Esprit reduces number of European stores

Seven British stores left

Esprit has been struggling for a while now, but still has seven stores across the Channel: 4 own stores (with a flagship store in Regent Street in London) and three franchise stores. It also has a web shop and its clothes are also available in a wide range of multi-brand boutiques.

The Esprit stores in Canterbury, Norwich and Manchester already shut down and according to DrapersOnline, it is only a matter of time before every other British Esprit store follows suit. That would mean Esprit would refocus on e-commerce and sales through multi-brand boutiques.

“Esprit is currently undergoing a transformation process aimed at strengthening its brand and its profitability in the long term. Esprit has, as part of a strict cost-cutting plan, decided to close some loss-making retail stores in Europe, along with other measures”, a spokesperson told DrapersOnline.

Esprit has told JustStyle that it remains committed to Great Britain, “a viable business environment for now and in the future“. Its spokesperson emphasizes that “Esprit still maintains a strong market presence in the UK – particularly through our wholesale and e-commerce business channels, of which both continue to show significant growth”. JustStyle concludes that Esprit has reaffirmed its commitment to the UK retail market.

17 stores closed in France

Rumours of possible store closures in Great Britain have indubitably been fueled by the closure of plenty of Esprit stores earlier this year: especially France was hit by 17 store closures.

“The closure of these locations will help to resolve the current over-presence of stores in one area and also addresses the challenging market situation and overall situation of Esprit. We are confident that as a result of our Transformation Plan, our consumers and partners will benefit in future from a stronger brand, enhanced support for our stores and products offering outstanding value for money”, Esprit believes.