Esprit, the retail company currently undergoing a restructuring drive, is facing a potential battle in the boardroom as its largest shareholder demands the removal of CEO Anders Christian Kristiansen. North Point Talent Ltd, which recently acquired a 13% stake in the company, is calling for an urgent extraordinary shareholder meeting to oust Kristiansen and director Johannes Georg Schmidt-Schultes. Furthermore, North Point is advocating for the appointment of new executive directors Marc Andreas Tschirner, Christian Chiu, and Wai Wong.

This move by North Point, an investment vehicle controlled by Vitasoy heiress Karen Lo, has sparked speculation of a potential takeover bid, as the purchase of the stake amounted to USD $17 million. However, Esprit’s legal troubles in Germany, its largest market, could complicate any takeover plans. The company recently made the decision to close its Asia retail business and announced the closure of 50 stores and the elimination of over 1,000 jobs in Germany. These challenges, along with the impact of the ongoing COVID-19 pandemic, have put Esprit in a precarious position. The company has faced financial struggles for years and has made multiple attempts at turnaround programs in the past decade.

In response to North Point’s demands, Esprit management has welcomed the increased shareholding and has expressed their willingness to engage in open and transparent dialogue with shareholders concerning the company’s business strategy. They also expressed surprise at North Point’s proposal to remove the executive directors, particularly as Esprit is currently in a crucial phase of implementing their restructuring initiatives in Germany.

This power struggle within Esprit is occurring at a crucial juncture for the company, as it strives to overcome the challenges of the retail industry and transform its operations. The outcome of the extraordinary meeting and the decisions made by the shareholders will have significant implications for the future path of Esprit.

Links:
– [Esprit Official Website](https://www.esprit.com/)
– [Esprit Stock Information](https://www.bloomberg.com/quote/333:HK)