China News Client, Beijing, May 20 (Xie Yiguan) Who can wear ESPRIT 20 years ago is the brightest boy in the class. Now many people walk through ESPRIT's shops and don't take a look.

　　With the announcement of the closure of the ESPRIT store, some netizens expressed emotion, "The halo of the founder above the head contains the golden key of Lin Qingxia's husband, and ESPRIT cannot escape the fate of prosperity."

All stores in China will be closed and 20 pieces of 50% off clearance

　　"It's not fashionable, it's not the price of the floor, it's not the price of the floor. There is no reason to buy it. There are too many brands to choose from." Some netizens commented on ESPRIT now.

　　"Due to the need for brand upgrades, ESPRIT's official shopping website will bid farewell to you for a period of time from May 31." Recently, ESPRIT announced on the official website. Previously, Mushang Group, the parent company of GXG, which owns ESPRIT's operating rights in Mainland China, stated that ESPRIT will close all its stores in China.

Screenshot of the ESPRIT official website page.

　　The reporter inquired about ESPRIT's Beijing stores and found that many stores that had been shown to suspend business and were not closed were in crazy sales. In ESPRIT Beijing Huaxiang Aolai Village store, even slogan of 20 pieces with a 50% discount was issued.

　　According to reports, since February, ESPRIT has started a 1% clearance sale of products on stores and official websites. In April, Tmall flagship stores also joined the discount camp. "Buy a tee for 6 yuan, buy a shirt for 12 yuan ..." Many netizens report that the store has been emptied.

　　It is reported that in addition to closing stores in the Mainland, ESPRIT will also close 56 other stores in the Asian region.

　　In fact, ESPRIT parent company Esprit Global has been in a state of loss for many years. Data show that Esprit Global lost 2.554 billion yuan in 2017; 2.144 billion yuan in 2018; and 331 million yuan in the first half of 2019.

　　However, the closure of ESPRIT does not mean that it will completely withdraw from the Chinese market. In December 2019, Esprit Global announced that an indirect wholly-owned subsidiary, Wancheng Resources and Mushang Group, set up a new company with a joint venture of 100 million yuan to engage in the operation of apparel, apparel accessories and what the joint venture party may agree Other ESPRIT businesses.

　　According to the announcement, the transition of Esprit China to a joint venture business model is expected to be completed on June 30, 2020. As part of the transition, Esprit Global will close certain stores or transfer the assets of the remaining Chinese stores to the joint venture company.

Born with a golden key, was brought by Lin Qingxia and Leslie Cheung

　　Many people's impression of ESPRIT may be due to the endorsement of the famous movie star Lin Qingxia.

　　ESPRIT has a glorious past. It was founded by the American couple Tompkins in the 1960s. Tompkins is the founder of the famous sports brand The North Face.

　　In the early 1970s, ESPRIT entered Asia, and Lin Qingxia ’s husband, Hong Kong businessman Xing Li, became a Hong Kong raw material procurement agent. In 1974, Xing Li and the founder each contributed half of the capital to establish a company to expand ESPRIT's business in Asia. In 1992, ESPRIT officially entered the mainland, 10 years earlier than Uniqlo. In 1993, Esprit Global was listed on the Hong Kong Stock Exchange.

Data map: Lin Qingxia.

　　Two years after ESPRIT settled in the Mainland, in 1994, Xing Li で and Lin Qingxia married, making a sensation. When the two were in love, Lin Qingxia frequently wore clothes under her husband's brand. ESPRIT was also exposed to the news and repeatedly made headlines.

　　In addition to Lin Qingxia, ESPRIT also had many fans at the time. Stars such as Leslie Cheung and Chen Baiqiang "carry goods" one after another. There is a lyrics in "Kawakubo Warring Age vs. Yamamoto Yoji": I will always miss ESPRIT in Xingfa Street.

　　At its most glorious period, Esprit's market value exceeded 170 billion Hong Kong dollars. In 2003, Xing Li was ranked 310th on the Forbes Global Billionaires List.

　　At that time, ESPRIT price did not lose a big name. "I probably bought a deerskin coat in 2002 at a price of 1,100 yuan. At that time, the house price in Beijing was only over 4,000 yuan per square meter." "At that time, ESPRIT was really the status of Supreme." Some netizens recalled.

　　But since 2006, Xing Li has resigned from the chairman and CEO of Esprit Global, sold shares at a high price, and cashed out of the market. ESPRIT has also embarked on a decline.

　　Why would a popular brand fall to this point? Ke Qinghui, chairman of Esprit, once said that a major reason for ESPRIT's sluggish sales in the Chinese market is that the existing product designs and sizes have failed to meet the needs of Chinese consumers.

　　ESPRIT is not without effort. In 2012, Esprit Global invited Zara coach Ma Haosi as CEO at a high salary of 40.35 million Hong Kong dollars; in 2018, Anders Christian Kristiansen, who was the CEO of New Look, took over, but failed to save ESPRIT.

These fast fashion brands are also shot on the beach

　　Not only ESPRIT, many fast fashion brands have also lost the Chinese market in recent years.

　　In 2016, American Apparel decided to withdraw from the Chinese market; in October 2018, the British brand New Look announced its withdrawal; in November 2018, the British brand Top shop announced the closure of its Chinese store; in October 2019, Forever 21 filed for bankruptcy and successively in China, Closed stores in Japan and other markets. In March 2020, Old Navy, a brand of GAP Group, officially closed all sales channels.

　　"The back waves of the Yangtze River push the front waves, and the front waves shoot dead on the beach." This sentence is appropriate for these brands.

　　At the beginning of the 21st century, domestic e-commerce has just started, and domestic fast fashion brands are still in the initial stage. ZARA, H & M, GAP, Uniqlo and other fast-fashion brands have settled in China one after another, quickly occupying the wardrobe of young people with fashionable styles, ushered in the golden period of development.

　　Subsequently, domestic fast-fashion apparel brands such as Peacebird and UR emerged, impacting the status of international fast-fashion brands. In recent years, the post-90s consumers who have become the main buyers of fashion, pay more attention to personality expression, so Supreme, Off-White and other trendy brands have risen rapidly. Domestic brands such as Li Ning and Peacebird also cooperated with foreign designers to board the International Fashion Week, forming a "national wave" force.

Data Map: In a shopping mall in Haidian District, Beijing, the leap hits the national tide sign. Zhang Xushe

　　The 2018 China Fashion Brand Trend Analysis Report shows that the growth rate of the fashion brand consumption is 3.7 times that of the non-tide brand, with a growth rate of 62%, of which the post-90s and post-95s are the major consumer groups of the trendy brand.

　　"The rapid rise of e-commerce has made domestic products a choice for young people." Pan Helin, executive dean of the Digital Economy Research Institute of Zhongnan University of Economics and Law, told reporters at Zhongxin.com, but international fast fashion brands are still eating hard, and it is difficult to capture young Human heart. For international fast fashion brands to survive, they need to keep up with Chinese market consumer preferences and adjust products and strategies in a timely manner.

　　Have you ever bought clothes such as ESPRIT? Do you still stay in the closet?