HONG KONG: Esprit share price up as ex-chairman lifts stake
Hong Kong-based clothing retailer Esprit has seen its share price jump 22% after former chairman Michael Ying more than doubled his stake in the company.
Ying increased his share from 4.8% to 10.33% on 7 November, according to filings on the Hong Kong Stock Exchange. As a result, the group's share price was up 22.03% to HK12.96 today (15 November), adding to speculation Ying may rejoin the board.
However, Esprit said it has not received any such request from Ying. If there was a request, it will subject to discussion and consideration, a company statement added.
The news comes after one of the retailer's shareholders, Lone Pine Capital, and Esprit director Jurgen Friedrich disposed of most of the rights allotted to them. Hedge fund sponsor Pine has disposed of 62.538m rights, while Friedrich divested 22.776m rights.
Last month, the company said it was looking to raise up to HK$5.2bn (US$670m) through a rights issue to fund its transformation plan.
Apparel sales in the Asia Pacific region are continuing on a golden growth trajectory despite a slowdown in China. Domestic brands are continuing to hold their own, and foreign brands intent on making...
Esprit's plans to rejuvenate its brand have been described as a "total calamitous failure" by one analyst after the fashion retailer's turnaround efforts yet again failed to gain traction....
Struggling fashion business Esprit Holdings has issued a profit warning on the back of one-off charges likely to cost the company up to HK$2.75bn (US$354m)....
Hong Kong listed Luen Thai Holdings, one of the world's leading apparel manufacturing and supply chain services providers, has completed its US$55m acquisition of Singapore-based Ocean Sky Group....
Hong Kong-based fashion retailer Esprit has added three more former Inditex executives to its team to lead the company's new corporate strategy as well as develop and implement some of its major proje...
European activists have been detained by Cambodian police after taking part in a protest outside the E Garment clothing factory near Phnom Penh....
Troubled Hong Kong-based fashion retailer Esprit has swung to a first half loss after reductions in operating costs failed to offset lower sales....
- Impact of the TPP on the US textile industry?
- Cambodia's future outsourcing prospects uncertain
- JC Penney emphasises new merchandising strategy
- Crystal Group nurtures its caring culture
- Hazardous chemical removal a key industry issue
- Vietnam proposes 15% rise to regional minimum wage
- Cambodia garment workers “dying on the job”
- Hong Kong's Li & Fung reports "solid" H1
- Avery Dennison forms JV with Ningbo Shenzhou
- Accord and Alliance discord over inspections
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, Key Executives, and Contact Details
- Textile Wholesaling in the UK - Industry Market Research Report
- Global market review of denim and jeanswear – forecasts to 2020
- Survey of the European Fabric Fairs: Spring/Summer 2015
- Prospects for the Textile and Clothing Industry in Turkey