Retail in Asia


Ahead of rebrand, Esprit announces annual financial results

Esprit Holdings has announced its annual results for 2022, ahead of the launch of its rebrand set for sometime mid-2023.

The group, which has been listed on the Hong Kong Stock Exchange since 1993, said it recorded a total revenue of HKD 7.063 billion (USD 899.75 million) and gross profit margin of 40.7 percent, a year-on-year drop of 15 percent and 7.9 percentage points respectively.

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William Pak, Esprit’s executive director, chief executive officer and chief operating officer, said: “Despite occasional slowdown in our performance as impacted by several external factors, the Company and the management team are consistently building a solid foundation for rebound.”

New plans for the brand’s retail and omnichannel strategy are already in place, Pak added.

Founded in California by Susie and Doug Tompkins in 1968, the brand was originally inspired by the revolutionary spirit of the 1960s and gained popularity around the world for its laid-back tailored basics, peaking in the 1980s and 1990s.

Esprit’s new headquarters in New York City houses numerous functions, from global design, creative, and marketing to branding.

The brand’s new global identity distills its brand origins into three pillars: playful, modern, and cool, focusing on modernising the brand heritage to resonate across generations.

Following the brand’s return to the United States, which saw pop-up stores in fashion capitals Beverly Hills and Soho in Manhattan, Esprit plans to launch a series of pop-up stores in Asia, starting with Hong Kong and Seoul. Esprit shuttered all of its 56 stores in Asia, excluding Mainland China, in June 2020.

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Esprit will also revamp its omnichannel platform, featuring a new loyalty program, gamification elements and personalised shopping experience to bridge the online and offline experience. A dedicated e-shop has launched in several new key markets including America, Canada, Australia, South Korea, Hong Kong, Taiwan, the Philippines, Thailand, and Singapore.