Hong Kong's Esprit Holdings' revenue at HK$3,025 mn in H1 FY23

Despite the downturn, the company has managed to remain essentially debt-free, reporting cash, bank balances, and deposits totalling HK$1,314 million as of June 30, 2023, Esprit Holdings said in a press release.

The group cited challenging global economic conditions and the ongoing conflict in Ukraine as major factors adversely impacting its performance. The Ukraine crisis has significantly influenced consumer sentiment, affecting the market not just in Germany, where the company has a substantial presence, but also throughout Europe.

Further adding to the company's challenges were short-term adjustments stemming from brand elevation and repositioning in the fashion industry.

“Over the past six months, the group has diligently implemented a range of progressive initiatives aimed at revitalising its growth trajectory. The management remains optimistic about the anticipated outcomes of these initiatives, expecting them to yield tangible results during the second half of this year. Encouraging signs have already emerged from the June results, indicating positive developments,” said Pak William Eui Won, executive director, chief executive officer, and chief operating officer.

Fibre2Fashion News Desk (DP)