Esprit Holdings Ltd.’s chairman stepped down on Wednesday, a day after its chief executive said he would resign and less than a year after the fashion retailer embarked on a plan to revitalise its fading brand.
Chairman Hans-Joachim Körber and Chief Executive Ronald van der Vis both cited personal reasons for their departures. Shares of the retailer, known for its casualwear, fell 22 percent Wednesday before they were suspended from trade on the Hong Kong Stock Exchange in early afternoon. The drop wiped USD490 million from Esprit’s market value.
(Source: The Wall Street Journal Online)