Esprit, the apparel group are to close all its stores in Asia, except those in Mainland China, by the end of June. The decision follows an appalling slump in sales during the last nine months, the final nail in the coffin, so to speak was in March, when the coronavirus pandemic hit.
All 56 company-run stores located in Malaysia, Singapore, Taiwan, Hong Kong and Macau will close, but the company says the sales through those shops represented less than 4 per cent of group turnover during the nine months to March.
However, the company will continue to operate wholesale and licensing businesses in those markets, suggesting the brand will endure, most likely through department stores and multi-brand stores.
