Esprit is closing up shop in Australia and New Zealand


The stores have been in Australia for more than 30 years.

Clothing retailer Esprit is closing down its stores Australia and New Zealand.

'The intended divestment involves closing down 67 directly managed retail stores, including 38 concession counters in department stores and 13 off-price outlets'.

"In order to strengthen our foundation, the Group intends to withdraw from these markets and this will allow us to concentrate efforts and resources to develop other markets in Asia", executive director and group CFO Thomas Tang said.

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Global fashion retailer Esprit is pulling out of Australia and New Zealand and will close more than 60 outlets in the region, leaving 350 employees without jobs.

The company, headquartered in Germany but listed in Hong Kong, said the move follows "loss making for some time" despite "intensive efforts" to turn the business around.

Local retailers Oroton, Marcs, David Lawrence, Herringbone, Rhodes & Beckett, Payless Shoes and Pumpkin Patch have all collapsed.