Inside Esprit's new Manhattan headquarters, executives discussed strategies, staffing up, elements of the pivotal fall '23 collection, and the vision for the future.
Last February, a two-level, 38,000-square-foot New York headquarters for the global design, branding, creative and marketing teams, a showroom and a photo studio at 160 Varick Street in Manhattan started operating.
“It’s a big reveal for fall,” Andjelic said. “We started spending a lot of money on campaigns — a lot. We have to revive the brand.”Last year was tough for Esprit. Revenue dropped 15 percent to 7.06 billion Hong Kong dollars, or about U.S. $918 million, compared to 8.32 billion Hong Kong dollars, or about $1.08 billion, the year before. There was an operating loss of 642 million Hong Kong dollars, versus operating profit of 416 million Hong Kong dollars.
“Esprit remains focused on streamlining its operations and business processes while building upon the brand’s strong heritage,” Pak indicated, adding that the company has the agility to deal with “any unexpected challenges that may arise and resilience and readiness to adapt to changing circumstances.”
“It’s also very recognizable but we’re not locked into a look. Everyone knows streetwear, prep, Ivy League, workwear. We are gorpcore, a combination of outdoor and city, so it’s dressy pants with a cashmere sweater. It’s outdoorsy and metropolitan.”The collection, Cawson said, “drives a look, but every element of the look can be worn in multiple ways and mixed with your favorite brands. The collection has a lot of room for customers to be playful with it.
“Innovative use of material is also our direction,” she added, reaching for a cashmere-blend tracksuit with performance merino wool. “It’s sporty clothes that can worn as eveningwear.”New marketing for the fall ’23 collection will launch in mid-August. Esprit offers four collections during the year, and within each season, two or three monthly drops. The bulk of the collection is priced $300 to $1,000, but some items are priced as low as $30.
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