Esprit shares plummet as chairman resigns

  • Shares of Esprit have dropped further after its chairman Hans Joachim Korber became the second senior executive to leave the clothing retailer in as many days.

    His departure comes a day after chief executive Ronald van der Vis stepped down on Wednesday.

    Since then, the firm’s shares have lost nearly 36 percent of their value.

    Esprit has seen its sales and profits plummet in recent months.

    A drop in consumer demand has hit sales in Europe, its biggest market, while attempts to increase its market share in the U.S.have failed to meet expectations.

    Earlier this year, Esprit reported a 74 percent drop in profit for the July to December period, compared to a year ago.