HONG KONG: Esprit share price slides on CEO exit
Esprit suspended the trading of shares in its company today (13 June) after its share price slid following the resignation of its CEO.
The company, which is in the middle of a restructuring plan, announced yesterday that executive director and group CEO Ronald van der Vis will leave the company on or before 1 July.
Esprit said van der Vis is resigning for personal and family reasons, wanting to pursue other interests.
"The Board regrets this, but respects Mr van der Vis's decision to devote more time to his personal endeavours. Mr van der Vis has confirmed that he has no disagreement with the Board and there is no matter that needs to be brought to the attention of the shareholders of the company in relation to his resignation," Esprit said in statement on the Hong Kong stock exchange.
On the back of the announcement, the clothing brand's share price dipped 23% to a low of HK$10.36. The company suspended trading on the back of the fall.
In September last year, the company announced a broad transformation plan which saw it exit North America, exit its retail businesses in Spain, Denmark and Sweden as well as closing down under-performing stores worldwide.
As part of the plans, it is working to develop new branding and sourcing strategies, while growing its presence in China.
Esprit has pledged to eliminate all hazardous chemicals from its textile and clothing supply chain by 2020, joining the Roadmap to Zero initiative launched by a number of leading brands and retailers ...
Hong Kong-based clothing retailer Esprit has seen its share price jump 22% after former chairman Michael Ying has more than doubled his interest in the company....
A group of buyers representing some 20 global brands and retailers is this week visiting Bangladesh as part of a wider regional tour to explore sourcing alternatives to China....
Fashion retailer Esprit and its sourcing agent Li & Fung have been targeted by protesters in Hong Kong, Turkey and Thailand in a series of demonstrations accusing them of failing to pay wages and seve...
Top stories on just-style this week included a pledge by Marks & Spencer to eliminate hazardous chemicals from its supply chain by 2020, strong third-quarter profits at VF Corp, and news that Esprit i...
Hong Kong-based clothing brand Esprit is looking to raise up to HK$5.2bn (US$670m) through a rights issue to fund the execution of its transformation plan....
- Software solutions enhance speed and visibility
- Portugal footwear makers underpin industry growth
- Supply chain weighs on Kering's green footprint
- Texprocess & Techtextil 2015: Material innovations
- What Marks & Spencer's numbers mean for clothing
- China to reduce apparel import taxes
- Q1 apparel results in brief: DSW, Chico's
- New black dye meets sustainability standards
- Gap brand sales continue to fall short
- Cotton USA brand launched in India