Esprit Holdings
HK's Esprit mulls closing all of its North American stores
Esprit Holdings, the Hong Kong-listed fashion retailer struggling to recover from an earnings slump, may close all its stores in North America, if it fails to find a buyer or licence partner for the unprofitable business.
The company, which was founded by Susie and Doug Tompkins in San Francisco in 1968, said it "intends to focus on finding one or more licence partners to maintain and reinvigorate the presence of the Esprit brand."
Esprit names adidas executive as China CEO
Esprit Holdings, the Europe-focused fashion retailer, has appointed a new head for the China market as part of its efforts to make the fast-growing Chinese economy its new growth engine.
Esprit on Tuesday said Holly Li, vice-president and general manager for North China at adidas, would take over as the CEO of Esprit's China operations, effective from February.
"Her main objective will be the implementation of our growth strategy for China as part of our transformation programme," said Ronald van der Vis, Esprit's group CEO, in a statement.
Esprit's shares drop 13pc after China outlets report
Shares of fashion retailer Esprit Holdings fell more than 13 percent on Wednesday after a report that the company exaggerated its number of outlets in China.
Hong Kong magazine Next reported in its latest issue that the fashion group had exaggerated its number of outlets on the mainland.
European exposure hits Esprit, Hutchison
Esprit Holdings and Hutchison Whampoa, Hong Kong's top two companies in terms of revenue exposure to Europe, both hit 52-week lows on Thursday as the continent's debt crisis continued to cast its pall.
Esprit was ranked the "least preferred" stock in Asia by Morgan Stanley in a research report. The clothing retailer has 79.1 percent of its revenue exposed to developed Europe.
Esprit's shares plunge as company unveils slump in profit
Shares of Hong Kong-listed fashion retailer Esprit Holdings plunged for the second day in a row on Friday, falling more than 20 percent after the company reported a worse-than-expected fall in full-year profit. A 98-percent decline in profit announced at midday on Thursday led to 17 percent decline then and to a spate of downgrades by securities houses.
Esprit plunges on profit warning
Esprit Holdings, the biggest Hong Kong-listed fashion retailer, on Friday saw its shares fall more than 10 percent after warning of a "significant" loss in net profit caused by one-off restructuring costs.
The company said in a filing on Thursday night that the net profit for the year to June would "record a significant decrease due to the one-off restructuring costs". But the turnover for the year is expected to remain similar to the level recorded in the previous period.
Esprit's second-half profit down 19pc
Esprit Holdings – the world's eighth apparel retailer by market value – on Thursday posted a worse-than-expected 19 percent fall in second-half profit amid slower sales growth and a weak euro. A company official said the wholesale market will remain challenging to the end of the current year.
Strong response for HKD2.6b loan, says Esprit
Esprit Holdings said it has received a strong response for a HKD2.6-billion five-year loan facility, with total commitments received equivalent to 2.5 times the original amount.
The Hong Kong fashion retailer said on Wednesday that commitments received from banks totalled HKD6.5 billion. The facility carried an interest rate of 0.65 percent per year over one-, two-, three- or six-month Hibor, and the proceeds would be used to finance the acquisition of the remaining stake in a Mainland China joint venture, it said.
Esprit buys joint venture stake from China Resources for HKD3.88 billion
Fashion retailer Esprit Holdings will buy the 51 percent stake it does not already own in a retail joint venture with China Resources Enterprise for HKD3.88 billion, the companies said on Thursday.
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