Saturday, October 8, 2011

Esprit Closing All North American Stores


You would probably never guess this from reading my posts, but I'm not exactly what you would call a fashionable guy. I look pretty good in a suit, but I prefer the basics: black or grey, white shirt, red power tie, black shoes and belt. And I'll get by with a couple of those. No need blow my whole paycheck filling the closet with them.

I guess what I'm saying is that I've never understood people who feel compelled to overspend on clothes. The mark up on designer brands in particular is insane, and the kind of person who feels they need to impress people by overpaying for just the name is the type of superficial individual I wouldn't care to get to know anyway. Which is all a long winded introduction to this story that appeared today:
With its business in North America losing money despite continued efforts and investment, Hong Kong-based Esprit had decided to divest its business.

The planned divestment mainly involves closing down 93 directly managed retail stores in North America.

Esprit is also exiting retail operations in Spain, Denmark and Sweden.

In its most recent fiscal year, Esprit's North American operations lost $39.6 million before store closure costs.
I dimly remember walking past an Esprit location at the mall somewhere at some point. It was one of those places that I didn't even need to cross the threshold to know it offered nothing I would be interested in. Oh well, looks like more vacant retail space is about to open up around the country.

13 comments:

  1. Very harsh- keep in mind all the people this might put out of work with your quick sense of wit in your writing.

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    Replies
    1. thank you. I will no longer have a job in a few weeks.

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  2. That one is funny because Bill is not aware that at Esprit, I buy all my basics. It is what they have in a great quantity. We are not talking here about Hugo Boss suiting!! The price is very accesible. But Bill should continue to shop at Joe Fresh or Wallmart because those cheap brands fit very well with his cheap personality!

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  3. @Anon #3 - Ha! I haven't set foot in a Walmart in over ten years. I'm NOT cheap...I'll pay good money for quality any time. ;)

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  4. Bill, you seem like a well groomed person that's taking to like nice quality basics to be worn on daily basis...I suggest you go in one of Esprit locations where they have Men's Collection...you will be surprised to see how beautifully fitted and qualitatively made basic apparel you can find for yourself.

    Quoting"I dimly remember walking past an Esprit location at the mall somewhere at some point. It was one of those places that I didn't even need to cross the threshold to know it offered nothing I would be interested in."

    Talking somebody's business without even taking time to actually enter the store is only showing your incompetency regarding business acumen of your own.

    Regards. Esprit customer.

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  5. @Anon - today I called people who go to Starbucks "hipster douchebags and pretentious yuppies." It's snark...I use it because I'm not a big fan of our mindless consumer culture even if it saddens me the people are losing their jobs. Don't take it personally.

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  6. It sounds like the comment is coming from an Employee. I feel the passion.

    Im sure they are aware of the great Management team thats there hence one of the reasons why stores are closing.

    Good quality product and great Leaders call for good business! Cant have one without the other.

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  7. Not employee yet there is a passion...for product. Great leaders in retail...hm...overall across the North America board I didn't see much of great management in retail industry, probably because it's awful pay and no need for much brain...yet there are some very successful brands that are making a lot of money. I do agree that one need to have good product, actually just like Marketing 101 says 4P...product, price, placement and promotion...Esprit probably needs to work on every single P but mostly on promotion...they are simply outdated.

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  8. @ Bill, i agree with most of the other commentators earlier.. bashing a brand and product line you have not even experienced in store yourself, is cheap, and incompetent.

    Quote "...today I called people who go to Starbucks "hipster douchebags and pretentious yuppies." It's snark...I use it because I'm not a big fan of our mindless consumer culture ..."

    With your ignorant and immature post, you're the perfect example for a "mindless" consumer...especially when being proud of telling people how 'elaborate' you judge people based on their choice of coffee...well at least you include yourself in your own douchebag classification.

    For your "education": Esprit is an originally American brand and success story, and their exit from the NA market should make you rather sad than judgemental and self-righteous.
    And, just for the record: this story that 'you' announced as "appeared today" was 3 weeks old on the date of your post already. Good morning !

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  9. I worked as a Store Manager for Esprit in Canada for 9 months, when i left last July I said that the company would be out of canada within 4 years. The management team in Canada are all under the age of 40 and very inexperienced. They are trying to compete with Tommy and they cannot do it. To me the only surprise is that they are closing as soon as they are

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  10. Worked briefly in Esprit as a manager as well, all I can say is that it is sadly mismanaged. You have a distric manager who doesn't give a hoot about what is going on in your store, leaves you with no contact point with store issues. No wonder they are going down. Too bad, I do love some of the pieces...

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  11. Probably Canadians are not good businessmen that's why they only handle quite few brand names!

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