"Esprit has changed maybe too much ... And we don't know what we stand for," the Europe-focused retailer said in an investor presentation on Monday. "We've lost touch with our audience."
Esprit, founded in 1968, said the restructuring is expected to cost HK$1.5 billion to HK$1.7 billion ($191.72 million- $217.29 million) in the 2018-2019 financial year amid a broader move to close stores that are losing money.
The company, whose stock has nearly halved in value so far this year, employed over 6,400 full-time staff as of June 30, but did not specify how many were non-store employees. ($1 = 7.8238 Hong Kong dollars) (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Anil D'Silva)
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