Esprit is selling its European brand rights to British investment group Alteri. The acquisition does mean the end of Esprit on European high streets (for now).
No stores left
Esprit had previously announced it was looking for a buyer for the European licence rights, which it has now indeed sold to Alteri. The owner of Cecil and Street One did not disclose financial details of the transaction. The acquisition offers a chance of survival for the brand “in the near future”, Esprit said.
However, the takeover of only the licence rights means that Esprit’s last 56 stores (in Germany) are closing and that more than 1,300 jobs will be lost. It marks the end of Esprit’s physical presence in Europe, after previously closing stores in other countries. The future of independent Esprit stores under franchise remains uncertain.
