November 15, 2012

Ex-chairman Michael Ying acquires additional 5.54% in Esprit

Ex-chairman of fashion and lifestyle retailer, Esprit Holdings, Michael Ying has acquired an additional 5.54% stake in the company and is expected to help the company out of its recent sales slum.

By admin-demo

Ex-chairman of fashion and lifestyle retailer, Esprit Holdings, Michael Ying has acquired an additional 5.54% stake in the company and is expected to help the company out of its recent sales slum.

Consequent to the transaction Michael Ying now holds a 10.33% stake in the retailer and sent its share up by 33%, the sharpest rise since January 1998.

Ying has been offered a place on the retailers board by the current chairman Raymond Or, given Espirit’s rise under Ying’s leadership to the heights of its growth at a market capital of $12bn.

"Ying has not indicated his intentions to join the board at the moment.

If Ying shows his intention, Esprit’s board of directors will take it into consideration," Or said,

The company’s market capital has since fallen to $2.7bn.

Esprit posted a net profit of HK$318m ($41 million) for its second half ended in June, compared with a HK$2.06bn loss in 2011.

Esprit Holdings is a manufacturer of apparel, footwear, accessories, jewellery and housewares under the Esprit label.

The Group operates more than 800 directly managed retail stores worldwide and distributes its products via more than 14,000 wholesale locations internationally.