Once high-flying Hong Kong fashion retailer before it tumbled into years of losses, Esprit Holdings is planning a comeback in Asia, turning away from a fast-fashion strategy where it failed to compete with brands such as Zara and H&M.
The company is now focusing on better-quality clothing that is more expensive than fast fashion apparel but more sustainable, says William Pak, CEO. It also set up uplo 56 stores in Asia in early 2020 amid coronavirus-induced lockdowns.
A pop-up store opened in Seoul in April, and a flagship outlet in Hong Kong’s Causeway Bay shopping centre is set to open next month.
While the focus will remain on e-commerce, the company wants to have at least one signature store in vital Asian markets where it also has an online presence.
It has launched online platforms in South Korea, Hong Kong, Taiwan and the Philippines, and plans to expand into mainland China, Singapore and Thailand by the end of the year.
