Esprit Holdings, a fashion retailer that is on the road to recovery, is gearing up for a comeback in Asia with a renewed focus on higher quality fashion. In an interview with Bloomberg Television, the company’s CEO, William Pak, revealed that Esprit’s products are now more expensive compared to before. This change in strategy comes after the brand shuttered all its 56 stores in Asia early last year.

The Asian comeback of Esprit will kick off with the opening of a flagship store in Causeway Bay, Hong Kong next month. Additionally, the brand has already launched a pop-up store in Seoul, South Korea in April. The objective is to have at least one physical store in every key Asian market where Esprit has an online presence. Nonetheless, e-commerce will remain the primary focus for the company.

Esprit has already introduced online platforms in several Asian countries and territories, including South Korea, Hong Kong, Taiwan, and the Philippines. By the end of this year, the brand plans to expand its e-commerce reach to mainland China, Singapore, and Thailand.

Apart from its retail strategy, Esprit has also made significant changes to its brand profile. The CEO highlighted that they are aiming for exponential revenue growth and want to emphasize that Esprit is not a fast-fashion brand. To achieve this goal, the company has reduced the number of its collections from 12 per year to just four, with the addition of limited edition collections in collaboration with partners. Esprit has also relocated its headquarters to Asia, where the majority of its suppliers are located.

These strategic adjustments have proven fruitful for Esprit, as the company achieved its first profit last year, with a net income of HK$381 million ($48.5 million).

Overall, Esprit’s plans to shift towards higher quality, slower fashion and make a comeback in Asia signify a change in strategy that aims to resonate better with consumers and drive revenue growth. With a combination of physical stores and e-commerce expansion, the brand is positioning itself for success in the Asian market.

Useful Links:
Esprit Official Website
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