Finally some good news from fashion brand Esprit: a change of CEO has also led to a change in fortunes, as the company realised its first profit since 2017.
Back from (far) away
“Esprit in further decline,” our editors wrote last year, and with good reason: the Hong Kong company had just recorded a decline in turnover by a quarter and a loss of 120 million euros. At the time, things did not look good for the chain, which had to close half of its German and almost all its Asian stores following insolvency proceedings in Germany.
All the more impressive is Mark Daley’s track record during his first year of service: the net profit of 121 million Hong Kong dollars for the first half of the current fiscal year that Esprit has just announced, is the company’s first profit in four years. The company therefore unequivocally calls its heavy restructuring a success.
Future and past
Esprit is therefore ambitious for the future: a new Chief Product Officer, Sang Langill, has to make the company trendier with capsule collections and continue the focus on e-commerce. 2022 should also make Esprit a more sustainable and environmentally friendly company, the press release says.
However, Esprit is also looking back to the last part of the 20th century, as the company wants to “ignite a sense with the customer and to evoke memories of love, joy and happiness that they used to share with Esprit.”
