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Recently, Esprit, which had frequent negative news, closed its large Esprit flagship store in CITIC Plaza in Shanghai. Esprit Holdings Esprit Global is currently implementing a store closure program. As part of the transformation plan, the group has decided to close 80 loss-making stores, of which 65 are located in Europe, including the exit from the Spanish, Danish and Swedish retail markets, and the other 15 are located in the Asia Pacific region. At present, more than 50% of stores are closed or in the final negotiation stage.
Esprit sales are deteriorating
As the flagship store of the Shanghai market, Esprit's CITIC Pacific store covers an area of ​​over a thousand square meters, of which the first and second floors operate its branded apparel, and the third floor operates a branded hair salon. Although Esprit has not responded to the reasons for the closure of the flagship store in Shanghai, it is generally believed in the industry that Esprit did not continue to renew the lease after the rent expires, and the rising rents and sales decline are the dual pressures to force its withdrawal.
“Esprit has always been vague about whether to take the luxuries route or occupy the fast fashion market. For this reason, under the influence of international fast fashion such as Uniqlo, ZARA, H&M, and Gap, Esprit pursued by young people has to face the brand aging crisis. One person who had a relationship with CITIC Pacific Shopping Center said. As the management of CITIC Pacific recently adjusted, shopping malls began to adjust to higher-end international brands. Regarding this change, Esprit is unable to do anything, no matter if it is brand positioning or rental affordability.
According to the Hong Kong Stock Exchange, Esprit sales have been deteriorating. Following the three consecutive years of decline in profitability, as of March 31, 2012, Esprit's turnover for the first nine months of the new fiscal year was 24 billion yuan, which was a decrease from the same period last year. 7.2%. The most indicative retail comparable store sales fell by 3%, of which Europe fell by 2.5%, and the Asia Pacific region experienced a larger drop of 7.1%. During the period, Esprit closed its North American loss store. At the same time, the company also plans to close 65 stores in Europe.
As a result of persistent performance, Esprit has been continuously reduced by shareholders. In November of last year, BlackRock reduced the total value of Ecstasy's 417 million Hong Kong dollar shares, its shareholding dropped to 2.16%; in June this year, JP Morgan once again reduced its holdings from 6.02% to 5.88%. In August, Esprit was again reduced to 95.57 million shares by Marathon Asset Management. The Bank of America Merrill Lynch and HSBC also gave Eskeria Global Holdings its rating.
Positioning
The Orient Securities Research Report pointed out that although it is the earliest fashion brand to enter the Chinese market, compared with Esprit, ZARA is a more fashionable and H&M product line.
More abundant, UNIQLO's basic models are more cost-effective. "Following the popularity, we can't afford to lower prices," said Ma Gang, an independent commentator in the apparel industry. Esprit's current position is very slim.
In fact, in September last year, Esprit had said that the brand lost its soul. Ronald van der Weiss, former CEO of the company, stated that he plans to reinvigorate the company’s profits in Europe in four years by improving the design of clothing and will double its sales in China, thereby reversing the The company's unfavorable situation. This reporter learned that the $18.5 billion transformation project, of which RMB 6.8 billion was put on brand redevelopment, was RMB 5.7 billion for opening stores and refurbishing shops.
But in August this year, Esprit appointed ZARA's former Nordic manager Martinez as the new chief executive. According to his disclosure, Esprit will not duplicate the ZARA business model, but will adopt ZARA's business strategy to bring products to market quickly. In this regard, the Bank of America Merrill Lynch worried that changes in executives may make the previous four-year transformation plan further slowed down, especially the Chinese market.
Esprit's reputation declines
Esprit, which used to be the "retailer of shares," has gone from prosperity to decline, and it is not an overnight event. After the company retired from the company in January 2008 after its major shareholder and actress Lin Qing Xia and Xing Liyuan resigned from their posts in the company in January 2008, the senior management of the company began a comprehensive exchange of blood. Pan Zuming, the former chief financial officer with extensive connections in the investment community, Gao Hansi, who served as chairman of the transition period, and his love partner, Thomas Grote, the German fellow countryman, left. However, the collapse of Esprit's stock price did not affect Xing Liyuan’s earnings, and its cash funds are currently sufficient to buy the entire company. It remains to be seen how effective the various initiatives it now implements can be.
As the flagship store of the Shanghai market, Esprit's CITIC Pacific store covers an area of ​​over a thousand square meters, of which the first and second floors operate its branded apparel, and the third floor operates a branded hair salon. Although Esprit has not responded to the reasons for the closure of the flagship store in Shanghai, it is generally believed in the industry that Esprit did not continue to renew the lease after the rent expires, and the rising rents and sales decline are the dual pressures to force its withdrawal.
“Esprit has always been vague about whether to take the luxuries route or occupy the fast fashion market. For this reason, under the influence of international fast fashion such as Uniqlo, ZARA, H&M, and Gap, Esprit pursued by young people has to face the brand aging crisis. One person who had a relationship with CITIC Pacific Shopping Center said. As the management of CITIC Pacific recently adjusted, shopping malls began to adjust to higher-end international brands. Regarding this change, Esprit is unable to do anything, no matter if it is brand positioning or rental affordability.
According to the Hong Kong Stock Exchange, Esprit sales have been deteriorating. Following the three consecutive years of decline in profitability, as of March 31, 2012, Esprit's turnover for the first nine months of the new fiscal year was 24 billion yuan, which was a decrease from the same period last year. 7.2%. The most indicative retail comparable store sales fell by 3%, of which Europe fell by 2.5%, and the Asia Pacific region experienced a larger drop of 7.1%. During the period, Esprit closed its North American loss store. At the same time, the company also plans to close 65 stores in Europe.
As a result of persistent performance, Esprit has been continuously reduced by shareholders. In November of last year, BlackRock reduced the total value of Ecstasy's 417 million Hong Kong dollar shares, its shareholding dropped to 2.16%; in June this year, JP Morgan once again reduced its holdings from 6.02% to 5.88%. In August, Esprit was again reduced to 95.57 million shares by Marathon Asset Management. The Bank of America Merrill Lynch and HSBC also gave Eskeria Global Holdings its rating.
Positioning
The Orient Securities Research Report pointed out that although it is the earliest fashion brand to enter the Chinese market, compared with Esprit, ZARA is a more fashionable and H&M product line.
More abundant, UNIQLO's basic models are more cost-effective. "Following the popularity, we can't afford to lower prices," said Ma Gang, an independent commentator in the apparel industry. Esprit's current position is very slim.
In fact, in September last year, Esprit had said that the brand lost its soul. Ronald van der Weiss, former CEO of the company, stated that he plans to reinvigorate the company’s profits in Europe in four years by improving the design of clothing and will double its sales in China, thereby reversing the The company's unfavorable situation. This reporter learned that the $18.5 billion transformation project, of which RMB 6.8 billion was put on brand redevelopment, was RMB 5.7 billion for opening stores and refurbishing shops.
But in August this year, Esprit appointed ZARA's former Nordic manager Martinez as the new chief executive. According to his disclosure, Esprit will not duplicate the ZARA business model, but will adopt ZARA's business strategy to bring products to market quickly. In this regard, the Bank of America Merrill Lynch worried that changes in executives may make the previous four-year transformation plan further slowed down, especially the Chinese market.
Esprit's reputation declines
Esprit, which used to be the "retailer of shares," has gone from prosperity to decline, and it is not an overnight event. After the company retired from the company in January 2008 after its major shareholder and actress Lin Qing Xia and Xing Liyuan resigned from their posts in the company in January 2008, the senior management of the company began a comprehensive exchange of blood. Pan Zuming, the former chief financial officer with extensive connections in the investment community, Gao Hansi, who served as chairman of the transition period, and his love partner, Thomas Grote, the German fellow countryman, left. However, the collapse of Esprit's stock price did not affect Xing Liyuan’s earnings, and its cash funds are currently sufficient to buy the entire company. It remains to be seen how effective the various initiatives it now implements can be.
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