Adidas Vice President Takes Over Esprit China Handsome Print

The key position of Esprit president of China has finally been completed after more than a year of vacancy. Si Jie global announced on November 15th, appointed Adidas vice president, North China regional general manager Li Guanyi as Esprit future China area chief executive (CEO), February next year officially took office.

At the end of 2010, Shen Wenfeng, former general manager of China Esprit, left and left for America. Fashion brand Tommy Hilfiger became the first Chinese regional CEO. Shen is the founding of Esprit China. Administration One of the team members and has served as general manager of Esprit China in the past 8 years.

At that time, Esprit's performance had shown a slow decline. In September, the latest earnings report showed that Esprit's net profit fell 98% from the end of June this year, down from HK $4 billion 230 million to HK $79 million in the previous year. This is also the brand's 3 consecutive year of profit decline. Si Jie said in its annual report that its performance in the last financial year was not satisfactory, which was dragged down by poor performance in wholesale business and European business. At present, Esprit has 79% of its sales performance from the European market.

With this bad annual report, Si Jie also announced a brand remodeling plan of HK $18 billion in the next 4 years. The company announced that it will close 80 stores, 65 of them in Europe and 15 in Asia. It will increase investment in more than 200 stores in China and other regions, redecorate and develop a new sales network. It hopes to double sales in the mainland market in the next 5 years, and is expected to reach HK $6 billion, and the sales point will also increase to about 1900.

"When the new president takes office, he will implement this China strategy in detail. The Chinese market is very important for Esprit and will be the main driving force for group growth." In November 16th, the stakeholders of the Si Jie global investor Liaison Department told reporters that Li Guanyi had rich management experience in China and will be mainly responsible for the implementation of the "China transformation" plan in the future.

Public information shows that Li Guanyi has served in Adidas for 11 years. Since 2005, she has been the regional director of northern China, responsible for the overall operation, distribution management and business development of the region, making the regional annual sales and profits grow significantly, and has also won the title of "Greater China region's best growth area from 2007 to 2008" for Adidas northern district.

Adidas Greater China has been plagued by inventory problems since the 2008 Olympic Games. It was the first time that it had experienced positive growth in 2010. Therefore, some investors are worried that the way Adidas will bring sales growth through channel pressure will continue to Esprit. In this regard, the person in charge said that the strategy of Esprit China has been worked out, and Li is only responsible for the implementation within the framework, and "there is no such concern".