×
1 222
Fashion Jobs
ALEXANDER MCQUEEN
Collection Coordinator Assistant
Permanent · LONDON
ESTÉE LAUDER
Clinique - Consultant - Boots, Oxford - 24 Hours - Part Time, Permanent
Permanent · Oxford
ESTÉE LAUDER
Clinique - Consultant - Boots, Sedley Place London - 37.5 Hours - Full Time, Permanent
Permanent · London
PAUL SMITH
Office Administrator
Permanent · NOTTINGHAM
FRASERS GROUP
Trainee Commercial Manager
Permanent · SHIREBROOK
FOREO
Key Account Manager
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - John Lewis Edinburgh - 26 Hours - Part Time, Permanent
Permanent · Edinburgh
BEARA BEARA
Marketing Executive (Taiwanese)
Permanent · LONDON
BRANDLAB 360 - HULA
Hula by Barbara Hulanicki – Wholesale Sales Manager
Permanent · LONDON
HOMEGOODS
Loss Prevention Detective
Permanent · Countryside
TK MAXX
10933-Loss Prevention Officer Sth Ruislip
Permanent · Ruislip
TK MAXX
10933-Loss Prevention Officer Haringey
Permanent · London
ESTÉE LAUDER
Aveda Haircare Category & Marketing Planning Manager
Permanent · London
ESTÉE LAUDER
Mac - Area Sales And Education Manager - London - Maternity Cover
Permanent · London
RALPH LAUREN
Operations Manager - Gretna
Permanent · Gretna
LUXURY RECRUIT
Head of Digital - Luxury
Permanent · LONDON
LUXURY RECRUIT
Brand Director - Luxury
Permanent · LONDON
LEVI'S
Mobile App Trading & Operations Manager
Permanent · London
BLACK PR
Sales Account Manager
Permanent · LONDON BOROUGH OF HACKNEY
ESTÉE LAUDER
Clinique - Consultant - Boots, Inverness - 18 Hours - Part Time, Permanent
Permanent · Inverness
RELY RECRUITMENT
Head of Finance / Finance Manager
Permanent · LONDON
LEVI'S
Performance Marketing Manager
Permanent · London
Published
May 3, 2018
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Esprit to close all 67 stores in Australia, New Zealand

Published
May 3, 2018

Fashion group Esprit Holdings Ltd said on Thursday it plans to shutter all retail stores in Australia and New Zealand, as the region continues to prove loss-making for the Hong Kong-listed company.


Esprit


All 67 stores will be affected across the two nations and 350 staff will lose their jobs, said management.

In a statement to the Hong Kong stock exchange on Thursday, Eprit said it had been unprofitable in the local market for some time and had made the decision to quit the market by the end of 2018.

"The group's decision is unfortunate but unavoidable," local director of operations Stehen Newnham said.

On an operations level, Esprit currently boasts 16 retail stores, 13 factory outlets and 38 concession stores inside department store Myer.

Elaborating on the decision, Esprit said the move will save the company HK$200 million in one-off costs from provisions for store closures and the impairment of store assets. 

The cost savings would allow it to focus on other Asian markets such as Singapore, Malaysia, China, Hong Kong and Tawain.

In fiscal 2017, Esprit's Australia and New Zealand markets contributed HK$297 million in revenue, less than two percent of its total revenue.

Founded in 1968, the Californian company -- whose headquarters are now in Germany and Hong Kong -- first entered the Australian market in the early 1980s. 

Meanwhile, in its most recent earnings announcement this week, Esprit Holdings said revenue for the nine months, ended March 31, totalled HKS11.8 billion, a decline of 10.9 percent year-over-year.

The company's third-quarter retail sales, excluding online revenues, came to HK$1.4 billion, down 17.1 percent from a year ago.

Copyright © 2022 FashionNetwork.com All rights reserved.