Esprit Appointed Adidas Executives As Chief Executive Officer Of China

After losing more than 47% of its market value in two months, Li Guanyi decided to employ Adidas for 11 years as chief executive of China, and China will be its fastest growing market.

Hongkong said in a statement that northern China

Anne Kriszlo, a London based analyst at Esprit holding rating, said in a telephone interview: "China will become a growth area for Esprit over the next few years. It is entirely reasonable for the experienced people to manage Chinese business in the market."

Ronald Van de Weiss, chief executive of the company, is accepting

The company announced that its net income fell by 98% in the past fiscal year because of the cost of closing European stores and selling its US and Canadian businesses in the last fiscal year.

Analysts said: "the appointment marks Esprit's attempt to be affected.

Ronald Van de Weiss said he plans to set up a special design team in China and set up a design team in Paris.

The casual wear manufacturer and retailer have more than 1000 sales outlets in 185 cities in China.

The company said in September this year that it plans to close 80 stores worldwide, including 24 in Germany and 12 in France.

He went on to say that although Esprit traditionally operates separately from retail and wholesale businesses, the chief executive of China will run the two items at the same time, because the market is very important to the company.

As of June this year, the company had more than 1100 direct retail outlets.