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Everyone knows the German Spirit brand or even has something in their closet. But the fashion chain is at the heart of the crisis and must close its stores.
Ratingen – The Esprit fashion chain is in crisis. The jobs must be dismantled, many agencies will soon be closed. With these emergency measures, the new director of the company, Andreas Kristiansen, wants to save the company.
For five years now, Esprit has been in the red. Now, the brand is facing its last chance. Kristiansen has announced a reorganization program including the closing of unprofitable stores and the rationalization of the organization.
Spirit: 2,800 full-time employees fear for their work
Outside of the stores, the number of employees should be reduced by about 40%. How many of the 2,800 full-time employees in Germany fear for their work – the company did not provide any information. Around the world, there are 6400 full-time employees.
The company, based in Ratingen (North Rhine-Westphalia) and listed in Hong Kong, Germany, currently operates 140 of its own stores in Germany. In the future, especially in China, growth will be achieved. Currently, Esprit still makes 87% of its sales in Europe.
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Spirit clothing.
© image alliance / dpa / Britta Pedersen
Where does the crisis come from in Esprit?
Esprit achieved just under half of its sales during the 2017/2018 fiscal year in Germany (1.74 billion euros). Like many of its competitors, Esprit faces a difficult market environment and home-made problems.
In the future, it would be appropriate to put more emphasis on quality because Esprit is not a "fast fashion brand" and not a discount store, according to the company. Spirit has admitted many mistakes, in the range, in the cuts and in the branding.
Spirit: The trade badociation looks black
The professional badociation sees black for the future of the Spirit: if a brand was once in a downward spiral, it would be difficult to defend it, said the spokesman of the badociation Textile Professional BTE, Axel Augustin.
The German textile trade has registered a sharp decline in the current year. By the end of November, sales were down two to three percent from the previous year (65 billion euros), explained Augustin.
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