Esprit to sell its North-American activities | RetailDetail

Esprit to sell its North-American activities

Esprit to sell its North-American activities

Fashion retailer Esprit is investigating its options to sell its North-American activities, as Bloomberg heard from several sources inside the chain. As lately Esprit has been performing weakly, the chain would prefer to focus on its core markets Europe and Asia.

 

Even though the chain was founded in San Francisco in 1968, it never became really popular in its “home” continent (Esprit has even moved its financial headquarters to Hong Kong in 1993). Despite opening 13 new stores, same-store sales dropped 4.9% - compared to a -1.7% in Europe and +0.6% in Asia. In the past year, net profits dropped 21% to 204 million euro (the fifth consecutive decline), which pushed Esprit's stock down 55% in the same time.

 

The insiders claim that Rothschild bank has been hired to sell separate parts of the holding, like US and Canadian activities, to (most likely) private equity firms. So far, there has been no official confirmation of these claims.  

Fashion retailer Esprit is investigating its options to sell its North-American activities, as Bloomberg heard from several sources inside the chain. As lately Esprit has been performing weakly, the chain would prefer to focus on its core markets Europe and Asia.

 

Even though the chain was founded in San Francisco in 1968, it never became really popular in its “home” continent (Esprit has even moved its financial headquarters to Hong Kong in 1993). Despite opening 13 new stores, same-store sales dropped 4.9% - compared to a -1.7% in Europe and +0.6% in Asia. In the past year, net profits dropped 21% to 204 million euro (the fifth consecutive decline), which pushed Esprit's stock down 55% in the same time.

 

The insiders claim that Rothschild bank has been hired to sell separate parts of the holding, like US and Canadian activities, to (most likely) private equity firms. So far, there has been no official confirmation of these claims.  

Questions or comments? Please feel free to contact the editors


Gerelateerde items

Ahold Delhaize launches digital lab in the United States

22/05/2018

Ahold Delhaize’s American division will found a new company focused on digital innovation: Peapod Digital Labs will become a lab for new digital, eCommerce and personalization strategies. 

Carrefour forced to shut down hundreds of Dia stores

22/05/2018

Carrefour has not found a buyer for hundreds of its former Dia stores in France yet. That may force nearly 230 stores to shut down.

Carrefour and Tencent launch high-tech store in Shanghai

22/05/2018

The recently launched ‘Le Marché’ store formula, a first collaboration between Carrefour and Tencent, allows customers to pay with face recognition at unmanned checkouts.

Hoegaarden moves part of production to Vietnam and China

18/05/2018

Hoegaarden experiences strong growth in Asia, but is losing ground in Europe. That is why AB InBev will move part of the production to China and Vietnam: the brewery in Hoegaarden will lower cut its production days by 2 a week.

Holland & Barrett wants vegan stores

17/05/2018

British health chain Holland & Barrett (previously known in the Benelux as Essenza) plans to open completely vegan stores, a trend the chain needs to follow according to CEO Peter Aldis.

Nestlé on a diet: cuts back sugar, fat and salt levels

17/05/2018

Nestlé wants to lower its sugar, salt and fat levels to play into the global demand for healthier food.