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Esprit shares fall 22% as chief exits Wednesday, 13th June 2012
Image courtesy of Esprit press office
Shares in fashion retailer Esprit have dipped after the company announced that chief executive Ronald Van der Vis has left.
Esprit’s shares fell up to 22 per cent to HK$10.46 on the Hong Kong Stock Exchange.
The retailer has recently been trudging through a rough patch as consumer demand in Europe continues to wane as the market battles economic uncertainty.
In February the company reported a 74 per cent fall in profits for the July to December period in comparison to the year before.
As a result of this underperformance, the firm announced plans to restructure its business model. It plans to shut all of its North American stores and shift its focus to the Far East.
According to analysts, Van der Vis’s departure has shaken investors as concerns about the future of the restructuring mount.