Hong-Kong-based fashion brand Esprit has announced its CEO Jose Martinez is to step down later this year and will be replaced by former New Look chief Anders Kristiansen.

Martinez, who will depart from the role on 1 June, has confirmed there is “no disagreement” with Esprit’s board and says he has decided to resign for personal reasons, having expressed a wish to pursue other interests.

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Kristiansen stepped down from his position at UK-based retailer New Look in September following almost five years at the helm, having acknowledged it is the “appropriate time” for a change of leadership. He is currently serving as an industrial advisor for global private equity fund Permira.

New Look chief steps down amid sliding sales

In addition, Esprit said Dr Raymond Or Ching Fai will assume the role of executive chairman, a position that existed in the past and will see Dr Or play a more active role in the next phase of the group’s strategy, which includes a “very ambitious” plan for China.

“We very much regret losing Martínez as his contribution has been most valuable to Esprit,” says Dr Or. “Over the past five years, he reversed a severe declining trend of the group’s results by stabilising operations, restructuring the organisation, and improving overall profitability.”

Of Kristiansen’s appointment, he added: “As former CEO of New Look, Kristiansen has a sound track record of leading complex growth and expansion projects. The board has every confidence that Kristiansen will successfully lead Esprit into the next phase of growth and look forward to working with him to achieve that goal.”

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Last month, Martínez said improving sales across all channels is a “fundamental” goal as Esprit swung to a loss in the first half with weaker than expected sales at retail stores and a goodwill impairment in China taking a toll.

Esprit prioritises sales as H1 comes in below expectations

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