Esprit Holdings (HK:0330) has released an update.
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Esprit Holdings Limited has announced that its indirect wholly-owned subsidiary in Switzerland, Esprit Switzerland Distribution AG, has filed for insolvency, which may lead to its Italian subsidiary also facing insolvency proceedings. The insolvency represents approximately 6.8% of the group’s total revenue and 7.2% of its total assets based on the 2023 financial year. The group will lose control over the subsidiary’s assets, and the insolvency proceedings will result in the wind-up and cessation of its current business operations.
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