Esprit reports first half loss

Esprit’s plans to revive its brand have been labelled as a "failure" by one analyst after the fashion brand made another attempt to turnaround its business.

The fashion brand, which includes a range of lingerie and swimwear along with its womenswear, embarked on a new restructuring campaign back in September 2011, in an attempt to dismantle its North American operations, exit its retail business in Spain, Denmark and Sweden as well as improve its consumer perception and sourcing strategy.

However, the Hong Kong listed company yesterday reported a first half loss of HKD465m (US$59.9m) as turnover fell 13.4% to HKD13.55bn.

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The company has argued that the basics of its rejuvenation plan are "sound" and that the management team will continue to build on its key initiatives, focusing on product improvements.

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