By  on May 8, 2013

HONG KONG — Esprit Holdings Limited, which warned Tuesday of a “substantial loss” in the second half of the year, said Wednesday that the company’s transformation plan is taking longer than originally anticipated.

Speaking to reporters at Esprit’s Hong Kong headquarters, chief executive Jose Manuel Martinez Gutierrez said he estimates it will take another 18 months to implement most of the changes in the transformation plan.

“There’s no quick fix,” he said. Improvements are happening but changes are progressive and “take quite some time.”

Gutierrez, who took over the role of chief executive from Ronald van der Vis in September 2012, said he likes and supports the transformation plan that was first introduced in September 2011 but see changes in the timing.

“We haven’t yet implemented all the steps,” he said.

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