Hong Kong-listed fashion label Esprit has returned to Hong Kong with a flagship store in Causeway Bay, following its departure from its home base in 2020.
The flagship has been in operation since November 1 at Fashion Walk in Causeway Bay, spanning 4400sqft across two floors. Upon its return, the firm aims to “redefine fashion by recalling its classic styles to customers in Hong Kong”.
The re-entry is made possible under WIP International, a company led by Esprit HK CEO Herbert Chan Wai-ming, which has secured long-term exclusive rights for the territory. He has a five-year plan to reach momentum.
Esprit’s revival on ‘creating Hong Kong miracles’
Bringing the brand back to the sluggish Hong Kong retail scene, Chan claims his mission is to “create miracles for Hong Kong”.
Founded in 1968 by Susie and Doug Tompkins, Esprit was listed on the Hong Kong Stock Exchange in 1993 and soon expanded into over 40 countries and regions. The brand was then reaching its peak before experiencing an appalling sales slump and major restructuring, followed by the Covid-19 crisis that forced its retail stores to close across Asian markets.
The listed Esprit is now just a brand owner, licensing its name to third parties and exiting from its legacy business model and infrastructure, which it said in its most recent results “incurred significant capital expenditures associated with sourcing, distribution, and retail operations”.
Now “rebuilding Esprit as a Hong Kong brand,” Chan strives to bring the label’s own heritage to the city streets that have long been emptied of local storefronts.
Chan also revealed his ambition for a global relaunch, potentially in Taiwan, Japan, South Korea and Mainland China, but was determined to take steady steps by proving success through strong sales performance in the home base market.
The new flagship store showcases Esprit’s revamped collection, featuring new fabrics and designs, 70 per cent of which were designed by Chan himself. The revamp lifts the prices of some products by 30 per cent.
“We’re doing things Esprit has not tried before – because otherwise, customers wouldn’t buy it,” he stated.
Since its store closure five years ago, Esprit made a return to Causeway Bay in 2022 with a three-storey pop-up, as part of its revival attempts.
