The Swiss branch of the popular high-street fashion retailer Esprit has gone bust, it was announced on Tuesday.
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According to an official statement from Esprit, the bankruptcy of the Swiss subsidiary and the closure of the branches were “unavoidable”.
“Global economic development, combined with a sharp increase in energy and logistics costs as well as negative consumer sentiment and, last but not least, the high rents for our branches, ultimately made it impossible to continue our business,” writes Esprit Switzerland Retail in a statement. The Swiss Esprit subsidiary’s over-indebtedness amounted to around CHF12 million at the end of 2023.
Esprit clothes will continue to be available in 19 branches operated by franchise partners and in 150 clothing stores with various brands, the fashion group announced. According to the information, the company will now be reorganised and will in future concentrate on the online shop and trading with franchise partners.
There is also a focus on “new impulses in e-commerce”. The management wants to remain present in online trading in Switzerland.
Esprit Retail Switzerland AG is wholly owned by the fashion group Esprit Holdings Limited, which is listed on the Hong Kong stock exchange and has its legal headquarters in Bermuda.
The Swiss branch’s bankruptcy filing has no direct material impact on the group. The group’s business and operations also remained normal.
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