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Thursday, December 01, 2022

Esprit returns to the United States a decade later and prepares the inaugural Battery

Esprit returns to the United States a decade later and prepares the inaugural Battery

Esprit bet on the United States. fashion distribution company Is back in the North American market a decade after shutting down its entire network in the country With the opening battery planned for 2023.

Esprit’s first project on return to the country this is a pop up store In Los Angeles, at the corner of Third Street and Robertson Boulevard, The establishment will be operational until December and, next year, will set up a permanent store in the opposite premises at number 143 on Esprit Boulevard.

In addition to the company’s own brand product, the store will include apparel from local Los Angeles designers. With the inauguration, Esprit returns to its home state of California, where it was founded in 1968 by Susie and Doug Tompkins.,

Looking forward to 2023, Esprit plans other openings in major commercial centers in the United States, Specifically, the company will open two stores in New York, one in SoHo and another on Fifth Avenue.

To expand its presence throughout North America, Esprit is in the process of finding locations to open stores in Canada., especially in the cities of Vancouver and Toronto. This year, the company plans to relaunch its online store on the continent.

In 2012, Esprit closed 93 of its US outlets after several years of poor performance in the country. Since then, the Hong Kong-listed company has focused its business on Europe.,

Now, the company has resumed its expansion in the US market and Last September, it launched the opening of an innovation center in New York called Esprit Future., The space will serve as offices for the firm’s design team.

This step is taken by Esprit Cast A. happens after profit alert It warned in late August that it expected an 89% drop in its profit and a 6% drop in sales in the first half of the current year.

A New Way for Esprita

german company It has recently announced the appointment of Anna Andjelic as its new Brand Director., The executive will lead the firm’s creative and design team from its innovation center in New York with the aim of “redefining the identity and bringing new concepts and talent to Esprit.”

Director, who has just assumed his office, Was Banana Republic’s brand director, for just over a year, until December 2021, Before that, Andjelic has also led rebranding Holds positions as director of strategy at women’s fashion firm Rebecca Minkoff’s and Spring Studios or head of digital strategy at The Barbarian Group and Droga 5.

Esprit is one of the world’s largest fashion distribution groups, and with the outbreak of the global financial crisis in 2008 and the decline in consumption, its sales began to suffer and the company began to decline. In 2020, the company plans to return to profitability within two years And last year it closed its first fiscal year in four years in the black.

In June 2020, Hong Kong businessman Karen Lo Ki-yan became a majority shareholder and called an extraordinary meeting to suspend the entire board of directors, although she later withdrew.

In recent months, Esprit has reshuffled its management team with appointments such as William Pak, as interim CEO following the departure of the company’s former chief operating officer, Mark David Daly. Last March, Esprit appointed Pak as CEO and named Brian Wong as the new CFO.

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