Esprit Got New Blood
China Esprit got their CEO, who is Adidas vice president
. The pivotal position, Esprit China president, after over a year's vacancy eventually will be taken over. Esprit Holdings declared on November 5th that Ms. Li, Adidas vice president, general manager of north China area was appointed to be future Esprit China chief executive officer. She will be on duty next February.
By the end of 2010, the original Esprit China general manager got job-hopping to a fashion brand of the United States
Adidas JS Wings Tommy Hilfiger, being the first China regional CEO in Tommy Hilfiger. In the past 8 years appointed as the general manager of Esprit China, he once was a member of China regional foundation and management team.
Then, Esprit's general achievements had already showed decadent trend of slow increase. The latest Earning Season in September showed that at the end of this June, Esprit's net margin fell 98% year on year, from last year's HK$4.23 billion to HK$79million, and also this brand's earnings got down side for 3 consecutive years. Esprit Holdings proclaimed in their yearly report that the previous year's achievement is undesirable due to the fact that the poor performance of wholesale business and European business was a burden. At the moment, European market makes up 79% Esprit sales performance.
Following this awful annul report, Esprit Holdings also announced a future four years brand remodeling plan, reached up to HK$18 billion. The enterprise proclaimed that 80 stores will be closed gradually, among them 65 European stores and 15 Asian stores. They will increase investment of redecoration and development of new sales network among more than 200 stores in China and other areas. Hoping that in the future 5 years, the continent market's sales volume will be doubles, they desired to reach up to HK$6 billion. Operating sales points also will be increased to around 1900, and considering to expand e-business platform in China in the second half of the new fiscal year.
This China strategy will be concretely carried out after the new CEO's inauguration. On November 16th, relevant persons of Esprit Holdings investors told reporters that Ms. Li has rich management experience He will be mainly in charge of the implementation of transformation plan in China regional parts.
Public data shows Ms. Li has already been in Adidas for 11 years. She has been held the CEO post of northern China from the year of 2005 and made markedly increase in regional yearly sales and profits under the duty of whole operation, distribution management and business expansion, therefore, Adidas north part wined the title of "the best growth area in China from 2007 to 2008".
Adidas China areas had been largely beset by inventory since 2008 Olympic Games, getting positive growth for the first time in 2010. Some investors worried whether the style that Adidas got sales growth by inventory would influence Esprit. As for that, the officials said the strategy of Esprit China region has already been formulated, and Ms. Li would be just responsible for carrying out in the frame range, yet there is no such worries.
by: MAG lisa
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