, the once high-flying Hong Kong fashion retailer before it plummeted into years of losses, is planning a comeback in Asia.
The company is now focusing on better-quality clothing that is more expensive than fast-fashion apparel but more sustainable, according to the company's chief executive officer. After closing all of its stores in Asia in early 2020 due to Covid-caused lockdowns, it is coming back to Asia.
A pop-up store opened in South Korea in April, and a flagship store in Hong Kong is scheduled to open next month. The company wants to have a signature store in key Asian markets where it has an online presence. It plans to expand into mainland China, Singapore and Thailand by the end of the year after launching online platforms in South Korea, Hong Kong, Taiwan and the Philippines.
The fast- fashion model is facing increasing criticism over environmental, social and governance issues such as wastefulness. The company, which became a global household name in the 1980s and 1990s, is hoping to return to its heydays of double-digit growth.
The revenue is being targeted for exponential growth. sprit takes a long time to be realized in the company
One of the world's most competitive fashion markets is crowded with global giants who are expanding aggressively China's Shein, which is eyeing an initial public offering in the US as soon as 2024, is one of many fast-fashion brands that are changing to focus on sustainable fashion.
The fashion company has reduced its fashion cycles from 12 to four a year in order to be more sustainable. Most of the company's suppliers are in Asia so it has relocated its headquarters back to Hong Kong.
In the first five years of the strategy, the company turned a profit.
The group was founded in 1968 by Susie and Doug Tompkins and went global in the 70s after meeting a Hong Kong businessman. The brand's US stores and catalog business were shut down in 1996.
The Asian unit grew as US sales fell. The public was able to buy shares of the Hong Kong-based unit in 1993. In 1996, she bought the European unit of the company and changed its name to ESPRIT. In February 2002, he paid $150 million for the US rights to the brand.
The company was dropped from Hong Kong's benchmark index after sales plummeted.
In Hong Kong, the company's stock was worth around $450 million.
David Ingles and Yvonne Man assisted.
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