Tuesday 20 March 2018

Clothing retailer Esprit fears dent in European consumer confidence

Esprit Summer 2016 collection
Esprit Summer 2016 collection

Esprit Holdings said Britain's vote to leave the European Union could affect consumer sentiment in its key markets in Europe, as global businesses and political leaders grapple with the fall-out of last week's "Brexit".

"There is risk for an impact on the general consumer sentiment across Europe, where the majority of our business is located, but it is impossible to predict its timing and reach," Thomas Tang, Esprit's chief financial officer told reporters yesterday.

Mr Tang added the other immediate impact was the pressure on euro currency exchange rates and that the firm had hedged most of its sourcing costs for full-year 2016-17 to protect margins over the next 12 months. Esprit posted revenues of HK$19.4bn (€2.25bn) last year.

Our picture shows a model for Esprit's 2016 summer collection.

Irish Independent

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