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ESPRIT HOLDINGS Loses Control of EU Subsidiaries; European Biz to Shift Towards Wholesale & E-commerce
ESPRIT HOLDINGS (00330.HK) announced that Swiss, Belgian and German insolvency courts have handed down their orders for the commencement of insolvency proceedings over the assets o...
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ESPRIT HOLDINGS Loses Control of EU Subsidiaries; European Biz to Shift Towards Wholesale & E-commerce
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ESPRIT HOLDINGS (00330.HK)  +0.001 (+0.763%)   announced that Swiss, Belgian and German insolvency courts have handed down their orders for the commencement of insolvency proceedings over the assets of ESRA and BEBR and for the commencement of self-administration proceedings over the assets of the German Subsidiaries respectively.

The Company is no longer considered to have control over these entities and their respective subsidiaries. Accordingly, the financial results of the Relevant EU Entities, as more particularly set out below, have been deconsolidated from those of the Group.

For FY23 ended 31 December 2023, the aggregate total revenue generated by the Relevant EU Entities was approximately HK$5.261 billion, representing approximately 89% of the total revenue of the Group. Their aggregate operating costs for FY23 amounted to approximately HK$3 billion, which is the primary reason the Group as a whole recorded significant losses for FY23.

The key intangible assets of the Group, being the intellectual property rights associated with the “ESPRIT” brand, are currently owned by the Company’s other subsidiaries. It is not the current intention of the Company to permanently exit from the European market and the Company is formulating preliminary plans to rebuild its business operations in Europe.

Recognizing an opportune juncture, the Company’s current intention is to gradually exit the unprofitable retail business in Europe and pivot towards a new business model centered on wholesale and e-commerce by leveraging its well-established brand presence and influence in the European market and substantial customer base.

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