The chief executive of Esprit Holdings struck an upbeat tone as the company embarks on a global expansion, predicting the worst is over for fashion retail despite soaring inflation and supply chain pressure. William Pak said the fashion house was staging an ambitious comeback by returning to the US, Australia and mainland China, with new outlets opening in Shanghai and Los Angeles by early next year.
Esprit, a Hong Kong-listed fashion retailer that reached its heyday in the 80s and 90s, recorded its first profit in five years with a HK$381mn ($48.5mn) net income.
Part of its new strategy has been to distance itself from fast fashion giants such as Zara, H&M and China’s Shein and focus on producing more expensive, higher quality clothing.
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