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Esprit<\/p>\n
Pak was named CEO in 2022, having previously collaborated with Esprit as company transformation consultant, then CEO ad interim, and later as COO. He was tasked with the mission of stemming the group\u2019s nearly decade-long decline, notably by streamlining Esprit\u2019s costly European store fleet. Especially in Germany, the country which accounted for half of Esprit’s business.<\/p>\n
\u201cRelaunching a brand takes time, money, and sweat,\u201d Pak said two years ago in\u00a0an interview with FashionNetwork.com<\/a>, in which he also mentioned the label’s rebranding effort, necessary because, in his opinion, Esprit had \u201clost its identity.\u201d\u00a0<\/p>\n British executive Bradley Wright was named executive director and board member of Esprit Holdings Ltd at the end of 2021. As interim CEO, he will oversee the reorganisation of the group\u2019s senior executive team, and especially an overhaul of Esprit\u2019s European operations.<\/p>\n The executive director slots vacated by Pak and Chiu will be assumed by Jianyi Liu, formerly senior vice-president in charge of Esprit’s China operations, and by Li Hui, in charge of the group’s legal affairs in Asia.<\/p>\n These senior executive changes are occurring at the end of another troubled year for Esprit, whose revenue fell by 75% in H1. The group\u00a0is relying on its licensing business<\/a>\u00a0to generate cash, in the wake of the insolvency proceedings for its German subsidiaries, which were triggered in 2024.\u00a0<\/p>\n