Esprit has appointed a new Chief Product Officer and has a number of “exciting developments” in the pipeline to “revive” the brand. Sang Langill, who joined the company in September, has been named the new Chief Product Officer.
The brand will also launch a number of new capsule collections, drawing on its rich history and brand heritage, “as the group adapts its strategy to focus on its e-commerce expansion.
Thursday’s announcement is a clear indication of the return of the Esprit brand to the Asian market, “said the company.
Previously, Esprit had relocated its headquarters to Hong Kong earlier this year after the company undertook a major reorganization after several years of declining sales.
New leadership
In October, President and Executive Director Mark Daley left the company after less than a year at the helm.
Daley joined the company in December last year as part of a restructuring process in which the then CEO Anders Kristiansen, who had headed the company since 2018, and the then CFO Johannes Schmidt-Schultes left the company.
After Daley left, William Eui Won Pak, who joined the company in September as Executive Director and Chief Operating Officer, took over the interim position of CEO.
The restructuring appears to be bearing fruit. In the six months to June 30, Esprit saw a turnaround from loss to profit for the first time since the 2017 annual results. The company reported net income attributable to shareholders of HK $ 121 million for the period compared to a net loss of HK $ 3.67 billion for the same period in 2020.
This translated post previously appeared on FashionUnited.uk.