×
199
Fashion Jobs
RENOVATE BIOLOGICALS PVT LTD
Area Sales Manager
Permanent · Ahmedabad
BVR PEOPLE CONSULTING
Production Manager/Chennai
Permanent · Chennai
LABCURE DIAGNOSTIC PRIVATE LIMITED
Area Sales Manager
Permanent · Dehradun
BIG SOFT HR SOLUTIONS
Technical Manager (Maintenance & Production) @ Corporate Office
Permanent · Mumbai
ESTÉE LAUDER
Clinique - Consultant - Nykaa Trillium Mall, Amritsar - 40 Hours - Full Time, Permanent
Permanent · Amritsar
L'OREAL GROUP
Executive - Sales
Permanent · Rajkot
LEVI'S
Senior Specialist HR
Permanent · Bengaluru
ALEMBIC PHARMA
Area Development Manager
Permanent · Pune
CENTURY PLYBOARDS (I) LIMITED
Area Sales Manager
Permanent · Aurangabad
KISHOR EXPORTS
Qam - Quality Assurance Manager For Garment Exports Company
Permanent · Ranchi
HERO HOUSING FINANCE LIMITED
Area Sales Manager
Permanent · Nagpur
KISHOR EXPORTS
Production Manager
Permanent · Ranchi
SNEHA SYNERGY SOLUTIONS PVT LTD
Production Manager in Manufacture Company at Sangareddy
Permanent · Sangareddy
CORPORATE RESOURCES
Manager – HR & Admin (Garments)
Permanent · Salem
ELECTRONICA FINANCE LTD
Area Sales Manager - Coimbatore Machinery Loan
Permanent · Coimbatore
CORPORATE RESOURCES
Area Sales Manager (Fmcg)
Permanent · Coimbatore
ZTT INDIA PRIVATE LIMITED
Production Manager
Permanent · Lady Lake
ACADECRAFT PVT. LTD.
Video Production Manager
Permanent · Noida
WINGS PHARMACEUTICALS
Area Sales Manager - Generic Division
Permanent · Palakkad
DIASORIN HEALTHCARE INDIA PRIVATE LIMITED
Area Sales Manager
Permanent · Kochi
PROPERTYXPO.COM
Area Sales Manager – Real Estate Portfolio Management Gurgaon
Permanent · Gurugram
INDOCO REMEDIES LTD
Senior Production Manager
Permanent · Navi Mumbai
Published
Nov 27, 2018
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Esprit announces drastic restructuring, renewed focus on China, wholesale

Published
Nov 27, 2018

Clothing chain Esprit announced a major shake-up in a presentation for investors on Monday as it admitted that its brand identity has become inconsistent and out of touch.


Esprit


The wide-ranging turnaround strategy will see the brand attempt to bring back the “iconic” status it had in the 80s and become known for creating “products, experiences and a brand that lifts the spirit”.

The clothing assortment will be reduced 20-30% from June 2019 to avoid diluting the brand and cut development costs, and the offering will be built around “signature product categories” such as jeans, men’s chinos and t-shirts.

Additionally, there will be a renewed focus on wholesale with a digital tool introduced to make ordering easier for wholesale partners and reduce time-to-market for new collections.

And the Asian market, particularly China, is set to become more predominant for the business. In China, Esprit is planning to open 220 stores by 2023, and 78 further openings are planned for the rest of Asia over the next five years. A new store concept is scheduled to launch there in August 2019.


Esprit


To rebuild its presence in China, Esprit has formed a dedicated design team that will create adapted collections for the Asian consumer, putting a greater emphasis on fit and softer fabrics such as cashmere, wool. And its e-commerce activities will be boosted with a stronger partnership with Tmall, launches on further marketplaces, and a revamped Esprit online store.

The company has also identified the omnichannel approach as a key way forward, as consumer behaviour continues to shift towards online shopping. In addition to being customer focused, it plans to use data to give customers what they want and track the success of its initiatives.

OUTLOOK

But how exactly is Esprit going to achieve all this goals? The company said 40% of its non-store jobs will be cut to eliminate overlapping functions and streamline its operations. Five offices will be merged into one HQ and the executive management team will be reduced by half from 13 to 6 executives.

Whilst Esprit expects a low double-digit revenue decline in the current financial year, it hopes these initiatives, plus a review of its store estate, will help it break even in 2-3 years. But the restructuring and closure of loss-making stores will translate into one-off costs of $1.5- $1.7 billion HK dollars this year.

Copyright © 2021 FashionNetwork.com All rights reserved.