In Sectors

Esprit looks to China as it swings to H1 profit amid turnaround

Esprit Holdings Ltd swung to its first profit in a year thanks to a turnaround plan that its chief executive said on Friday would also seek to stem losses in China.

The clothing retailer has struggled in the world’s second largest economy, where it shut 38 directly managed stores last year as it grappled with high rents, stalling sales and wholesalers with too much inventory.

It now wants mainland China, which accounts for less than 8 percent of turnover, to become a priority. Europe remains Esprit’s biggest market.

(Source: CNBC)

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