ESPRIT is undoubtedly the former fashion benchmark. Xing Liyuan, who married the goddess Brigitte Lin, is glorious.
His ESPRIT ready-to-wear kingdom is expanding rapidly, spreading around the world like GAP!Forbes magazine once praised one of the top 500 richest people in the world at that time.
However, in 2020, following the defeat of Freever 21 in China and ZARA gradually reduced physical stores, ESPRIT began official website promotions, flagship store discounts, 10% off stores...all stores were closed.
In fact, this matter has been laid for a long time.
In 2018, it closed all stores in Australia; in 2019, it sold itself to GXG, and planned to close all stores in mainland China by the middle of this year.
In the three quarters ended March 31, 2020, the revenue of 56 ESPRIT stores was only HK$26.7 billion, accounting for less than 4% of the group's total revenue during the same period; the revenue share of the entire Asia-Pacific region was only 68%.
As of May 15, 2020, the Hong Kong stock market was closed, with ESPRIT's share price of HK$061, with a market value of only HK$115.1 billion.
ESPRIT official website and Tmall flagship store have successively issued announcements stating that the store will be closed on May 31.
Parent company Sijie Global has also announced the termination of its business in mainland China and closed all 56 retail stores in Asia outside of mainland China.
On May 14, 2020, the share price of ESPRIT's parent company Sijie Global Hong Kong stocks fell 16%, with a share price of only HK$063 and a market value of less than RMB 1.2 billion, making it a veritable fairy stock.
Of course, you cannot deny that Sijie Global and its brand ESPRIT also had a glory for a period of time!
Speaking of ESPRIT, we have to mention Duglas Tmpkins, the founder of The Nrth Face, a global outdoor products industry giant.
In the 1960s, the rebellious young man Duglas Tmpkins and his wife started selling clothes in a small station wagon and founded the Plain Jane brand. This is the predecessor of ESPRIT.
Just as hippie culture occupies the streets and alleys of the United States, loose jeans and thick and aged plaid shirts are widely praised.
In the era of advertising where other brands compete for traffic and invite celebrities, ESPRIT models are ordinary high school students, bearded artists, and wrinkled architects.
The unique ESPRIT has gradually become one of the favorite clothing brands for young Americans. Everyone who wears it feels: I am different from others.
In 1971, Xing Liyuan, who had only a high school education, entered a weaving factory. That year, he was 21 years old and he met Duglas Tmpkins of ESPRIT.
The founder's first impression of Xing Liyuan is so confident that he is impressive.
Three years later, Xing Liyuan borrowed HK$2,600 and established a joint venture with Duglas Tmpkins to expand ESPRIT's business in Asia.
As of 1978, the brand's annual sales had exceeded US$100 million.
In 1981, Xing Liyuan, who was not satisfied with the agency business, had his first retail store in Causeway Bay, Hong Kong and began to operate a brand. This was also Sijie Global's first retail store overseas.
Singapore, Japan, Taiwan, ESPRIT stores have opened one after another, which is like a response.
He is determined to promote the ESPRIT brand.
From style design to clothing texture to the overall atmosphere of the store, Xing Liyuan has done everything one by one.
He often takes advantage of his unpretentious appearance and pretends to be a passerby to walk around various ESPRIT stores to supervise the situation of regional displayers in clothing retail.
In 1992, ESPRIT entered the mainland Chinese market, 10 years earlier than the chain clothing brand giant Uniqlo.
In the year of its opening, ESPRIT achieved a 58% performance growth.
In 1993, Sijie Holdings, which operates in Asia, successfully listed on the Hong Kong stock market.
Lucky is coming. One year after it was launched, Brigitte Lin married the 45-year-old second-married ugly man wearing a wedding ring worth HK$5 million. The wedding scene was filled with roses worth HK$7 million, and Jin Yong wrote an inscription for the wedding invitation.
Brigitte Lin was wearing a white wedding dress, and Xing Liyuan followed behind him, like Snow White's dwarf.
After marriage, Xing Liyuan was Brigitte Lin's husband and became Brigitte Lin's spokesperson for ESPRIT.
Brigitte Lin is a famous celebrity. She wears her husband's brand every day to go to various occasions, and has become a mobile spokesperson, and even attracts the pursuit of small stars and big models.
In 1997, Hong Kong suffered a heavy blow in the financial crisis.
However, ESPRIT, which was in the rising period at that time, not only did not slow down its expansion speed, but instead expanded rapidly while Hong Kong's store rents plummeted and real estate was in a low state, and it instantly opened many large ESPRIT composite concept stores.
In 2003, the SARS storm caused large and small businesses to wail all over the world, and ESPRIT's revenue in Hong Kong and Taiwan shrank by 30%. Xing Liyuan still decided to grab the location after the lease of Jyce Butique's store in a prime location in Hong Kong expired.
Under the leadership of Xing Liyuan, in 2002, ESPRIT's revenue approached HK$12.4 billion, and its profit was nearly HK$1.2 billion, with a growth rate of 34% and 28% respectively. In the second half of the year after the end of SARS, its profit increased by 53%, reaching HK$8.8 billion.
Although her husband is not good-looking, Brigitte Lin is very happy; Xing Liyuan is also very happy, and this wife is worth marrying.
It is always said that Xing Liyuan is an ugly man, mainly because the person standing by him is the stunning beauty Brigitte Lin. If there is no such sharp contrast, it is actually not that ugly.
What's more, whether a businessman is ugly or not is harmless. After all, Jack Ma still became the richest man in Asia, and Liu Qiangdong still married the milk tea sister.
It’s understandable that the appearance of a businessman needs ruthlessness.
Ruthless in business competitions, ruthless in capital battlefields.
In 1996, Bole Duglas Tmpkins divorced his wife, who was also the founding partner. Xing Liyuan took the opportunity to buy 63% of the equity of the US ESPRIT at a low price and became the largest shareholder.
In 2002, he bought back the remaining 37% of the shares at a price of approximately NT$5.4 billion, owning the company 100%.
At that time, Uniqlo had just arrived in China to test the waters, Zara had not yet entered the mainland market, and Jack Ma had not yet created the Double Eleven concept. ESPRIT already has more than 2,000 retail stores, 2 million square feet of business area and more than 8,000 wholesale customers in 46 countries around the world.
In 2007, Sijie Global also ushered in a peak in its corporate capital of 150 billion yuan.
But as the saying goes, things will turn back when extremes, and things will turn back when extremes will turn down when extremes.
In 2017, Sijie Global's Hong Kong stock price reached its peak of HK$177 billion, setting a record for the highest market value of clothing stocks on the Hong Kong Stock Exchange.
At the end of June 2008, Sijie Global announced its 2017 financial report, with revenue of HK$372.27 billion and net profit of HK$645 billion.
However, with the outbreak of the financial crisis in 2008, Sijie Global Operations began to gradually decline, and the brand value that implicated ESPRIT gradually evaporated.
In 2019 financial report, Sijie Global achieved revenue of HK$1293.2 billion, a year-on-year decrease of 163%. Among them, revenue in the Asian market only accounts for 95% of the group's total revenue, only HK$110.2 billion, only less than one-quarter of the peak period; the net loss during the period was HK$214.4 billion, a year-on-year increase of 161%.
In 2018 and 2019, ESPRIT parent company Sijie Global had a net loss of more than HK$2 billion for two consecutive years, and the company's revenue share in the Asia-Pacific region also declined sharply.
Interestingly, Xing Liyuan, who once brought unlimited halo to Sijie Global and ESPRIT brands, smelled the crisis in advance and quickly cashed out and left the scene.
From 2002 to 2011, Xing Liyuan gradually reduced his holdings of Sijie Global shares from 42% to 179%, and his personal cashed out more than HK$20 billion.
During this period, he also resigned from all positions at Sijie Global.
So how could Chen Hao really be interested in spending billions of dollars to acquire such a company that is destined to decline?
Even for Brigitte Lin, the former No. 1 beauty in Southeast Asia, is not worth Ah, Brigitte Lin is not worth this price!
His ESPRIT ready-to-wear kingdom is expanding rapidly, spreading around the world like GAP!Forbes magazine once praised one of the top 500 richest people in the world at that time.
However, in 2020, following the defeat of Freever 21 in China and ZARA gradually reduced physical stores, ESPRIT began official website promotions, flagship store discounts, 10% off stores...all stores were closed.
In fact, this matter has been laid for a long time.
In 2018, it closed all stores in Australia; in 2019, it sold itself to GXG, and planned to close all stores in mainland China by the middle of this year.
In the three quarters ended March 31, 2020, the revenue of 56 ESPRIT stores was only HK$26.7 billion, accounting for less than 4% of the group's total revenue during the same period; the revenue share of the entire Asia-Pacific region was only 68%.
As of May 15, 2020, the Hong Kong stock market was closed, with ESPRIT's share price of HK$061, with a market value of only HK$115.1 billion.
ESPRIT official website and Tmall flagship store have successively issued announcements stating that the store will be closed on May 31.
Parent company Sijie Global has also announced the termination of its business in mainland China and closed all 56 retail stores in Asia outside of mainland China.
On May 14, 2020, the share price of ESPRIT's parent company Sijie Global Hong Kong stocks fell 16%, with a share price of only HK$063 and a market value of less than RMB 1.2 billion, making it a veritable fairy stock.
Of course, you cannot deny that Sijie Global and its brand ESPRIT also had a glory for a period of time!
Speaking of ESPRIT, we have to mention Duglas Tmpkins, the founder of The Nrth Face, a global outdoor products industry giant.
In the 1960s, the rebellious young man Duglas Tmpkins and his wife started selling clothes in a small station wagon and founded the Plain Jane brand. This is the predecessor of ESPRIT.
Just as hippie culture occupies the streets and alleys of the United States, loose jeans and thick and aged plaid shirts are widely praised.
In the era of advertising where other brands compete for traffic and invite celebrities, ESPRIT models are ordinary high school students, bearded artists, and wrinkled architects.
The unique ESPRIT has gradually become one of the favorite clothing brands for young Americans. Everyone who wears it feels: I am different from others.
In 1971, Xing Liyuan, who had only a high school education, entered a weaving factory. That year, he was 21 years old and he met Duglas Tmpkins of ESPRIT.
The founder's first impression of Xing Liyuan is so confident that he is impressive.
Three years later, Xing Liyuan borrowed HK$2,600 and established a joint venture with Duglas Tmpkins to expand ESPRIT's business in Asia.
As of 1978, the brand's annual sales had exceeded US$100 million.
In 1981, Xing Liyuan, who was not satisfied with the agency business, had his first retail store in Causeway Bay, Hong Kong and began to operate a brand. This was also Sijie Global's first retail store overseas.
Singapore, Japan, Taiwan, ESPRIT stores have opened one after another, which is like a response.
He is determined to promote the ESPRIT brand.
From style design to clothing texture to the overall atmosphere of the store, Xing Liyuan has done everything one by one.
He often takes advantage of his unpretentious appearance and pretends to be a passerby to walk around various ESPRIT stores to supervise the situation of regional displayers in clothing retail.
In 1992, ESPRIT entered the mainland Chinese market, 10 years earlier than the chain clothing brand giant Uniqlo.
In the year of its opening, ESPRIT achieved a 58% performance growth.
In 1993, Sijie Holdings, which operates in Asia, successfully listed on the Hong Kong stock market.
Lucky is coming. One year after it was launched, Brigitte Lin married the 45-year-old second-married ugly man wearing a wedding ring worth HK$5 million. The wedding scene was filled with roses worth HK$7 million, and Jin Yong wrote an inscription for the wedding invitation.
Brigitte Lin was wearing a white wedding dress, and Xing Liyuan followed behind him, like Snow White's dwarf.
After marriage, Xing Liyuan was Brigitte Lin's husband and became Brigitte Lin's spokesperson for ESPRIT.
Brigitte Lin is a famous celebrity. She wears her husband's brand every day to go to various occasions, and has become a mobile spokesperson, and even attracts the pursuit of small stars and big models.
In 1997, Hong Kong suffered a heavy blow in the financial crisis.
However, ESPRIT, which was in the rising period at that time, not only did not slow down its expansion speed, but instead expanded rapidly while Hong Kong's store rents plummeted and real estate was in a low state, and it instantly opened many large ESPRIT composite concept stores.
In 2003, the SARS storm caused large and small businesses to wail all over the world, and ESPRIT's revenue in Hong Kong and Taiwan shrank by 30%. Xing Liyuan still decided to grab the location after the lease of Jyce Butique's store in a prime location in Hong Kong expired.
Under the leadership of Xing Liyuan, in 2002, ESPRIT's revenue approached HK$12.4 billion, and its profit was nearly HK$1.2 billion, with a growth rate of 34% and 28% respectively. In the second half of the year after the end of SARS, its profit increased by 53%, reaching HK$8.8 billion.
Although her husband is not good-looking, Brigitte Lin is very happy; Xing Liyuan is also very happy, and this wife is worth marrying.
It is always said that Xing Liyuan is an ugly man, mainly because the person standing by him is the stunning beauty Brigitte Lin. If there is no such sharp contrast, it is actually not that ugly.
What's more, whether a businessman is ugly or not is harmless. After all, Jack Ma still became the richest man in Asia, and Liu Qiangdong still married the milk tea sister.
It’s understandable that the appearance of a businessman needs ruthlessness.
Ruthless in business competitions, ruthless in capital battlefields.
In 1996, Bole Duglas Tmpkins divorced his wife, who was also the founding partner. Xing Liyuan took the opportunity to buy 63% of the equity of the US ESPRIT at a low price and became the largest shareholder.
In 2002, he bought back the remaining 37% of the shares at a price of approximately NT$5.4 billion, owning the company 100%.
At that time, Uniqlo had just arrived in China to test the waters, Zara had not yet entered the mainland market, and Jack Ma had not yet created the Double Eleven concept. ESPRIT already has more than 2,000 retail stores, 2 million square feet of business area and more than 8,000 wholesale customers in 46 countries around the world.
In 2007, Sijie Global also ushered in a peak in its corporate capital of 150 billion yuan.
But as the saying goes, things will turn back when extremes, and things will turn back when extremes will turn down when extremes.
In 2017, Sijie Global's Hong Kong stock price reached its peak of HK$177 billion, setting a record for the highest market value of clothing stocks on the Hong Kong Stock Exchange.
At the end of June 2008, Sijie Global announced its 2017 financial report, with revenue of HK$372.27 billion and net profit of HK$645 billion.
However, with the outbreak of the financial crisis in 2008, Sijie Global Operations began to gradually decline, and the brand value that implicated ESPRIT gradually evaporated.
In 2019 financial report, Sijie Global achieved revenue of HK$1293.2 billion, a year-on-year decrease of 163%. Among them, revenue in the Asian market only accounts for 95% of the group's total revenue, only HK$110.2 billion, only less than one-quarter of the peak period; the net loss during the period was HK$214.4 billion, a year-on-year increase of 161%.
In 2018 and 2019, ESPRIT parent company Sijie Global had a net loss of more than HK$2 billion for two consecutive years, and the company's revenue share in the Asia-Pacific region also declined sharply.
Interestingly, Xing Liyuan, who once brought unlimited halo to Sijie Global and ESPRIT brands, smelled the crisis in advance and quickly cashed out and left the scene.
From 2002 to 2011, Xing Liyuan gradually reduced his holdings of Sijie Global shares from 42% to 179%, and his personal cashed out more than HK$20 billion.
During this period, he also resigned from all positions at Sijie Global.
So how could Chen Hao really be interested in spending billions of dollars to acquire such a company that is destined to decline?
Even for Brigitte Lin, the former No. 1 beauty in Southeast Asia, is not worth Ah, Brigitte Lin is not worth this price!
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