Clothing brand, Esprit, has announced an international comeback, debuting a revamped identity and strategy.  The company is opening its first U.S. retail store in a decade, in the form of a pop-up shop in Los Angeles.  Esprit is also relaunching its e-commerce site, where its entire collection will be available.  William Pak, CEO & COO of Esprit, joins Cheddar News' Closing Bell to discuss.


Esprit Opens First U.S. Retail Store in a Decade With Pop-Up Shop in Los Angeles

clothing brand esprit has announced an international comeback day viewing a revamped identity and strategy and the company will open its first physical retail store in the U. S. In a decade? It's a pop up shop in Los Angeles on the west coast esprit, also relaunching its e commerce site where its entire collection will be available. And joining me now is William Pack, C. E. O. And C. 00. Of esprit. William. Congratulations. Thank you. What is behind this decision? And this pop up the first that we've seen of this kind in a physical brick and mortar presence in a decade. Well after two years of hard work turning the company around, leading to the first year of net profit last year, we're now well positioned for growth in the future. So the most important thing is we're positioned for a comeback to the US the origin of the company. And the reason for starting in Los Angeles was California. Cool, that's the original brand. But there's more activations coming up in new york city. And why did you decide to go the route of activations versus just a normal traditional brick. We're doing things very differently from before. The first thing is that we're moving the entire companies create a division to new york city. So that means creative design, production and also the photo studio will all be based here in new york city based in new york city, of course we know new york city a hub for fashion as well in terms of the goals that you've laid out with this US expansion, what are the targets that you're looking to hit? Yes. So what we're gonna do is uh an activation starting with the L. A. Pop up, which rolls into a permanent store in Los Angeles as well later this year. And then next year we're going to roll out with a pop up in new york city and permanent stores in new york as well as other cities in north America. So we're showing some video here and I think it gives our viewers a sense of what exactly esprit sells its a name. Certainly, I'm familiar with. I'm sure many of our viewers are familiar with. But what is the brand? What's the vibe that you're going for with the latest collection on esprit? We've looked back at our archives going back 50 years since 1968 and what we found is that the brand was true to its identity, which is good quality products, good design. And we're going back toward that and having new products come out with a Metropolitan Outdoor look. A Metropolitan Outdoor look, I like that. What are the price points that we're talking about here? Everyone's trying to save, but they still want to be able to express themselves in the proper way. I think with the good work we've done? The price point is going to be similar to brands out there that do have this elevated sheet casual. So it's not going to be ultra high luxury pricing, but it'll be a nice, comfortable price for everyone. A direct to consumer, I'm sure probably is the best way for any customer to get their hands on this. Yes. So we're gonna be doing an omnichannel approach. So this would be both e commerce tied in with our retail store. So something very interesting and we will capture the attention of the whole demographic. How would you describe the activation that so many people right there looking for an experience these days. They still do want to touch and feel and try on clothes in real life even though technology makes it easier for us to do that remotely as well. This is why we're doing experience centers around the world, we're gonna be opening in about 20 new markets over the next year so that customers can interact with and touch the new high quality items that's coming out. A new high quality items on tap has the supply chain didn't challenge for you at all. How are you managing that? And and where is your supply chain? Mostly based? Well, we went from 200 something suppliers to about one dozen. Um, this is all based in various regions in Asia plus some capsules will be made in USa as well. So it's a very broad, diverse logistics change. So for any shopper right that is trying to plan for their budget the next year, inflation is still high. We covered it today, but the stock market was up because prices are starting to cool a little bit our price hikes on the horizon for customers. Well finally a spree is a strong company with no debt and so we're able to position for growth in the coming year. We're taking the view that a lot of this inflation is already peaked and I came out and said that publicly in july and looks like it's trending that way this way about this time next year we should have really good retail spending. So we talked a bit about the expansion here in the US what about in Canada is Canada market that you're looking to tap into as well. He was one of the largest brands in Canada back in the 80s and 90s. So we are simultaneously opening in Vancouver and Toronto at the same time, Toronto, Vancouver, I see obviously bringing a team together in these times is a challenge. People are in different places, remote work, Hybrid work is still a factor. How are you trying to create a leadership strategy here, William. That does bring people together, keeps your employees happy and keeps the product getting out there on time. Well, this is a part of our global relaunch strategy. So we have a multi hub system where Hong kong remains the stock market and financial legal operation center. But with new york being creative, we're also opening a very Omnichannel store in London next year along with Amsterdam being our innovation hub. So around the world will be passing on work 24 hours a day and making use of this is the approach that approach esprit in your approach to sustainability. Fast fashion has gotten a lot of flak right over the years and so is sustainability something that is important to you? It's very important to esprit. It's one of the first eco friendly brands out there from 40 years ago. So this is already in our D. N. A. So going forward, we're not going to have anything close to fast fashion, it's very nice, durable clothing, that's good for up cycling. Okay, um I think we got to leave it there, William! Thank you so much for coming on the show. I have to get my hands on some of these items, the videos, I looked great, the new fashion design, so we so appreciate it. Come back here and join us in new york city, that's William pack, Ceo and Ceo of esprit. Thanks again