• ESPRIT: Fresh outlook.
    ESPRIT: Fresh outlook.

Esprit is pulling up stumps in Australia and New Zealand. 

The international retailer will shut 16 stores, 38 concessions, 13 factory outlets and its local eCommerce platform by the end of the year.

The brand's local operations currently contribute $50 million in sales, less than 2% of global revenue.

Esprit CFO Thomas Tang said it followed tough trading conditions for the brand here.

“Esprit’s operations in Australia and New Zealand have been loss making for some time, despite intensive efforts made by the teams in the past years to turnaround its business.

“In order to strengthen our foundation, the Group intends to withdraw from these markets and this will allow us to concentrate efforts and resources to develop other markets in Asia."

The move will cost up to $33 million in store closure provisions and asset impairments.


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