After closing down 17 of its stores in France, the Hong Kong owned fashion and lifestyle retailer Esprit is preparing to close its store on Oxford Street in London come June. The fashion retailer previously closed down stores in Canterbury, Norwich and Manchester.
Esprit is currently in the middle of company turnaround to improve profitability by reducing costs, normalizing inventory levels and overhauling operations. Last week Drapers reported that Esprit was closing down all its stand alone stores in the UK, in a bid to focus on e-commerce sales and shop-in-shop retail locations.
However, Esprit has revealed that they will remain present in the UK with four stand alone stores, three partnership stores, 14 shop-in-shops and 68 'identity corners.' According to the retailer, news of its exit from Europe is incorrect. "The news of the closure involves the store on Oxford Street. If we decided to close a store in our European marker, it always based on a detailed and individual review of the store," said a company spokesperson to FashionUnited.