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Film star Lin Qingxia's husband, Xing Li, became the owner of ESPRIT in the 1990s

2020-04-27T13:53:23.830Z


Esprit, the parent company of apparel brand Esprit, announced today (27th) the operating data as of the end of March. Revenue for the third quarter was HK $ 2.37 billion, a year-on-year decline of 25%. The company decided to close 56 stores in Asia outside China, including in Hong Kong Branch. ESPRIT was originally an American brand. In the 1970s, Lin Qingxia ’s husband and Hong Kong businessman Xing Li became an agent in Hong Kong and expanded their business to Europe. After that, Xing Li acquired equity and founded Esprit Global and was listed in Hong Kong in 1993. In 9 years, he became a blue chip stock. However, since the financial tsunami in 2008, the company's stock price has deteriorated. From the famous brand clothing most popular with Hong Kong stars in the 1980s and 1990s, ESPRIT's fashion brand image is no longer in the face of the weakness of rapid fashion, and it has gradually faded from the public's eyes.


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Written by: Chen Qianting

2020-04-27 21:46

Last update date: 2020-04-27 21:46

Esprit, the parent company of apparel brand Esprit, announced today (27th) the operating data as of the end of March. Revenue for the third quarter was HK $ 2.37 billion, a year-on-year decline of 25%. The company decided to close 56 stores in Asia outside China, including in Hong Kong Branch.

ESPRIT was originally an American brand. In the 1970s, Lin Qingxia ’s husband and Hong Kong businessman Xing Li became an agent in Hong Kong and expanded their business to Europe. After that, Xing Li acquired equity and founded Esprit Global and was listed in Hong Kong in 1993. In 9 years, he became a blue chip stock.

However, since the financial tsunami in 2008, the company's stock price has deteriorated. From the famous brand clothing most popular with Hong Kong stars in the 1980s and 1990s, ESPRIT's fashion brand image is no longer in the face of the weakness of rapid fashion, and it has gradually faded from the public's eyes.

Esprit Global announced the closure of 56 ESPRIT stores in Asia outside China. The company will continue its joint venture business in China and will focus on the core European market in the future. Esprit announced last month that in response to the outbreak in Europe, its six German subsidiaries have filed for bankruptcy. The Group currently has 4 branches in Hong Kong, located in Central, Yau Tong, Mong Kok and Tsuen Wan.

After founder Xing Li で resigned as a non-executive director in 2008, the old blue chip fell to "a sub-share"

ESPRIT was founded by American couple Tompkins in the 1960s, and Tompkins is also the founder of the famous sports single The North Face. The husband of the famous movie star Lin Qingxia and the Hong Kong businessman Xing Li で joined the brand as a Hong Kong agent in 1971 to establish a branch in Hong Kong and promote the brand to Europe. Since the 1990s, Xing Li㈧ has purchased ESPRIT ’s Equity, and set up Esprit Global, listed in Hong Kong in 1993, the offer price was $ 3.7.

Esprit ’s stock price continued to rise for the next 9 years. In 2002, he joined the HSI constituent stocks and became a “blue chip”. After Xing Li, he continued to reduce his shareholdings for several years and cashed out about 23 billion yuan over the years. By 2007, the market value of the group had climbed to its highest peak of more than 170 billion yuan. In the following year, Xing Li completely resigned from the management of Esprit. After the financial tsunami in 2008, its stock price and business have been declining, and in 2013 it was excluded from the ranks of blue chips. As of September last year, Ke Qinghui, chairman and executive director of Esprit, said that the impact of the demonstration caused a drop of 40% in the Hong Kong branch, which had an impact on sales.

Xing Li (middle), Xing Jiaqian (first left), Xing Ailin (second left) and Xing Yanai (first right), Lin Qingxia (second right) (pictures on Weibo)

In 2012, he spent another share capital to transfer the market value of nearly 1 billion shares to 3 love girls

In 2012, Xing Li again spent money to sweep into Esprit ’s shares, and successively transferred the shares to Total Market Limited, an offshore company held by three love girls. He first transferred shares with a market value of 950 million yuan to his ex-wife in 2017 The eldest daughter Xing Jiaqian born by Zhang Tianai, and the second daughter Xing Ailin born with Lin Qingxia, and the daughter-in-law Xing Yanai also became one of the company's holders after reaching the age of 18, sharing the company's equity with the two sisters.

In the 1980s, he led the trend of hard and soft masters to sing "Forever Miss Xingfa Street Time Esprit"

ESPRIT was highly sought after by Hong Kong stars in the 1980s and 1990s, and singers such as Leslie Cheung and Baiqiang Chen were also supporters. In addition to fashion, the brand also developed product lines such as housewares, jewelry, perfumes, etc., and once opened SALONESPRIT, but in 2012 All the years went bankrupt.

ESPRIT also collaborated with Japanese designer Kuramata Shiro. The store on Hing Fat Street in Causeway Bay was designed by him. The spacious and impressive store was impressive. There is also this lyrics in the song: "Always miss ESPRIT in Xingfa Street". However, the Group ’s fashion image has ceased since the late 2000s, and with the rise of fast fashion, ESPRIT ’s business has not improved, and it has finally announced its withdrawal from Hong Kong.

ESPRIT closes Hong Kong and other Mainland Asian stores outside the mainland, involving special costs of up to 200 million yuan

Esprit Hong Kong shops drop by 40%

[ESPRIT] Esprit subsidiary Germany applied for bankruptcy protection to review the glorious years of the brand

ESPRIT. Make people miss the beauty of the 80s

Esprit

Source: hk1

All news articles on 2020-04-27

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