Esprit Leaves The US

The San Francisco fashion label, Esprit de Corp., has left the US and Canada and will now focus on other markets.

The brand was originally started by Susie and Doug Tompkin but after they split, Susie took control and later it was purchased by investors which eventually ended up in the hands of Hong Kong investors.

The new Hong Kong owners are the ones pulling the company out of the US to concentrate on other locations as they said their earnings for fiscal 2011 dropped 98 percent.

In addition, they’ll also be shutting down 80 unprofitable stores which include locations in Spain, Sweden, and Denmark.

Esprit will also spend over $2.3 billion to help revamp the brand, open new locations, refurbish stores and focus on large markets like Paris, China, and other spots in Europe and Asia.