Apparel / Textiles & Accessories

Esprit CEO William Pak said in an interview on Monday that as the fast-fashion model faces growing criticism, the company is focusing on higher-priced, sustainable, high-quality clothing and has given up competing with fast-fashion peers. A clean, youthful image returns to the market, with the goal of returning sales to double-digit growth.

At present, Esprit has reduced the series released annually from 12 to 4, and renewed the lease agreement with the Hong Kong headquarters building, and will re-enter the major markets in the United States and Asia in the second half of the year.

ESPRIT, a subsidiary of Esprit, was once the leading brand in the field of fashion apparel at home and abroad, but with the continuous appearance of new brands in the fast fashion market and the rapid development of the e-commerce industry, ESPRIT's advantages are no longer significant, and product style and positioning are difficult to maintain. ESPRIT, which has been at a high level in the past and has been losing revenue all the way, is finally going downhill.

However, in the 2021 financial report released in April this year, Esprit achieved its first profit since the financial year ended June 30, 2017. Perhaps it was this year's earnings that gave Esprit a shot in the arm for a comeback.