ESPRIT To Shut 56 Stores Across Asia, Including S’pore & M’sia, By 30 Jun

[kobayashiGT]

ESPRIT To Shut 56 Stores Across Asia, Including S’pore & M’sia, By 30 Jun

source: https://mustsharenews.com/esprit-asia-stores-singapore/

ESPRIT To Shut All Stores In Asia Except Mainland China By 30 Jun After Suffering Worsening Sales

Apart from claiming thousands of lives, Covid-19 has been the demise of businesses around the world too. The latest to go is Hong Kong-based fashion giant ESPRIT.

Struggling to cope with the Covid-19 pandemic, the group announced that they’ll be closing all stores in Asia, except for Mainland China, by 30 Jun.

ESPRIT closing 56 stores in Asia end June

According to South China Morning Post (SCMP), all 56 stores in Singapore, Malaysia, Taiwan, Hong Kong, and Macau will be shut.

In an effort to overcome major challenges due to the coronavirus outbreak, the closures will reportedly help the group restructure their focus of resources and revise operations.

But at a hefty cost, evidently.

SCMP says the store closures will lose the group between S$27.5 million (HK$150 million) and S$36.6 million (HK$200 million) in one-off costs.

Focus on Europe markets instead

InsideRetail.asia reports that the decision to close comes after ESPRIT’s drastic drop in sales over the last 9 months.

Things took a turn for the worse from March onwards when Covid-19 eventually crippled communities and economies around the world.

But, this doesn’t mean the end of the journey for ESPRIT. They’ll continue to run wholesale and licensing businesses, as well as joint venture business, in Mainland China.

They are also setting their sights on Europe markets, and will focus instead.

Farewell for now, ESPRIT

Once a high-street brand, ESPRIT is well-loved for their vibrant, retro style of fashion. If your mum and aunt are fans, it’s probably best to break the sad news to them.

We do hope they’ll be able to make a comeback in Asia, after Covid-19 is over. For now, we wish them all the best in recovering from major financial losses.

[13177]

Espirit also closed down?! 

[Silver_blade]

9 minutes ago, kobayashiGT said:

ESPRIT To Shut 56 Stores Across Asia, Including S’pore & M’sia, By 30 Jun

source: https://mustsharenews.com/esprit-asia-stores-singapore/

ESPRIT To Shut All Stores In Asia Except Mainland China By 30 Jun After Suffering Worsening Sales

Apart from claiming thousands of lives, Covid-19 has been the demise of businesses around the world too. The latest to go is Hong Kong-based fashion giant ESPRIT.

Struggling to cope with the Covid-19 pandemic, the group announced that they’ll be closing all stores in Asia, except for Mainland China, by 30 Jun.

ESPRIT closing 56 stores in Asia end June

According to South China Morning Post (SCMP), all 56 stores in Singapore, Malaysia, Taiwan, Hong Kong, and Macau will be shut.

In an effort to overcome major challenges due to the coronavirus outbreak, the closures will reportedly help the group restructure their focus of resources and revise operations.

But at a hefty cost, evidently.

SCMP says the store closures will lose the group between S$27.5 million (HK$150 million) and S$36.6 million (HK$200 million) in one-off costs.

Focus on Europe markets instead

InsideRetail.asia reports that the decision to close comes after ESPRIT’s drastic drop in sales over the last 9 months.

Things took a turn for the worse from March onwards when Covid-19 eventually crippled communities and economies around the world.

But, this doesn’t mean the end of the journey for ESPRIT. They’ll continue to run wholesale and licensing businesses, as well as joint venture business, in Mainland China.

They are also setting their sights on Europe markets, and will focus instead.

Farewell for now, ESPRIT

Once a high-street brand, ESPRIT is well-loved for their vibrant, retro style of fashion. If your mum and aunt are fans, it’s probably best to break the sad news to them.

We do hope they’ll be able to make a comeback in Asia, after Covid-19 is over. For now, we wish them all the best in recovering from major financial losses.

Do we still have ESPIRIT here? Cannot remember the last time I saw one.

Ok maybe one @ Plaza Singapura?

[Picnic06-Biante15]

3 minutes ago, 13177 said:

Espirit also closed down?! 

COVID-19 killed It'spirit .....  👻

 

[kobayashiGT]

7 minutes ago, Silver_blade said:

Do we still have ESPIRIT here? Cannot remember the last time I saw one.

Ok maybe one @ Plaza Singapura?

I remb there is one at tampines one and parkway parade.

Great world have one also, i think.

[Lala81]

6 minutes ago, Silver_blade said:

Do we still have ESPIRIT here? Cannot remember the last time I saw one.

Ok maybe one @ Plaza Singapura?

quite a number.

I always buy my berms from their warehouse outlet. All my berms are from Espirit.
My wife also buys tee shirts. I also have some tee shirts from them. Their tee shirt materials are very suited for SEA weather. Not Dri-fit type, but suitable for sweaty me...

Quite sad to be honest, I've been buying their clothes on-off for almost 15-20 years.

[Ronkovic]

Esprit used to be a big hit in the 80's to 90's where it was one the more popular brands for impressionable teenagers and young adults. Back then I think even its brand perception was pretty high, and it was able to command the high price point. The designs, quality of materials was better then too. Sadly, as it entered the 2000's, the brand became to wane as it didn't really evolve from its old identity or innovate much design-wise, but yet retained a its higher price point. Hence, it lost out to more of the rising value mass-market brands like Muji, Uniqlo, Zara, Forever 21, Topshop, Topman, H&M etc; who came into the market with trendy designs adapted from current runway looks or trending styles in popular culture, but at a more affordable price point. 

Personally, I was a big fan of Esprit back in the old days - loved their shirts, pants, berms and even tees back then. They were also one of the few with 'louder' and bolder prints and I enjoyed their floral shirts (always a big fan); Even their secondary products e.g. wallets, pencil boxes, pouches were damn trendy back then too. And if you had those, you commanded a certain level of street cred back in primary / secondary school and JC. And we were always smart enough to save up, wait for current season to end, then head down to the factory outlet at Boon Keng to get the stuff cheaper. 

Guess its always  sad to see that some good things from our past just having to come to an end. 

[Silver_blade]

That's quite a lot of outlets in singapore. Bet their biz was on a decline for years...otherwise should not have to close so many stores just cos of COVID-19

[Lala81]

5 minutes ago, Ronkovic said:

Esprit used to be a big hit in the 80's to 90's where it was one the more popular brands for impressionable teenagers and young adults. Back then I think even its brand perception was pretty high, and it was able to command the high price point. The designs, quality of materials was better then too. Sadly, as it entered the 2000's, the brand became to wane as it didn't really evolve from its old identity or innovate much design-wise, but yet retained a its higher price point. Hence, it lost out to more of the rising value mass-market brands like Muji, Uniqlo, Zara, Forever 21, Topshop, Topman, H&M etc; who came into the market with trendy designs adapted from current runway looks or trending styles in popular culture, but at a more affordable price point. 

Personally, I was a big fan of Esprit back in the old days - loved their shirts, pants, berms and even tees back then. They were also one of the few with 'louder' and bolder prints and I enjoyed their floral shirts (always a big fan); Even their secondary products e.g. wallets, pencil boxes, pouches were damn trendy back then too. And if you had those, you commanded a certain level of street cred back in primary / secondary school and JC. And we were always smart enough to save up, wait for current season to end, then head down to the factory outlet at Boon Keng to get the stuff cheaper. 

Guess its always  sad to see that some good things from our past just having to come to an end. 

Actually if i want to compare average quality of the clothes, 

In general, I feel that Esprit stuff is better quality compared to h&m (which would be pretty much it's generational successor). Quite long lasting.
Topman/topshop stuff is quite lousy lol. Zara some stuff ok, some stuff not particularly good quality.

[Soya]

Esprit was more of a ladies brand. Never ever bought anything from them.

It's one of those 80s & 90s brand like Giordano whose glory days are (long) behind them. Surprised it was still chugging along. Expensive, ho-hum designs and no USP

We'll probably say the same of Uniqlo in 10 yrs time....lol

 

[Soya]

38 minutes ago, Lala81 said:

Actually if i want to compare average quality of the clothes, 

In general, I feel that Esprit stuff is better quality compared to h&m (which would be pretty much it's generational successor). Quite long lasting.
Topman/topshop stuff is quite lousy lol. Zara some stuff ok, some stuff not particularly good quality.

Nowadays it's fast disposable fashion. Buy cheap, wear a few times, and buang when the next season is in.

Where got like the old days we buy jeans, shirts that last 10-20 years? Liddat the retailers bankrupt liao

 

[Sdf4786k]

1 hour ago, Silver_blade said:

Do we still have ESPIRIT here? Cannot remember the last time I saw one.

Ok maybe one @ Plaza Singapura?

Have.. at bendeemeer and IMM. 

 

[Lala81]

2 minutes ago, Soya said:

Esprit was more of a ladies brand. Never ever bought anything from them.

It's one of those 80s & 90s brand like Giordano whose glory days are (long) behind them. Surprised it was still chugging along. Expensive, ho-hum designs and no USP

We'll probably say the same of Uniqlo in 10 yrs time....lol

 

I bought several sets of uniqlo stuff to wear to work before this CB started.
I think their stuff is good VFM. 

Espirit was always a bit on the pricier side. But their warehouse outlet actually got a lot of cheap stuff. 

Giordano can't really compare at all. Lol.

[Lala81]

2 minutes ago, Soya said:

Nowadays it's fast disposable fashion. Buy cheap, wear a few times, and buang when the next season is in.

Where got like the old days we buy jeans, shirts that last 10-20 years? Liddat the retailers bankrupt liao

 

haha i still wear for many years. But then since we work, actually time spent wearing casual clothes is quite little.

It's what youngsters want to wear la. Haha they are the discretionary retail consumer.

[kobayashiGT]

3 minutes ago, Lala81 said:

I bought several sets of uniqlo stuff to wear to work before this CB started.
I think their stuff is good VFM. 

Espirit was always a bit on the pricier side. But their warehouse outlet actually got a lot of cheap stuff. 

Giordano can't really compare at all. Lol.

I like giordano jeans! haha. very comfortable.

[Stratovarius]

40 minutes ago, Lala81 said:

Actually if i want to compare average quality of the clothes, 

In general, I feel that Esprit stuff is better quality compared to h&m (which would be pretty much it's generational successor). Quite long lasting.
Topman/topshop stuff is quite lousy lol. Zara some stuff ok, some stuff not particularly good quality.

My friend who once worked in the fashion industry told me not to buy esprit stating the material they used is quite poor quality. I have one shirt, colour faded and material harden. 

Then again, I don't really like the retro style of clothes and is quite overpriced. Uniqlo is more of my style. 

[13177]

1 hour ago, Silver_blade said:

Do we still have ESPIRIT here? Cannot remember the last time I saw one.

Ok maybe one @ Plaza Singapura?

Changi city point have one Espirit.

[Soya]

2 minutes ago, Lala81 said:

I bought several sets of uniqlo stuff to wear to work before this CB started.
I think their stuff is good VFM. 

Espirit was always a bit on the pricier side. But their warehouse outlet actually got a lot of cheap stuff. 

Giordano can't really compare at all. Lol.

Uniqlo is the Giordano of today

Almost everyone has clothes from there. Go Jeepun holiday oso buy Uniqlo...lol.

Definitely VFM. Just like the ubiquitous Giordano Blues jeans that almost everyone was wearing last time. haha