Esprit Holdings Ltd (思捷環球控股), a Hong Kong-listed fashion retailer, is set to close all its stores in Asia outside China, including 26 in Taiwan, by the end of next month as it grapples with slumping sales in the region and the COVID-19 pandemic.
Esprit’s Taiwan branch on Tuesday announced that the apparel group has decided to close all 56 retail stores in Singapore, Malaysia, Taiwan, Hong Kong and Macau.
Esprit’s outlets in Taiwan are mainly in department stores and shopping centers.
Shin Kong Mitsukoshi Department Store (新光三越百貨) and Far Eastern Sogo Department Store (遠東Sogo百貨) said that they had received Esprit’s notification, while others said they had not, but had previously been notified of changes to their locations, with some to shut down by late last month or this month.
Esprit said the decision was made as part of its effort to cope with the challenges posed by the coronavirus pandemic.
“This is the right step for Esprit as the coronavirus pandemic has had a dramatic impact on our business,” Esprit Group CEO Anders Kristiansen said in a statement on the company’s Web site.
“Under these proceedings, we are able to preserve liquidity and focus on the restructuring. We want to secure the future of this tremendous brand, and be ready for the opportunities that arise when this is all over,” Kristiansen said.
Esprit’s retail sales in Asia fell 44.2 percent in the nine months to March 31, and more than 90 percent of its revenue during that period was generated in Europe, according to reports.
The stores being shut down generated revenue of HK$267 million (US$34.44 million) during the nine months, less than 4 percent of total group turnover. It currently has 82 stores in China.
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