In September 2011, Esprit announced closure of stores in Denmark, Sweden and Spain plus downscaled in the US (â€Ś) However, we realise and admit that our values and heritage were neglected in the process of fast growth and expansion. The focus was too much on short-term top-line growth instead of long-term customer satisfaction and loyalty. While commercially very successful, we gradually eroded the brand and to some extent lost sight of the customer. Our past opportunistic growth entails challenges, which the economic crisis has amplified. Our customers have clearly said what we need to do: change. The Esprit woman wants Esprit back: a responsible fashion company that gives her fashion and quality made to last. Stylish and feminine, inspired by our Californian heritage. To her that is more relevant than ever before! Letter from the CEO in the annual report 2011
"There are four main elements to our business model â€” product, distribution, communication and price. Our job is to do such a fantastic job on the first three that people forget all about the fourth."
LVMH executive to The Economist