Slumping sales, store closures hit Australian Esprit
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Slumping sales and store closures led to a small loss for the Australian arm of international fashion retailer Esprit, as its parent company’s shares come under attack from short sellers.
Esprit bills itself as the largest international fashion retailer in Australia and New Zealand, and has operated in Australia for more than 30 years.
It employs nearly 400 people and has dozens of stores throughout Australia as well as selling through department store Myer. But in recent years, Australia has become increasingly popular for international fashion retailers, with global giants Uniqlo, Zara, H&M and Topshop setting up more than a dozen stores in the past few years.
Questions & Answers
Q.What is the primary reason for Esprit Australia's recent financial performance?
What is the primary reason for Esprit Australia's recent financial performance?
Slumping sales and store closures were the main factors contributing to a small loss for the Australian arm of Esprit. This occurred while the parent company's shares faced pressure from short sellers.
Q.How long has Esprit been operating in the Australian market?
How long has Esprit been operating in the Australian market?
Esprit has had a presence in Australia for over 30 years, establishing itself as a long-standing international fashion retailer in the region. It also operates in New Zealand.
Q.Which other major fashion retailers have entered the Australian market recently, increasing competition for Esprit?
Which other major fashion retailers have entered the Australian market recently, increasing competition for Esprit?
Global giants such as Uniqlo, Zara, H&M, and Topshop have recently established more than a dozen stores in Australia. Their arrival has made the market increasingly competitive for retailers like Esprit.
Q.How many people does Esprit employ in Australia and through what channels does it sell its products?
How many people does Esprit employ in Australia and through what channels does it sell its products?
Esprit employs nearly 400 people in Australia, operating dozens of its own stores. It also sells its fashion products through the department store Myer.
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