Apart from claiming thousands of lives, Covid-19 has been the demise of businesses around the world too. The latest to go is Hong Kong-based fashion giant ESPRIT.
Struggling to cope with the Covid-19 pandemic, the group announced that they’ll be closing all stores in Asia, except for Mainland China, by 30 Jun.
According to South China Morning Post (SCMP), all 56 stores in Singapore, Malaysia, Taiwan, Hong Kong, and Macau will be shut.
In an effort to overcome major challenges due to the coronavirus outbreak, the closures will reportedly help the group restructure their focus of resources and revise operations.
But at a hefty cost, evidently.
SCMP says the store closures will lose the group between S$27.5 million (HK$150 million) and S$36.6 million (HK$200 million) in one-off costs.
InsideRetail.asia reports that the decision to close comes after ESPRIT’s drastic drop in sales over the last 9 months.
Things took a turn for the worse from March onwards when Covid-19 eventually crippled communities and economies around the world.
But, this doesn’t mean the end of the journey for ESPRIT. They’ll continue to run wholesale and licensing businesses, as well as joint venture business, in Mainland China.
They are also setting their sights on Europe markets, and will focus instead.
Once a high-street brand, ESPRIT is well-loved for their vibrant, retro style of fashion. If your mum and aunt are fans, it’s probably best to break the sad news to them.
We do hope they’ll be able to make a comeback in Asia, after Covid-19 is over. For now, we wish them all the best in recovering from major financial losses.
Featured image adapted from ION Orchard.
Though stallholders had seen her there, none of them reported it to the authorities.
His cause of death is unknown.
The items covered the entire expanse of the corridor.
It never hurts to be prepared if you’re travelling to earthquake-prone regions.
SIA had offered 10,000 KrisFlyer miles each, but they turned down the offer.
Customers praised the stall for having good food at a cheap price.