Esprit closes retail business in Asia

Group streamlines business operations in the wake of COVID-19 pandemic.

Esprit has decided to close its retail stores in Asia outside mainland China. The decision is part of the company’s restructuring initiatives to focus resources and recalibrate operations to cope with the challenges posed by the COVID-19 pandemic. Esprit operates a total of 56 stores across Singapore, Malaysia, Taiwan, Hong Kong and Macau. The region represents less than 4% of the Group’s global turnover.

 “The whole industry has been affected by the global crisis. We first felt the impacts in Asia and now in Europe, where many of our stores have been closed. This is forcing us to look at the contribution all markets make to the Groups’ performance,” says Anders Kristiansen, Esprit Group CEO.

Esprit will continue its joint venture business in mainland China as well as its wholesale and license business in Asia. The store closures will take place in the coming months, and are expected to be completed by 30 June.