Sales may have fallen again at Esprit in the first three months of the year, but the company seems to think that its restructuring plan is yielding results, although its full recovery is clearly some way off.
The Spanish fashion brand reported revenues of €201.3 million in 2018, driven by a 21% increase in international sales. International markets including Europe, South America and Asia now account for 28% of its revenue.
Esprit on Tuesday posted a bigger loss for the first half amid changes in consumer behaviour, price competition and reduced customer traffic across its distribution channels due to weakness of its brand.
Gerry Weber International, the parent company of German clothing brands including Gerry Weber and Hallhuber, has filed for insolvency in Bielefeld’s bankruptcy court in a bid to restructure the business.
Currently in the process of restructuring, the apparel group has condensed two roles into one new position, naming Mia Ouakim as its first chief product and brand officer – and she'll have a lot to be getting on with.
The news doesn't get any better for Esprit with the fashion giant saying that its fiscal first quarter was tough. And the warm summer weather continuing into early autumn seems to have been partly to blame.