Esprit
ESPRIT HOLDINGS PLANS to upgrade all 77 of its mainland stores to fend off increasing competition from countless market entrants.
Deputy chairman Heinz Jurgen Krogner-Kornalik said Esprit, as a foreign brand, had to reinforce its position as a market leader in China after seeing rivals pump huge resources into retail facilities nationwide.
'A lot of retailers from Europe and other countries have expanded into this huge market,' he said.
Esprit saw net profit rise 76.2 per cent from a year earlier to $1.65 billion for the six months to December, thanks to strong growth in Europe - source of 85 per cent of its revenue - and currency gains from the surging euro.
Esprit has 620 directly managed retail stores and sells its products through more than 8,700 wholesale points of sale, occupying 580,000 square metres of retail space in about 40 countries.
