Fashion Group Esprit Wants To End UK Direct Business

< p > Esprit Holdings Limited < a href= "//www.sjfzxm.com/news/index_c.asp" > Si Jie global /a Holdings Limited is considering ending the direct business of the British market and focusing on more profitable wholesale businesses and e-commerce.

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< p > according to British industry media Drapers, EspritHoldingsLimited is implementing a pformation strategy and plans to close the four remaining UK independent stores including London RegentStreet Regent Street flagship store.

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< p > the group has closed more than 10 independent stores in Manchester, Norwich and Canterbury through property consultant HarperDennisHobbs.

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< p > EspritHoldingsLimited (0330.HK) Si Jie world UK < a href= "//www.sjfzxm.com/news/index_c.asp" > retail business < /a > in the first half of fiscal year ended December 31, 2013, sales of HK $39 million (about 3 million pounds) failed to achieve growth, while the sales volume of the approved business reached HK $53 million (about 4 million 100 thousand pounds). The annual growth rate of 39.5% drove the total revenue of the UK to grow 19.5%, which amounted to HK $92 million (about 7 million 100 thousand pounds).

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"P > EspritHoldingsLimited (0330.HK)" Si Jie global "announced in February this year the European business streamlining plan.

The plan includes the closure of 50 poorly managed stores in France and other European countries. It is expected to lay off 100 people in the next year to a year and a half.

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< p > it is reported that the number of < a href= "//www.sjfzxm.com/news/index_c.asp" > French stores < /a > 17, accounting for half of the total number of stores, but Esprit did not disclose specific data and said it would arrange layoffs for the employees.

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"P will maintain its market share in the UK through wholesale and e-commerce channels," said a group spokesman who accepted Drapers's visit. "Esprit will still maintain its market share in the UK through wholesale and e-commerce channels.

As part of the rigorous cost cutting plan, Esprit decided to end some retail outlets in Europe, with a view to strengthening the long-term profitability of the brand. "

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After the end of the British direct business, P (EspritHoldingsLimited) (0330.HK) will continue to operate three franchised stores and multiple department stores in the UK.

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< p > as of December 31, 2013, EspritHoldingsLimited (0330.HK) in the first half of the fiscal year, despite its successful turnaround, it recorded a net profit of HK $95 million, or HK $0.05 per share, but its revenue fell 5.5% to HK $12 billion 810 million.

Group chief executive JoseManuelMartinezGutierrez warned that it would be more difficult to continue to make profits in the second half of the fiscal year.

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< p > EspritHoldingsLimited (0330.HK) Si Jie globe closed at HK $13.38 on Wednesday, up 2.14%.

It has fallen by 10.8% since 2014.

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