ESPRIT will be closing down ALL stores in Asia outside mainland China due to loss of sales amidst coronavirus pandemic.

According to a South China Morning Post, The Hong Kong listed clothing giant had announced on Monday that they will be closing all 56 stores in Singapore, Malaysia, Taiwan, Hong Kong, and Macau by June 30. As of 2020, these stores represented not more than 4% of their global turnover.

As the majority of the Asian population stay at home due to the global pandemic, Esprit is one of the many companies that was negatively affected by the lockdown. With the loss of sales, companies under the retail industry are forced to make adjustments necessary for their brands' survival. As for Esprit, this means closing up all Asian stores outside mainland China.

Aside from the stated reasons, the company also said that their store closures are a part of the company’s “restructuring to focus resources and recalibrate operations” amid the pandemic.

Following its closures, Esprit said that it will focus its core markets in Europe and that wholesale and license business in Asia will continue, as well as its joint venture business in mainland China.

Esprit closed their stores in Europe (Germany, Sweden, and the Netherlands) earlier this year due to the same reason but has reportedly reopened them already. Though they are back to business, it is still uncertain how long will it take them to return the business to its normal state as the coronavirus pandemic’s effects are expected to stay even long after we discover the vaccine.