Retail News CRM

Tag: Fashion

  • L’Occitane files for bankruptcy in US

    L’Occitane files for bankruptcy in US

    L’Occitane U.S. filed Chapter 11 bankruptcy protection in New Jersey on Tuesday, seeking to close stores. The business cited declines in brick-and-mortar sales and the ongoing coronavirus pandemic as the reasons for the filing.

    “Like most retailers in the United States, the debtor has been impacted by the COVID-19 pandemic, which has significantly limited retail operations throughout the country and suppressed consumer willingness to shop in person,” L’Occitane regional managing director Yann Tanini wrote in a declaration for the court.

    “Even prior to the pandemic, the debtor was experiencing a decline in sales revenue from its brick-and-mortar boutiques, while its e-commerce revenue has dramatically increased,” Tanini said in court papers.

    L’Occitane had already starting downsizing its real estate footprint but wants to further reduce lease obligations due to the pandemic, the company said in court papers. The company hired Hilco Real Estate as a consultant to negotiate with landlords, but they have been reluctant, which prompted the bankruptcy filing. L’Occitane intends to reject 23 leases and “right-size its brick-and-mortar footprint,” it said.

    The company is the U.S. subsidiary of L’Occitane Groupe SA which is publicly listed in Hong Kong and also owns Erborian, LimeLife, and Elemis. U.S. operations account for about 9.1 percent of total company sales, the company said in court papers.

    The U.S. operations have 166 stores in 36 states and Puerto Rico, mostly in regional malls. Net sales have declined during COVID-19, the company said. Between April and December 2020, net sales dipped 21 percent year-over-year to $111 million. Brick-and-mortar sales made up 34 percent of that total, while e-commerce sales skyrocketed.

    L’Occitane has about 1,051 U.S. employees and furloughed and laid off certain workers during the pandemic. The company said that of 325 furloughed employees, 165 have come back, and 40 have been let go.

    The company has $161 million in assets and almost $162 million in liabilities, per court papers. L’Occitane U.S.’s biggest unsecured creditor is its parent company, which is owed $26 million related to loans and $4.5 million related to inventory.

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  • Thriving Louis Vuitton offsets drop in sales at luxury group LVMH

    Thriving Louis Vuitton offsets drop in sales at luxury group LVMH

    Booming sales at LVMH’s fashion brands like Louis Vuitton, particularly in China, helped to cushion the impact of the coronavirus pandemic, which has crimped revenues at the French luxury group.

    LVMH, which closed a $15.8 billion acquisition of U.S. jeweler Tiffany in the middle of the pandemic, has like rivals taken a hit as governments the world over forced retailers to close shops during lockdowns.

    Declining international travel has also deprived luxury goods companies of tourist revenues.

    But an improving backdrop in China, one of the world’s biggest markets for luxury fashions and which had eased COVID-19 measures by the second half of 2020, has helped some companies to rebound.

    LVMH’s fashion and leather goods business, home to Vuitton handbags and other brands like Christian Dior, performed better than analysts expected in the fourth quarter, with sales rising 18% year-on-year on a comparable basis. Louis Vuitton is the group’s biggest revenue driver.

    That was an improvement on the third quarter, when like-for-like sales, which strips out acquisitions and currency effects, were already up 12%.

    “The strong beat should get LVMH’s share price home and dry,” Berstein analyst Luca Solca said in a note.

    LVMH Financial Chief Jean-Jacques Guiony told a conference call that new product launches planned before the pandemic – like a Vuitton handbag named after the Pont Neuf bridge in Paris – had helped the brand.

    LVMH – which is setting the tone for luxury rivals such as Gucci-owned Kering with its earnings – has also kept up with marketing spending while some smaller peers have cut back, and holding catwalk shows in cities such as Shanghai despite the crisis had helped, Guiony said.

    “Louis Vuitton and Dior were taking the bulk of customers’ attention when nobody was talking,” he added.

    LVMH’s billionaire boss Bernard Arnault said in a statement that the group was well placed to build on a market recovery.

    Guiony said the company had no visibility, however, on the outlook for China, at a time when new restrictions to fight a resurgence of COVID-19 cases risk overshadowing Chinese New Year festivities in mid-February, usually a major shopping highlight.

    LVMH also owns spirits brands, like Hennessy cognac, and operates airport duty-free shops, which have struggled.

    The French company went ahead with its Tiffany deal during the pandemic but ended up renegotiating the price tag slightly downwards. LVMH is now betting on growing its clout in jewelry, a resilient area of the luxury goods business.

    LVMH overall group sales for the October to December period came in at 14.3 billion euros, in line with forecasts.

    For 2020 as a whole, LVMH’s revenues reached 44.65 billion euros, falling 16% from a year earlier on a like-for-like basis.

    LVMH’s net profit reached 4.7 billion euros ($5.71 billion), down 34% on a year earlier, while profits from recurring operations – or earnings before interest and tax – fell 28% but vastly exceeded analyst forecasts.

    The group said it would propose a dividend payout against 2020 results of 6 euros per share, including a 2 euros per share interim dividend paid in December.

    It had cut its dividend last year to 4.80 euros during the COVID-19 crisis.

  • Uniqlo Singapore set to open ‘Hub of the East’ store

    Uniqlo Singapore set to open ‘Hub of the East’ store

    UNIQLO today announces that it will open UNIQLO Orchard Central, its first Global Flagship Store for Southeast Asia and Singapore, on Friday, 2 September 2016. Under the concept of “U+S and The World”, the new store will showcase the brand’s full assortment of LifeWear – innovative, high-quality clothing that is universal in design and comfort, and made for anyone, anywhere – and will offer Singaporeans an exciting space to share their culture with the world. UNIQLO Orchard Central will be located in Orchard Central mall, along Orchard Road.

    “UNIQLO Orchard Central will be a unique store for the region, providing a new shopping experience for customers. With its vibrant creative scene, Singapore is the ideal location for us to showcase our LifeWear concept through the eyes of the local community. We hope that through our work with highly dedicated Singaporean individuals and groups, we will be able to turn this space into a platform where creative ideas can be expressed and shared with others,“ said Taku Morikawa, UNIQLO Southeast Asia CEO.

    UNIQLO Orchard Central spans three levels and covers 2,700 square meters in sales floor space. Fans of the brand can expect a new shopping experience, thanks to the combination of the in-store design, full product line-up and visually stunning displays. Even the elegant dark wood floors that evoke the mood of Singapore and Southeast Asia are intended to help create the proper setting for the largest product line-up anywhere in the region.

    Iconic rotating mannequins will be an integral part of UNIQLO Orchard Central, as well as close to 300 digital displays, the largest number anywhere in the UNIQLO world, and a total of 350 in-store mannequins, the latter matching the UNIQLO Ginza Global Flagship Store in Tokyo.

    “Singapore’s strategic location in Southeast Asia makes it the choice destination for UNIQLO’s first Global Flagship Store in the region. The opening of this new store marks a milestone in our highly successful eight-year joint venture collaboration.

    The Global Flagship Store will have exciting outreach programmes to engage the community. We look forward to serving our customers in this landmark store, and to inspire many creative talents to express themselves in this distinctive space with artistic works and concepts that are authentically Singaporean,” said Mrs Helen Khoo, Executive Director, Wing Tai Retail.

    A dedicated UT (UNIQLO T-shirt) corner on Level 1 will showcase exclusive UT designs drawn from the most popular collaborations such as Olympia Le-Tan and Bruno Munari. “i am OTHER”, the collection designed together with musician and style icon Pharrell Williams will also find a home on the shelves of UNIQLO Orchard Central. The new Disney Collection City Logo UTs includes a unique Singapore design featuring Mickey Mouse with the iconic Merlion, will be launched on the opening day of UNIQLO Orchard Central.

    The new store concept for UNIQLO Orchard Central, “U+S and The World” is taken from the words UNIQLO + Singapore and the company’s intention to serve as a bridge between Singapore and the World. The store is envisioned as the definitive place where UNIQLO will share the creativity, style and culture of a new Singapore with the rest of the world.

    Later this month, UNIQLO will launch “Your Stage Now Live”, the opening campaign of UNIQLO Orchard Central, by turning the hoarding around the store’s construction site into an urban canvas designed collectively by the local community. In addition, the campaign will also invite everyone to express themselves and showcase their culture to the world through a special “Your Stage Now Live” site.

    The opening of the store on 2 September will serve to kick-off a long-term collaboration with members of the local community through a broad array of programs centred on the store’s specially designed creative space, a launch pad for creativity and self-expression. Elements such as original in-store music, video content on the digital displays and curated spaces within the shop floor, as well as exclusive canvas tote bags and shopping bags, will all be co-created with the local community.

    “We warmly welcome UNIQLO’s global flagship store to Orchard Central, with its new shopping experience, innovative visual merchandising and special collections. UNIQLO will anchor Orchard Central’s appeal as a vibrant lifestyle and social hub for design conscious shoppers looking for quality affordable merchandise and a unique experience. Our mall enhancement works are also nearing completion and along with the opening of UNIQLO Orchard Central, our shoppers can look forward to a new retail experience as well as improved visibility and accessibility,’ said Ms Mavis Seow, Chief Operating Officer, Retail Business Group, Far East Organization.

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  • Harmay launches wet market-inspired store in China

    Harmay launches wet market-inspired store in China

    New-generation retail brand Harmay released its latest fashion collaboration collection with Chinese fashion designer Masha Ma on Tuesday as part of the brand’s continuing expansion despite the COVID-19 pandemic.

    The new fashion collection includes T-shirts, trousers and bags. The retail philosophy is focused on creating a beautiful life through sensuous experiences.

    The brand emerged online in 2008. In recent years, it has started to open more brick-and-mortar stores while maintaining and expanding its online territory with an experiential shopping journey.

    “Harmay was born in the golden age of China’s cosmetics and beauty retail industry, and now we have grown and expanded to become a unique retail brand that pursues beauty and a beautiful life,” said Jason Ju, Harmay HK co-founder and general manager, as well as a Harmay partner. “Bringing consumers a high-quality and innovative shopping experience and becoming a new benchmark for retail are goals we have been aiming for.”

    As a retailer of premium cosmetics and beauty products in China, the company offers a variety of well-known international cosmetics and skincare brands as well as self-developed personal skincare products, providing high-quality, contemporary makeup and cosmetics for consumers. Harmay sells exclusive brands, such as SG79|STHLM, Balmain Hair, Tangent GC, ICONIC London, Graine de Pastel, and many others.

    According to the retailer, Harmay acts as an agent for more than 50 international brands and has more than 200 licensed brands in its portfolio. Besides the top brands, the company explores overseas niche brands that haven’t entered the Chinese market.

    In 2017, it opened its first brick-and-mortar store in Shanghai. Just last year, it opened stores in Hong Kong and Beijing. AIM Architecture, one of China’s leading award-winning architecture companies based in Shanghai, designed the interior of Harmay stores, featuring neat, orderly displays, clean lines, and wide and free spaces inspired by industrial warehouses, assembly lines, kitchens, and lockers. The design makes the stores look more peculiar, fashionable and international.

    Harmay will open two new stores in Chengdu and Shanghai this year.

    Facing the challenges brought by the sudden outbreak of the COVID-19 pandemic this year, Harmay maintained its stable customer flow and sales through its online and offline integrated operation model to resist risks, the company said. This proves that its solid e-commerce foundation and mature physical store development, as well as unique store design, diversified product selections, and customer-centric quality service, have won a large number of loyal followers.

  • Prada cuts ties with Chinese actress after surrogacy controversy

    Prada cuts ties with Chinese actress after surrogacy controversy

    Italian luxury label Prada has ended all cooperation with Chinese actress Zheng Shuang, a week after appointing her as a brand ambassador after she was engulfed in a surrogacy controversy that has enthralled the Chinese public.

    Prada made the announcement late on Tuesday, after coming under heavy criticism on Chinese social media for cooperating with 30-year-old Zheng, whose former partner Zhang Heng has accused her of trying to abandon two young children the couple had through a U.S -based surrogate.

    It is the latest global brand to succumb to public pressure in China, where customers have become increasingly vocal about their expectations for the behavior of companies and celebrities, especially foreign ones.

    “The Prada Group has terminated all cooperation with Ms Zheng Shuang,” the company said on its official Weibo account, without providing further details.

    Prada did not respond to Reuters queries on Wednesday. Zheng and Zhang also did not answer Reuters’ requests for comment.

    China has become an increasingly important market for luxury labels during the global pandemic and its shoppers are expected to account for around half of all global spending on high-end brands in 2020, up from 37 percent in 2019, according to McKinsey & Company.

    Prada has said the group’s China sales jumped 60 percent in June and 66 percent in July.

    “The hit to Prada’s image is huge,” said Huang Shengming, professor of the Communication University of China in Beijing. “Their decision to stop working with Zheng is an effort to cut their losses and it’s the right move.”

    Surrogacy Controversy

    The controversy erupted on Monday after Zheng’s former partner Zhang Heng said on social media that the couple had turned to a surrogate to birth two children in the United States and released voice recordings of a woman he said was Zheng lamenting that the children could not be aborted.

    Zhang said he was stranded in the United States because he had to take care of the two children born in 2019 and 2020.

    Zheng quickly became the target of public criticism, with Weibo users calling her “irresponsible” and “vicious”. The controversy has over the past three days been a top trending item on the Twitter-like site, with 600 million views and more than 100,000 comments.

    Thousands of users also left comments on Prada’s Weibo account to question and ridicule the brand for hiring her.

    On Tuesday, the actress said on her Weibo account that she had not violated laws in either China or the United States but did not comment on whether any of the accusations were true.

    “It’s a very sad and private matter for me,” she said.

    Surrogacy is forbidden in China but going abroad to have surrogate children in countries such as the United States has increasingly become an option for some Chinese couples, especially wealthy ones.

    Chinese state media have weighed in on the Zheng controversy. Changan Sword, an online media site backed by the Central Political and Legal Affairs Commission, criticized her for taking advantage of the law and “corrupting human ethics”.

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  • Burberry delivers growth in APAC, most coming from E-commerce

    Burberry delivers growth in APAC, most coming from E-commerce

    Global luxury fashion brand Burberry saw comparable retail sales decline 9 percent during its third-quarter period, as tourist traffic slowed amid the continuing Covid-19 pandemic.

    However, full-price sales jumped due to a decline in markdowns, and the business performed well in Asia-Pacific with comparable sales up 11 percent from strong growth in Mainland China and Korea.

    Japan and the South Asia Pacific, however, continue to be affected by limited tourist traffic and store closures.

    Full-priced sales increased by “double digits” in China, Korea, and the Americas, driven by Christmas and Lunar New Year campaigns, as well as a bigger focus on online pop-ups and activations supporting a 50 percent increase in full-priced sales in Burberry’s digital channel.

    Europe, the Middle East, India, and Africa saw comparable sales fall 37 percent, due to falling tourist numbers, while the Americas fell 8 percent.

    “The brand is pushing full-steam ahead with a full-price strategy to strengthen its gross margins as it continues to focus on driving online demand, particularly from new, younger customers,” said GlobalData’s Gemma Boothroyd.

    “Burberry’s online capabilities will prove vital for its ability to navigate the uncertainty of Covid-19.”

    And, with 15 percent of the business’ stores closed and 36 percent operating with reduced hours or restrictions, the business warned that uncertainty is leading to an uncertain trajectory moving into the fourth quarter.

    “We expect trading will remain susceptible to regional disruptions as we close the financial year,” Burberry said.

    “Notwithstanding any incremental lockdowns, we expect gross margins to benefit from positive full-price, regional and channel mix and lower stock provisions.”

    According to Boothroyd, Burberry’s digital focus has set the standard for other players in the luxury industry, due to the introduction of features such as AR shopping and virtual try-on capabilities.

    “The brand is also harnessing digital platforms to drive engagement through influencer partnerships,” Boothroyd said.

    “Such initiatives will continue to be crucial in Burberry’s attempts to strengthen its appeal amongst a younger demographic.”

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  • Laura Ashley rolls out new stores in Japan

    Laura Ashley rolls out new stores in Japan

    British lifestyle brand Laura Ashley has revealed an expansion plan in Japan with seven new outlets scheduled to open during the first three months of this year.

    New Laura Ashley Japan stores will include those in Tokyu Department Store Sapporo, Tobu Department Store Ikebukuro, Odakyu Department Store Machida and Keikyu Department Store.

    “We will deliver products that beautifully and richly colour your “home” and “living”, including original textiles that are naturally inspired,” the company said in a statement, translated from Japanese. “We will introduce more various items such as women’s wear and home miscellaneous goods.”

    The British retailer entered Japan after trading house Itochu acquired the master license rights. The brand was then sold to The World Group under a sublicense agreement. Besides Laura Ashley, The World Group is also managing other house goods and interiors brands, such as 212 Kitchen Store, One’s Terrance, and Timeless Comfort.

    Laura Ashley was one of the world’s first high-profile retailers to collapse due to the Covid-19 pandemic last year.

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  • Hong Kong’s Fashionally and ITC Store launch new collaboration

    Hong Kong’s Fashionally and ITC Store launch new collaboration

    FASHIONALLY.com, a non-profit local fashion platform pioneered by the Hong Kong Trade Development Council (HKTDC), has launched a debut collaboration with the ITC STORE of The Hong Kong Polytechnic University (PolyU).

    The store showcases seven fashion brands from the Hong Kong Young Fashion Designers’ Contest (YDC), creating a brand-new online-to-offline (O2O) marketing and promotion channel to nurture business opportunities for local fashion designers at the start of the year.From now to 11 April, the ITC STORE X FASHIONALLY online store will feature a series of local fashion brand items including fabric face masks, women’s knitwear, leather clothing and accessories, and much more.

    Participating brands include ARTO. (designs by Arto Wong), Charlotte Ng Studio (Charlotte Ng), FromClothingOf (Shirley Wong), KURT HO (Kurt Ho), Lapeewee (Yannes Wong), Mum’s Design (Bicy Yeung) and PHENOTYPSETTER (Jane Ng). From now through April, ITC STORE’s physical showroom will showcase exclusive fashion items from selected brands on a monthly basis, providing a new O2O shopping experience for fashion lovers.

    The YDC aims to discover and nurture the next generation of young fashion talents in Hong Kong, providing a launch pad for them to showcase their designs. YDC 2021 is now open for entry with an enrolment deadline of 28 April. For details please visit: www.fashionally.com/ydc_application/

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  • Giordano International warns for a profit decrease

    Giordano International warns for a profit decrease

    Giordano International (0709) warned that it expects to record an annual net loss of between HK$110 million and HK$130 million in 2020, as compared with a profit of HK$230 million in 2019.

    As stated in the interim results announcement last year, a net loss of HK$175 million was recorded for the six months ended June 30, 2020. However, the group expects to record a net profit of between HK$45 million and HK$65 million in the second half of the year due to the positive trend in retail sales and improvement in consumer sentiment.

    The forecast net profit has not taken into account further potential asset impairment charges.

    As of end-December, 2020, the group’s merchandise inventory was worth about HK$435 million, below that of 2019 by about HK$113 million.

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  • Canada Goose appoints an APAC president

    Canada Goose appoints an APAC president

    Canada Goose announced the appointment of Scott Cameron as president, Asia-Pacific (APAC), effective April 1 and the appointment of Michael D. Armstrong, executive vice president, ViacomCBS, to its Board of Directors as an independent director, effective immediately.

    Cameron joined Canada Goose in 2016 as chief strategy and business development officer and most recently served as president of the Greater China region. During his tenure, Cameron was responsible for the development and growth of the brand’s direct-to-consumer global channels, successfully established Canada Goose’s presence in Asia and assembled its team in the region. In this new role, he will oversee all marketing and commercial activity within the expanded APAC region, which includes Greater China, Japan, South Korea, Australia, and New Zealand.

    “Scott has been instrumental in ensuring the highest level of operational excellence throughout our stores globally, building our business in Greater China and providing an exceptional level of support to the executive team for the past five years,” said Dani Reiss, president and CEO of Canada Goose. “This appointment is a reflection of his relentless efforts and the success he has helped to drive in the region.”

    Armstrong, a 22-year veteran of ViacomCBS Global Distribution Group, manages relationships with third-party studios and oversees the international sales teams for formats and CBS Newspath service. Previously, he served as general manager of BET Networks, where he oversaw strategy and operations, content acquisitions, multi-platform scheduling, marketing, corporate communications, strategy, finance, research, and audience science. Armstrong is on the board of PRX and a member of the Board of Trustees at his alma mater Hampton University.

    “I look forward to Michael’s contributions as a Canada Goose board member, drawing on his extensive expertise in business development and operations throughout the entertainment industry and the world,” said Reiss. “I am confident that his vast entertainment experience will provide a valuable perspective as we continue to execute on our long-term growth strategy.”

    “I am honored to join the Board of Directors at Canada Goose, which has grown into one of the world’s most coveted lifestyle and performance luxury apparel brands. I look forward to working hand in hand with my fellow Board members and the management team to continue to propel the brand’s growth,” said Armstrong.

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  • Versace Macau boutique reopens at Four Seasons

    Versace Macau boutique reopens at Four Seasons

    Versace announced the re-opening of its boutique in Macau. Situated in the upscale Shoppes at Four Seasons, the store is located at the city’s premier luxury destination. Inspired by Medusa’s hypnotic gaze, the boutique has been renovated following a new concept created by renowned architect Gwenael Nicolas.

    An impressive ceiling embellished with concentric golden louvers surrounding a three- dimensional Medusa dominates the space. Visible from every corner of the store, the mythical woman acts as an anchor, a central figure that incorporates the iconic Versace aesthetic into the interior design.

    The imposing ceiling is contrasted with neutral flooring and walls, crafted from luxurious white marble. Envisioned as exclusive, private salons, showcase areas are enriched with plush carpets and cozy blue velvet armchairs. The muted colors of the space highlight the graphic prints and exceptional fabrication of the latest Versace creations. In a further nod to brand heritage, the golden metal display constructions are enriched with Barocco-infused acanthus leaves

    The 369 square meter boutique features a curated selection of women’s and men’s ready-to-wear and accessories.

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  • Esprit appoints new leadership in latest attempt to resuscitate the brand

    Esprit appoints new leadership in latest attempt to resuscitate the brand

    Esprit has unveiled a new management team in its latest attempt to resuscitate the brand, with Mark David Daley now installed as chief executive officer.

    Daley, 56, is described by Esprit as a 30-year retail industry veteran and was most recently the ceo at the fashion brand, Billy Reid. He has held the ceo position at a number of premium companies including skin-care label Augustinus Bader, stationery goods maker Symthson of Bond Street, upscale grocer Dean & Deluca, and served as Asia Pacific president of Ralph Lauren.

    Daley cut his teeth at DFS Group where he worked for more than two decades, rising to global president of operations and business development. Daley holds bachelor’s degrees in economics and sociology from Stanford University. Daley’s installment is effective beginning Dec. 24 and he replaces Anders Kristiansen, who had been in the role since mid-2018.

    The brand also announced Wan Yung Ting as chief product development officer. Wan, 40, comes from academia, jumping from her former role as an assistant professor for the college of art and design at Beijing University of Technology. Wan previously worked at Taiwanese Far Eastern Textile Ltd., focusing on the application of functional fabrics and sports brands. Wan obtained a Ph.D. in art theory from Peking University, a master of arts in arts and cultural management from Peking University, and a Bachelor of Engineering in fiber and composite Materials from Feng Chia University. Wan’s official start date was also Dec. 24.

    Over the last decade, Esprit has quickly cycled through a number of ceo’s — including Ronald Van der Vis, Jose Manuel Gutierrez and Kristian Andersen — with each restructuring effort seeing only muted effect.

    For the year to June, the company recorded a loss of 3.9 billion Hong Kong dollars, or $515 million, widening from the 2.1 billion Hong Kong dollars the year before. Germany, its most important market, was put into bankruptcy protection this past summer, and its venture with Mulsanne Group to relaunch Mainland China was abruptly called off.

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  • Bauhaus sales tumble as store network shrinks more and faster

    Bauhaus sales tumble as store network shrinks more and faster

    Bauhaus International (0483) said same-store sales growth of its self-managed offline shops fell by 38 percent year-on-year for the three months ended December last year.

    In Hong Kong and Macau, the same-store sales performance of its self-managed retail business fell by 36 percent year-on-year.

    In non-Hong Kong and Macau, same-store sales of self-managed retail businesses fell 68 percent year-on-year.

    For the nine months ended December 2020, Hong Kong and Macau same-store sales fell by 42 percent, and non-Hong Kong and Macau fell by 40 percent from a year ago.

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  • 6ixty8ight opens first franchised store in China

    6ixty8ight opens first franchised store in China

    Hong Kong-based lingerie and fashion label 6ixty8ight has opened its first franchise store in Mainland China.  The 6ixty8ight franchised store is located at Daruncheng Shopping Centre in Henan, its first brick-and-mortar outlet in the province, and spans about 153sqm. It features6 a full range of lingerie, nightwear, loungewear, apparel and accessories.  According to the company, the franchising model is part of 6ixty8ight’s expansion strategy to reach more customers in Asia.

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  • Esprit loses CEO, CFO as board moves head office function back to Hong Kong

    Esprit loses CEO, CFO as board moves head office function back to Hong Kong

    Esprit Group has announced that its CEO Anders Kristiansen and chief financial officer (CFO) Johannes Schmidt-Schultes are both exiting the company next year.

    Kristiansen, who was formerly managing director of New Look, has been at the helm of Esprit since June 2018 and has led the group’s restructuring process during what the company describes as an “extremely difficult” period. He has resigned with immediate effect as an executive director and will remain group CEO until 28 February.

    Similarly, Schmidt-Schultes, who joined in October 2019, has stepped down with immediate effect as an executive director and will also stay on as CFO until 28 February.

    It comes after Esprit’s major shareholder, North Point Talent Limited, in July called for Kristiansen and Johannes Schmidt-Schultes to step down.

    Esprit said Friday that both Kristiansen and Schmidt-Schultes were exiting the company to pursue other business commitments and that they left having “no disagreement with the board”.

    Additionally, Christin Su Yi Chiu has been appointed as a member of the Risk Management Committee of the board, with immediate effect.

    “The board would like to take this opportunity to express its sincere gratitude to Mr. Kristiansen and Dr. Schmidt-Schultes for their valuable contribution to the company during their tenure of office,” Esprit said.

    Esprit Group, which is listed on the Hong Kong stock exchange, said it now plans to relocate its management to Hong Kong.

    Esprit applied for Protective Shield Proceedings for its German subsidiaries back in March after taking a hit from Covid-19 and temporary store closures in Europe and Asia.

    Fast forward to July, and the company announced it would cut 1,100 jobs in Germany as it looked to close around half of its stores in the country.

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