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ESPRIT Store

Key Information

Esprit Holdings Limited (Chinese: 思捷環球控股有限公司) is a global publicly traded retail company incorporated in Bermuda,[1] with headquarters in North Point, Hong Kong, and further major locations in Ratingen, Germany; Amsterdam, Netherlands; and New York City.[2][3][4] The company offers an assortment of clothing, accessories, footwear, jewelry, and housewares under the Esprit label.[5]

Esprit operates in more than 30 markets in Europe, Asia and America. It has about 20 partner stores in Southeast Asia and about 50 in Latin America. In Europe, the brand has 160 retail stores and approximately 400 franchise stores. They also have two pop-up stores in the United States in Los Angeles and New York.[6]

History

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Early years

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Founded in 1968, Esprit was the first clothing line established by Susie and Doug Tompkins (also co-founders of The North Face) and was initially sold out of a VW bus, with the Tompkins' San Francisco-based apartment serving as the brand’s headquarters.[7]

In 1979, Esprit brought on graphic designer John Casado—who designed the branding trademark of the first Macintosh computer—to develop and design the brand’s stencil-effect logo.[8][9]

In 1985, the brand debuted its legendary "Real People Campaign," photographed by photographer Oliviero Toscani and featuring Esprit employees, architects, and designers, among them Ettore Sottsass, the Italian architect and founder of the Memphis Group.[10][11] Sottsass was also commissioned to build Esprit’s European headquarters in Düsseldorf, Germany, as well as set the visual direction for the brand’s retail stores.[12] Other noteworthy architects and designers who contributed to the Esprit brand include Antonio Citterio and Norman Foster.[13]

Transitional period

[edit]

Throughout the late 1990s and into the 2000s, Esprit experienced significant and rapid financial growth in multiple markets outside of the United States. At its highest point, Esprit Holdings’ market capitalization was over US$20 billion. Since the 2008 financial crisis, Esprit Holdings has faced a series of financial and market-share setbacks.[14][15] With the onset of the COVID-19 pandemic, Esprit gradually closed all stores in China, Taiwan, Singapore, Hong Kong, Malaysia, and Macau.[16]

Brand comeback

[edit]

William Pak was appointed as Executive Director and Chief Operating Officer in September 2021[17] and became interim CEO in October 2021, and subsequently named permanent CEO of Esprit in March 2022.[18] In April 2022, Esprit reentered the Asian market with the opening of a long-term pop-up store located in Seoul, South Korea and followed by another pop-up store in Hong Kong in the summer of 2022.[16] By the fall of 2022, after five years of losses, the company returned to profitability with a $48.5 million profit on $1 billion in revenues.[19][20]

Ana Andjelic was appointed as the Chief Brand Officer in December 2022 to oversee the brand’s creative and marketing teams.[21][20] In 2023—and following the brand’s reintroduction to New York City with a short-term pop-up on Prince Street — Esprit unveiled an experiential store space on Greene Street in Soho.[22] As part of the brand’s new creative focus and direction, it launched a series of high-profile campaigns by photographer Richard Phibbs.[23]

In April 2024, the Belgian franchise of Esprit filed for bankruptcy,[24] with the expected closure of its 15 self-operated stores and 148 job losses. The Swiss franchise had already filed for bankruptcy in March 2024.

In May 2024, the European operations of Esprit collapsed into administration for the second time in four years. The company stated that its operations would continue for now, and that 1,500 employees would be affected.[25] In June 2024, the company's Danish operations filed for bankruptcy.[26] In July 2024, the company's Dutch unit went bankrupt in the Netherlands.[27] In October 2024, Esprit's US operations filed for Chapter 7 bankruptcy.[28]

Product lines

[edit]

Beginning in 2023, the brand adopted a new approach to its design strategy. As part of the new design strategy, Esprit will offer a seasonless selection of eight hero or “signature,” products — a multisystem parka, “soft” suit, tracksuit, soft skirts, logo chunky knits, button-down shirts, jeans, and a locker bag. In 2023, Esprit eliminated its EDC label and consolidated the brand’s line under the Esprit name.[29]

Esprit products include a variety of apparel, including apparel essentials, casual sportswear, and other specialty capsules and collections for men, women, and children. The brand’s assortment also includes sportswear, swimwear, and activewear. Additionally, Esprit carries accessories such as bags, shoes, and underwear for men, women, and children.[30] Esprit Home offers an assortment of furniture, carpet, wallpaper, lighting, decorative pieces, home textiles, and bathroom accessories. The Esprit Kids World line includes maternity clothing, toys, strollers, and nursery furniture.

See also

[edit]

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Esprit Holdings

View on Grokipedia
from Grokipedia
Esprit Holdings Limited is a Bermuda-incorporated, Hong Kong-based primarily engaged in the , licensing, sourcing, , and retailing of products under the Esprit , focusing on apparel, footwear, accessories, and related goods. Founded in 1968 in by Susie Tompkins and as a casual label inspired by the movement, the company expanded globally in the through partnerships with Hong Kong manufacturers, leading to the establishment of its Asian headquarters and eventual listing on the in 1993 as Esprit Far East. Over the decades, Esprit Holdings evolved into a multinational group, peaking in the and with a reputation for colorful, youthful designs sold through thousands of stores worldwide, including over 1,000 directly operated outlets at its height. In 2002, entrepreneur consolidated global operations under Esprit Holdings by acquiring the U.S. brand rights, but the company faced mounting challenges from fast-fashion competitors like Zara and , resulting in declining sales, delisting from the in 2013, and multiple leadership changes. In 2020, its European subsidiaries filed for insolvency proceedings due to the , which were resolved by the end of that year, leading to further deconsolidation in subsequent years—including major proceedings in 2024—and a strategic pivot toward licensing and Asian markets. As of 2025, under CEO William Eui Won Pak, Esprit Holdings employs approximately 55 people and operates with a market capitalization of around HK$334 million, concentrating on higher-quality, sustainable collections reduced to four seasonal lines annually while expanding licensing agreements and e-commerce in Asia. For the first half of 2025, the company reported revenue from continuing operations of HK$6.59 million—a 75% decline year-over-year—due to the European exit, and a net profit attributable to shareholders of HK$1.3 million, including HK$22.1 million in gains from deconsolidation of discontinued operations, despite a HK$20.8 million loss from continuing operations, as part of ongoing restructuring efforts. This shift positions Esprit as a leaner entity emphasizing brand licensing over direct retail, with operations now centered in Hong Kong and select Asian markets.

History

Founding and Early Expansion

Esprit Holdings traces its origins to 1968, when Susie Tompkins (then Susie Russell) and her friend Jane Tise co-founded the Plain Jane Dress Company in , . The duo initially designed and sold simple, casual dresses to local boutiques, operating out of the back of a to distribute their products. This approach reflected the laid-back, countercultural spirit of the era, targeting young women with affordable, easy-to-wear clothing inspired by California's lifestyle. In 1969, Susie Tompkins's husband, Doug Tompkins, joined the venture, bringing his business acumen from co-founding . Under his influence, the company shifted from dresses to a broader line of colorful, casual sportswear, emphasizing natural fabrics and relaxed fits for active young women. The name was changed to Esprit de Corp in 1970, evoking a sense of spirited camaraderie that aligned with the brand's vibrant aesthetic. This pivot helped Esprit stand out in the competitive apparel market, blending functionality with playful designs that captured the essence of 1970s . Key milestones marked Esprit's early growth in the 1970s. The company opened its first boutique store in in 1971, transitioning from wholesale to direct retail and allowing greater control over brand presentation. By 1978, annual sales had surpassed $100 million, fueled by innovative and expanding distribution. That same year, independent subsidiaries were established in and to facilitate international wholesale, laying the groundwork for broader reach while maintaining U.S. operations as the core. These developments solidified Esprit's position as a rising force in American . Through the early 1980s, Esprit experienced rapid expansion, with sales growing from $120 million in 1979 to $700 million by 1985, driven by targeted catalog marketing that reached consumers nationwide and the opening of additional retail outlets. By 1987, the company operated 14 stores across the , including locations in major cities like New York and , emphasizing experiential environments that highlighted the brand's ethical . Under Susie Tompkins's leadership, Esprit introduced progressive practices in the early 1980s, reflecting a commitment to amid growing consumer awareness. The personal dynamics between the founders shifted as Doug Tompkins increasingly focused on environmental activism in the mid-1980s, leading to their in 1989. Susie Tompkins retained full control of Esprit following the settlement, steering the company through its domestic buildup while prioritizing sustainable and humane practices that became hallmarks of the brand.

International Growth and Peak

Esprit's international expansion accelerated in the late 1980s, building on its early European foothold in established in 1976, where it quickly became the company's largest market by the through aggressive retail and wholesale strategies. By 1986, the brand had achieved worldwide sales of $800 million, reflecting robust growth across and initial Asian operations. This momentum continued into the with deepened penetration in countries and further European markets, driving revenue expansion as the company shifted focus from its U.S. origins to global scaling. A pivotal milestone came in 1993 when Esprit Holdings Ltd. conducted its on the , raising capital specifically for Asian market development and effectively relocating its headquarters to to oversee international operations. This listing marked a strategic pivot, enabling the company to consolidate control over its growing Asian and European units. By the early 2000s, annual revenue had surged to over HK$20 billion by fiscal year 2005, fueled by this dual-continent dominance, with accounting for the majority of sales. Product diversification supported this growth, including the introduction of men's and children's apparel lines in the , alongside accessories, and licensing partnerships for launched in 1995 and jeans collections. Leadership transitioned in the mid-1990s as co-founder Susie Tompkins stepped down from her executive role in 1992, allowing the company to emphasize global branding under new management focused on operational efficiency. By 2006, core operations were centered in for Asian strategy and for European oversight, reflecting the brand's bifurcated yet integrated structure. Key milestones included surpassing 1,000 stores worldwide by the mid-2000s and establishing a strong foothold in through joint ventures beginning in the late 1990s with partners like Enterprise, which facilitated rapid store openings in major cities.

Decline and Restructuring

The 2008 global financial crisis severely affected Esprit Holdings, resulting in a decline from HK$37.2 billion in fiscal year 2008 to HK$33.7 billion by 2010, driven by cautious customer ordering in wholesale channels and the of some clients. This downturn was exacerbated by the company's prior overexpansion and rising competition from fast-fashion retailers like Zara and , which captured younger demographics with quicker and lower prices. In response to mounting losses, Esprit exited the U.S. market in 2012 by closing all 93 North American stores, a move aimed at stemming ongoing unprofitability in a region contributing less than 4% of global sales. The company also reduced its European footprint during 2011-2013, closing dozens of underperforming outlets across countries including , the , and as part of broader cost-control measures. Restructuring intensified in the mid-2010s with a management shakeup, including the appointment of José Manuel Martínez Gutiérrez as CEO in to oversee operational reforms; by 2015, efforts focused on through supplier consolidation and a strategic pivot to core markets in and . These initiatives involved rationalizing the store network and enhancing efficiency in distribution to address persistent profitability issues. The period from 2010 to 2019 brought substantial financial strain, with annual net losses reaching HK$3.7 billion in 2015 alone amid weak European demand and fluctuations; cumulative losses over the decade exceeded HK$10 billion, prompting equity raises to avert delisting risks from the . The further intensified challenges in 2020, leading to permanent closures of stores worldwide, including all 56 outlets in outside and significant closures in , which contributed to a 24% plunge to US$1.28 billion for the . In response, Esprit accelerated its digital sales strategy, boosting e-commerce penetration to offset physical retail disruptions.

Recent Developments and Revival Attempts

Following the , Esprit Holdings launched e-commerce platforms in key Asian markets including , , , and the to support its revival efforts. These initiatives, announced as part of a broader to depart from and emphasize higher-quality, slower production cycles, also included plans for expansion into , , and . Complementing this digital push, Esprit established partnerships with supply chain entities starting in 2022 to integrate sustainable materials into select apparel lines, aligning with its updated Sustainable Materials Policy and commitments to and transparency. Esprit encountered significant setbacks in 2024, including the of its Belgian operations, which resulted in the closure of 15 stores and the loss of 148 jobs. This event formed part of a series of insolvencies across , leading to the full exit from direct retail by mid-2024 after shutting down approximately 160 stores in countries such as , , and . In response to these challenges, Esprit announced a strategic shift to a licensing model during 2023 and 2024, ceasing in-house clothing design and production in July 2024 to focus on intellectual property management and licensing expansion. This transition included new licensing agreements for product categories such as eyewear, with ongoing partnerships like the Esprit eCollection line emphasizing sustainability. The company aimed to grow licensing revenue through deals in Asia and the Middle East, building on prior arrangements for items like jeans and home goods via regional partners. Leadership changes in 2024 supported this pivot, with appointments such as Anthony Nicola Stripoli as an in February, aimed at optimizing assets and streamlining operations. Further bolstering financial restructuring, shareholders approved a capital reorganization in August 2025, consolidating every ten shares into one and adjusting the board lot size to enhance share structure efficiency. In 2025, Esprit intensified efforts to recover in the market through its existing with Mulsanne Group, which continued to manage operations amid ongoing loan support from the parent company. This focus on , including potential sales of trademarks to inject capital, underscored the company's strategy to stabilize core Asian presence while exploring innovative brand engagement avenues. In October 2024, Esprit's subsidiaries filed for Chapter 7 bankruptcy, leading to the of remaining operations .

Business Operations

Corporate Structure and Leadership

Esprit Holdings Limited is an investment holding company incorporated in with limited liability on November 16, 1993, and listed on the (HKEX) under ticker 00330 since its that year. The company maintains its global headquarters at China United Centre in , , overseeing a network of subsidiaries focused on brand licensing, sourcing, and . Key subsidiaries include Esprit GmbH, which filed for under self-administration in May 2024 amid operational challenges in the European market, and various n entities handling regional licensing and distribution, though direct retail operations in were largely wound down by 2020. As a publicly traded entity, Esprit Holdings has a dispersed with no single controlling family following the departure of founders and Susie Tompkins in the early 2000s. Insiders hold approximately 27.92% of shares, while institutional investors account for about 1.49%, including notable stakes from LP (1.17%) and Norges Bank (0.34%) as of mid-2025 filings. This broad shareholder base reflects the company's transition from founder-led growth to institutional oversight during its restructuring phase. Current leadership emphasizes licensing strategies and financial recovery, with William Eui Won Pak serving as and since March 2022, succeeding a period of executive turnover. Christin Su Yi Chiu has been Executive Chairman since 2021, guiding board decisions on cost optimization and brand revitalization. The board comprises eight members, including independent non-executive directors with expertise in finance and restructuring, such as Tsui Fong Liu ( Chair) and Xing Shu Liu (Compensation Committee Chair), to ensure compliance and strategic oversight amid ongoing challenges. In , Esprit Holdings implemented enhancements, including a capital reorganization approved in that consolidated shares and adjusted the board lot size from 2,500 to 10,000 shares effective September 8, aimed at improving trading liquidity given the company's low of around HK$335 million as of November . These measures align with HKEX listing rules, focusing on maintaining minimum and enhancing during a period of . The global employee base has contracted sharply to approximately 38 staff as of June —primarily at the headquarters—down from a peak of over 30,000 in the mid-2000s, reflecting extensive cost-cutting and a pivot to asset-light licensing models.

Global Presence and Distribution Channels

Esprit Holdings' global operations as of 2025 are concentrated primarily in , with a core emphasis on , , and , where the brand maintains licensed outlets. Although direct retail operations were largely wound down by 2020, the company has initiated revival efforts, including the opening of a flagship store in Hong Kong's in November 2025. Direct retail presence remains minimal, having shifted toward wholesale arrangements with partners in the and regions to reduce operational risks and . This streamlined footprint reflects the company's strategic pivot away from expansive owned-store networks amid ongoing financial challenges. The evolution of Esprit's distribution channels has been marked by a transition from more than 3,000 owned stores during its peak in the to a licensing-dominated model by 2025, enabling greater flexibility and lower overheads. Key partnerships include franchisees in markets such as and , which facilitate localized retail expansion without direct from the parent company. In parallel, the relies on sourcing from over 1,000 factories across , predominantly in and , with a longstanding commitment to ethical labor standards initiated in the and reinforced through regular audits. Digital channels play a pivotal role in Esprit's modern distribution strategy, with facilitated via the official esprit.com website and dedicated mobile applications, contributing around 30% of total sales in 2024. Logistics are supported by partnerships with global providers like to ensure efficient international shipping and fulfillment. Regionally, stands out as the primary growth hub via licensing agreements and e-commerce platforms such as and , while the company executed a complete withdrawal from the and most European markets by the end of 2024 following proceedings.

Products and Brands

Apparel and Footwear Lines

Esprit's women's apparel lines form the core of the brand's offerings, established as a casual sportswear mainstay since the 1970s with key items including jeans, tops, and dresses designed for everyday versatility. The brand features distinct collections such as Esprit Collection, which emphasizes premium casual styles with higher-quality fabrics and refined silhouettes, and Esprit Casual, focused on affordable, accessible pieces for daily wear. These lines target a broad mass-market demographic of women seeking comfortable, optimistic fashion that aligns with modern lifestyles. Men's apparel was introduced in the to expand the brand's reach, incorporating staples like polo shirts, chinos, and outerwear suited to urban professionals. The Esprit Men sub-brand emphasizes relaxed yet polished looks, drawing on the company's signature casual ethos to appeal to working men in metropolitan settings. This segment complements the women's lines by offering coordinated family-oriented styling options. Children's wear under the Esprit Kids line, launched in the , caters to ages 0-14 with playful prints, durable constructions, and an increasing use of sustainable fabrics to promote eco-conscious . The collection includes vibrant outfits like coordinated sets and activewear, reflecting the brand's joyful aesthetic while prioritizing comfort and growth-friendly designs. It forms a significant part of Esprit's family-focused portfolio, now managed through licensing for global consistency. Esprit's footwear offerings, branded as Esprit Shoes, encompass , boots, and crafted for casual integration with apparel lines, often featuring versatile styles for seasonal adaptability. The brand has pursued collaborations, including with European partners for limited-edition seasonal lines that incorporate innovative materials like vegan alternatives. These products target the same mass-market consumers as the apparel, emphasizing durability and style alignment. At the heart of Esprit's design ethos is a colorful, optimistic styling inspired by , promoting effortless authenticity and joyful living through bold prints and bright hues. The brand releases four annual collections, ensuring fresh iterations while offering size-inclusive options up to XXL to accommodate diverse body types. Licensee partners handle design under strict brand guidelines, prioritizing quality, sustainability, and regional relevance to maintain a uniform global image.

Accessories and Lifestyle Products

Esprit's accessories and lifestyle products encompass a variety of non-apparel items designed to complement its offerings, including , jewelry, bodywear, and home goods such as and bath linens. These products are primarily developed and distributed through licensing agreements with specialized partners, allowing Esprit to leverage expertise in , , and global reach while maintaining brand consistency. The line, a key component since the 1980s, features optical frames and that blend casual style with functionality. Esprit has maintained a longstanding licensing partnership with the Charmant Group for the design, production, and worldwide distribution of its collections. This collaboration was renewed in 2019 for an additional multi-year term and further extended in 2025, ensuring continued innovation in shapes, materials, and on-trend aesthetics suitable for everyday wear. Jewelry and bodywear offerings include silver pieces, watches, and , emphasizing accessible luxury and versatility. In 2017, Esprit entered a new licensing agreement with Versteegh Modeaccessoires, effective from July 1, to handle the production and distribution of its jewelry line, focusing on fashionable yet affordable items like necklaces, earrings, and bracelets. Bodywear, such as intimate apparel, aligns with the brand's ethos of comfort and style, often incorporating soft fabrics for daily use. Home and lifestyle products, introduced in the early , feature bedding, bath linens, and housewares that extend the Esprit aesthetic into domestic spaces. Collections include 100% bedding sets and towels in vibrant, modern patterns, distributed via licensed partners. These items prioritize quality and trend-driven designs, with options for classic and bold aesthetics to suit various home environments. Sustainability has become integral to Esprit's accessories and lifestyle portfolio, with a focus on eco-friendly materials to meet evolving consumer demands. The company's 2024 Environmental, Social, and Governance Report notes historical use of certified recycled synthetic fibers in products, compliant with the Global Recycling Standard (GRS) or Recycled Claim Standard (RCS), including in accessories like bags and home textiles, as highlighted in prior reports. Earlier initiatives, such as a 2017 capsule using recycled fabrics, laid the groundwork for broader adoption. Under the current licensing model, specific sustainability targets have been suspended, with licensees encouraged to prioritize sustainable practices. In 2024, Esprit restructured toward an management model, prioritizing licensing expansion for accessories and lifestyle items to create an asset-light operation. This shift enables broader through third-party licensees and retailers, generating revenue from royalties while reducing direct production risks.

Financial Performance

Esprit Holdings Limited, incorporated in 1993 and listed on the , experienced robust financial growth in its early years, driven by expansion in and through high-volume wholesale channels. By the early , the company's annual revenue had surpassed US$1 billion from operations in these regions, reflecting strong demand for its casual apparel and accessories. Profit margins during the and early averaged around 20-21% on an operating basis, supported by efficient wholesale distribution that minimized retail overheads and capitalized on brand popularity in key markets like . In the mid-2000s, revenue accelerated significantly, reaching HK$20.6 billion for the ended June 30, 2005, a 26% increase from the prior year, with net profit climbing 67% to HK$3.34 billion. This growth continued into the late , with annual revenue approaching HK$34 billion by 2010, fueled by European sales that accounted for over 80% of total turnover and benefited from the euro's strength against the , which enhanced reported figures in . Operating margins remained healthy at approximately 21% during this peak period, though EBITDA specifics are not detailed in available reports; European expansion contributed substantially, with turnover in the region rising 9% year-over-year in to HK$25.7 billion. However, rapid store openings and international growth led to a 20% rise in overhead costs pre-2008, straining as administrative and expenses outpaced in some segments. The post-2008 period marked a , with peaking at HK$33.7 billion in 2010 before declining to HK$19.4 billion by 2015 amid slowing European demand and competitive pressures. Cumulative losses from 2011 onward escalated, culminating in a net loss of HK$3.7 billion for fiscal 2015, as operating losses reached HK$3.7 billion including provisions for impairments and store closures. In response, the company completed a repayment in February 2015, eliminating its remaining HK$260 million bank loan and achieving a debt-free status, which reduced overall liabilities through lower interest-bearing obligations and optimization. Key metrics deteriorated, with gross margins contracting from around 50% in the early —supported by in wholesale—to approximately 40% by 2019 due to increased discounting and costs. also slowed to about 3 times annually in the , from higher levels of 5-6 times in the prior decade, reflecting overstock issues in a contracting retail environment. Influencing factors included adverse currency fluctuations, such as the euro's volatility post-2008, which eroded profitability on Asia-sourced goods, and the cumulative impact of expansion-related overheads that had ballooned during the growth phase. These elements, combined with the onset of the , shifted Esprit from a high-growth trajectory to a focus by the mid-2010s.

Recent Results and Challenges

Note that the end changed to in 2020, making the period ended , 2020, a 6-month transition year. From 2020 to 2023, Esprit Holdings experienced significant fluctuations and overall challenges amid the and market pressures, with total group revenue for the short transition year ended , 2020, at HK$1,770 million, increasing to HK$8,316 million in before declining to HK$7,063 million in 2022 and HK$5,912 million in 2023, primarily due to store closures, reduced , and deconsolidations in key markets. Net losses widened significantly during this period, culminating in a HK$2,339 million loss in 2023, driven by high operating expenses, inventory write-downs, and impairments on assets in and . For continuing operations, revenue from core activities contracted to HK$50 million in 2023, reflecting the of underperforming units and a pivot away from direct retail. In 2024, the company reported revenue of HK$42 million from continuing operations, a 16% decrease from the prior year, while total group revenue fell to HK$1,593 million following asset sales and subsidiary disposals. The net loss attributable to shareholders narrowed to HK$1,227 million, a 47.54% improvement year-over-year, achieved through cost-cutting measures including staff reductions and facility closures. For the first half of 2025, revenue plummeted 75% year-over-year to HK$6.59 million, with a net loss of HK$20.8 million from continuing operations, though discontinued operations yielded a profit of HK$22.1 million due to deconsolidation gains. As of November 2025, Esprit's market capitalization stood at approximately HK$334 million, with shares trading at about HK$1.18. Key challenges persisted into 2024 and 2025, including ongoing operational losses from insolvencies of European subsidiaries, such as those in , , and , which incurred legacy costs like high rents and oversized workforces. By the end of 2024, the group had drawn down HK$109 million in loan facilities, leaving HK$111 million unutilized to support liquidity amid these pressures. Geopolitical tensions and disruptions further exacerbated risks, particularly in due to , energy costs, and conflicts. On a positive note, licensing showed resilience, increasing 20% to HK$66 million in 2024 from HK$49 million in continuing operations the prior year, as the company shifted toward an asset-light model with new partnerships in and . For 2025, Esprit anticipates stabilizing operations in through focused licensing and cost controls, with management forecasting a 12-month sufficiency from January 2025, though EBITDA is expected to remain negative around -HK$500 million amid restructuring efforts.

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