not made up their mind on whether to apply under Chapter 11 or similar Canadian law.

Esprit, which sales 79 percent of its products in Europe, is trying hard to recuperate from the annual slump of 98 percent in its revenues, which dipped to HK$ 79 million. This includes costs for closing its outlets across the globe and selling its US and Canada business, the company announced in September last year.

The company lost HK$ 1.6 billion (US$ 206 million) in revenues from the US and Canada through four years till 2011. This was for the third time in a row that annual profits of the firm witnessed a fall.

Last September, Esprit also announced that it would change its strategy and work on its fashion designs, so as to perk up its Europe revenues and increase its sales in China by two-fold, within the next four years.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 28th Feb 2017

China's textile & apparel exports up 10.2% in Jan 2017

Exports of textiles and garments from China resumed growth in the...

Apparel/Garments | On 28th Feb 2017

Delta Galil's Q4 operating profit jumps 80%

In the three months to December 31, 2016, operating profit at apparel ...

View of YiwuTex 2016; Courtesy: YiwuTex

Textiles | On 28th Feb 2017

Smart knitting system to grace 18th YiwuTex 2017

The thematic functional knitting machinery zone at the 18th YiwuTex...

Interviews View All

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search