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China Esprit got their CEO, who is Adidas vice president. The pivotal position, Esprit China president, after over a year’s vacancy eventually will be taken over. Esprit Holdings announced on November 5th that Adidas vice president, general manager of north China area, Ms. Li, was nominated to be future Esprit China CEO, and she will take up the official post next February.
By the end of 2010, the original Esprit China general manager got job-hopping to a fashion brand of the United States Tommy Hilfiger, being the first China regional CEO in Tommy Hilfiger. He was one of the members of China regional foundation and management team, being the general manager of Esprit China in the past eight years.
Then, Esprit’s general achievements had already showed decadent trend of slow increase. This September, the latest Earnings Season showed that by the end of this June, Esprit’s net profit fell 98% year on year, from the previous year’s HK$ 4.23 billion to HK$79 million as well as this brand’s profits got declining in triennial. Esprit Holdings proclaimed in their yearly report that the previous year’s achievement is undesirable due to the fact that the poor performance of wholesale business and European business was a burden. At the moment, European market makes up 79% Esprit sales performance.
With this bad yearly report, Espit Holdings as well proclaimed rebranding plan, which will achieve HK$18 billion in the following 4 years. The enterprise proclaimed that 80 stores will be closed gradually, among them 65 European stores and 15 Asian stores. They will increase investment of redecoration and development of new sales network among more than 200 stores in China and other areas. Hoping that in the future 5 years, the continent market’s sales volume will be doubles, they desired to reach up to HK$6 billion. Operating sales points also will be increased to around 1900, and considering to expand e-business platform in China in the second half of the new fiscal year.
This China strategy will be concretely carried out after the new CEO’s inauguration. On November 16th, relevant persons of Esprit Holdings investors told reporters that Ms. Li has rich management experience He will be mainly in charge of the implementation of transformation plan in China regional parts.
Public data shows Ms. Li has already been in Adidas for 11 years. She has served as the chief executive in north China since 2005. Being responsible for the whole operation, distribution management, as well as business development, she made significant growth in regional annual sales and profits, and gained the title of: “optimum growth area from 2007 to 2008 in China”, for Adidas north area.
After 2008 Olympic Games, Adidas China region had been badly suffered from inventory until 2010 Adidas got positive growth for the first time. Some investors worried whether the style that Adidas got sales growth by inventory would influence Esprit. As for that, the officials said the strategy of Esprit China region has already been formulated, and Ms. Li would be just responsible for carrying out in the frame range, yet there is no such worries.

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