Esprit

Esprit Holdings (HK stock code 330) is a clothing retailer and wholesale distributor with its primary listing in Hong Kong and a secondary listing in London. It has retail space in more than 40 countries and it also controls the RED EARTH brand name, distributing its cosmetic products in the Asia-Pacific region.

Esprit recovery hinges on cost controls amid revamp

Facing questions are (from left) finance chief Thomas Tang, CEO Jose Manuel Martinez and chairman Raymond Or. Photo: David Wong

Esprit cannot "survive at the current level" of operating expenses, chief executive Jose Manuel Martinez said after a general shareholders meeting yesterday.

Wednesday, 4 December, 2013, 6:27am

Esprit chief vows to cut costs after HK$4.39b loss

Jose Manuel Martinez promised a fast comeback. Photo: Edward Wong

The struggling firm, from which two senior executives resigned within 24 hours last year, fell short of its own recovery targets. Esprit had estimated it would achieve 8 per cent to 10 per cent sales growth, but sales declined 11.5 per cent year on year instead.

11 Sep 2013 - 4:45am 1 comment

Earnings alerts paint grim picture for Hong Kong-listed firms

Next Media warned of a substantially widening loss in the latest fiscal year to the end of March

Hong Kong-listed companies have issued almost 50 warnings over the past month about substantial profit declines or losses as the mainland economic recovery continues to look shaky.

16 May 2013 - 4:12am 1 comment

Store-cutting Esprit warns of more pain

Too many shoppers are walking past Esprit stores, such as this one in Singapore's Orchard Road, forcing a focus on costs. Photo: Bloomberg

Esprit expects sales to continue to decline over the next financial year and a turnaround for the struggling fashion retailer is not likely until next year.

Chief executive Jose Manuel Martinez Gutierrez told investors yesterday that store closures would lead to a further slide in sales revenue in the next financial year to June.

15 May 2013 - 4:01am

Esprit shares fall sharply in Hong Kong after broker downgrades

Esprit is halfway through an HK$18 billion transformation programme aimed at reviving its fortunes. Photo: Bloomberg

The shares fell as much as 7.3 per cent in the morning before closing at HK$10.38, down 4.8 per cent on a day when the Hang Seng Index rose 0.86 per cent.

9 May 2013 - 4:39am

Fashion chain Esprit heading for 'substantial' yearly loss

Operating losses have continued at Esprit, which lost HK$465 million in the six months to December. Photo: Jonathan Wong

The group said it expected to record a substantial loss in the second half of the year to June and hence an overall substantial loss for the full year. Esprit lost HK$465 million in the six months to December.

8 May 2013 - 5:33am

Lightening the load as Esprit sinks lower into loss

Jose Manuel Martinez Gutierrez

Apart from trimming costly marketing and advertising campaigns, the load may be lightened by ditching a design team tailor-made for the mainland market, a team whose effectiveness was questioned by the fashion group's new chief executive, Jose Manuel Martinez Gutierrez.

4 Mar 2013 - 4:39am

Esprit prepares investors for second-half loss

Esprit has missed estimates five years in a row. Photo: Reuters

Embattled global casual wear retailer Esprit warned investors it might record a loss for the six months to December 31, owing mainly to worse-than-expected results since October.

19 Dec 2012 - 2:37am

The goods

The goods

3 Dec 2012 - 4:56pm

Esprit shares plunge on rights issue

Esprit chairman Raymond Or (R) talks to newly appointed Esprit chief executive Jose Manuel Martinez Gutierrez during the company’s annual results briefing on September 26. Shares in the company plunged on Wednesday on news of a rights issue to help fund its restructuring. Photo: AFP

Shares in Hong Kong clothing retailer were down 15.9 per cent in early trade on Wednesday on the company’s plans to raise about HK$5.2 billion through a rights issue as part of a transformation plan to revive the brand.

24 Oct 2012 - 10:52am

Stock price fall and analyst downgrade greet new Esprit chief

Esprit Holdings welcomed its newest chief executive with a two-day stock decline and an analyst downgrade as the apparel retailer's earnings missed estimates for the fifth consecutive year.

After Jose Manuel Martinez Gutierrez took control on Wednesday, the stock fell 5.67 per cent to HK$11.64 yesterday.

28 Sep 2012 - 2:54am

European debt crisis key to Esprit sales, outgoing chief says

Jose Manuel Martinez Gutierrez (left) will take over from Ronald van der Vis as the chief executive of Esprit. Photo: Jonathan Wong

A deepening of the European debt crisis may hurt sales at clothing retailer Esprit, outgoing chief executive Ronald van der Vis warned yesterday.

Van der Vis resigned as the Hong Kong-listed retailer's chief executive and executive director yesterday, and will be replaced by former Inditex executive Jose Manuel Martinez Gutierrez.

27 Sep 2012 - 3:48am

Esprit transforms stores to offer a better shopping experience

Oil paintings, sculptures, comfortable sofas, a walnut tea table and plenty of green plants.

These design elements - usually seen in galleries or coffee shops - have inspired Esprit to create its new-generation "Lighthouse" outlets.

10 Sep 2012 - 3:30am

Clothing chain Esprit aims to regain role as a retail fashion leader

An Esprit "Lighthouse" or boutique concept store in Cologne reflects the company's new approach to the retail fashion business. Photo: Esprit

When Esprit last month announced it had hired a senior executive from rival Inditex - the company behind Zara - many took it as a sign the fashion retailer wanted to emulate its successful Spanish competitor as a way of revitalising its own brand.

But new chief executive Jose Manuel Martinez Gutierrez has other ambitions.

10 Sep 2012 - 3:32am

Coup or coincidence? Analysts struggle to understand Esprit's string of resignations

The situation at Esprit is settling down. The share price of the Hong Kong-listed global fashion house has stabilised after it dropped 32 per cent in two days following the resignation of the chief executive, on June 12, and the exit of the chairman, on June 13.

A conference call was hosted on June 14 to soothe investors and that seems to have worked.

25 Jun 2012 - 12:00am

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