Esprit loses its spirit
Multiple media sources commented on the just announced exit of Esprit from Australia. Sales of the Australian branch progressively evaporated from over $140 million pa in 2010 to a mere $50 million in 2017. According to AFR, Esprit has been losing market share to global chains which entered Australia, such as Zara, Uniqlo and H&M. Myer’s decline didn’t help either, as Esprit operated 38 concessions within Myer. Australia is proving to be a difficult market for overseas retailers: Brooks Brothers, The Gap, TopShop and even H&M find it challenging.