Esprit to cut 40% of its work­force; shifts its fo­cus on on­line re­tail­ing

Apparel Online - - RETAIL CURRENT -

Hong Kong-based cloth­ing man­u­fac­turer and brand, Esprit has an­nounced that in a bid to re­turn to the profit earn­ing phase and com­pete against the on­line and fast-fash­ion re­tail­ers, it will ter­mi­nate 40 per cent of its em­ploy­ees and shut­ter stores glob­ally. The com­pany also marked out that it will re­duce the num­ber of prod­ucts from its of­fer­ings by up to 30 per cent and will fo­cus more on neu­tral colours such as black, grey and white. The re­duc­tion in ap­parel as­sort­ment is ex­pected to take place by June 2019. The of­fer­ings now will be fo­cused more on the brand’s sig­na­ture prod­ucts like jeans, men’s chinos and T-shirts. Re­port­edly, the com­pany agreed that it has lost touch with its au­di­ence and to im­prove the same, the ap­parel la­bel is now look­ing at shift­ing its fo­cus to­wards an om­nichan­nel ap­proach, as shop­pers nowa­days tend to shift more to­wards e-re­tail­ing.

Ad­di­tion­ally, Esprit is also work­ing to­wards en­hanc­ing its on­line pres­ence and it has col­lab­o­rated with Tmall and will of­fer its prod­ucts on other plat­forms along with re­struc­tur­ing its ex­clu­sive on­line mar­ket­place. It is im­por­tant to add here that the com­pany is tar­get­ing to open 220 stores in China by the end of 2023 and 78 ad­di­tional stores are also on the blue­print for the brand across the rest of Asia.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.