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Esprit restructures following CEO and president’s resignations

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December 23, 2025

William Pak and his wife Christin Chiu, respectively CEO and chair of the board of directors of Hong Kong-listed fashion group Esprit, resigned from their roles on December 19. Bradley Wright, currently executive director of the group, has taken charge of Esprit ad interim.

Esprit

Pak was named CEO in 2022, having previously collaborated with Esprit as company transformation consultant, then CEO ad interim, and later as COO. He was tasked with the mission of stemming the group’s nearly decade-long decline, notably by streamlining Esprit’s costly European store fleet. Especially in Germany, the country which accounted for half of Esprit’s business.

“Relaunching a brand takes time, money, and sweat,” Pak said two years ago in an interview with FashionNetwork.com, in which he also mentioned the label’s rebranding effort, necessary because, in his opinion, Esprit had “lost its identity.” 

British executive Bradley Wright was named executive director and board member of Esprit Holdings Ltd at the end of 2021. As interim CEO, he will oversee the reorganisation of the group’s senior executive team, and especially an overhaul of Esprit’s European operations.

The executive director slots vacated by Pak and Chiu will be assumed by Jianyi Liu, formerly senior vice-president in charge of Esprit’s China operations, and by Li Hui, in charge of the group’s legal affairs in Asia.

These senior executive changes are occurring at the end of another troubled year for Esprit, whose revenue fell by 75% in H1. The group is relying on its licensing business to generate cash, in the wake of the insolvency proceedings for its German subsidiaries, which were triggered in 2024. 

They were followed by the default of Esprit’s US subsidiary in October 2024, while its French business went into judicial liquidation in September of the same year. The group recorded heavy losses in fiscal 2024, with revenue dropping by 16% to €4.6 million.
 

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Numero237 opens in Porto, Portugal with vintage fashion and more

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December 23, 2025

 new vintage store specialising in designer fashion, ceramics, and photography books, called Numero237, takes its name from its location on Rua de Miguel Bombarda in Porto, famed for its concentration of art galleries, cultural spaces, independent designer fashion boutiques, decorative arts, architecture and much more. Although Numero237 specialises in second-hand designer fashion, focusing on pieces by young, daring designers, it also carries Portuguese ceramics from iconic brands such as Vista Alegre and Sepal, as well as photography books.

@numero.237 / Instagram

A post on the store’s Instagram account reads: “There’s a new place of discovery in Bombarda- Numero237, an archive specialising in second-hand designer fashion, now with a physical space on the street that lends it its name. A place where clothing, photography, vintage ceramics, and design coexist with sensitivity and good taste.” 

“Numero237 brings together pre-owned pieces by Comme des Garçons, Issey Miyake, Helmut Lang, Jean Paul Gaultier, Walter Van Beirendonck, Yohji Yamamoto, among others, as well as fashion books and objects that bridge art and everyday life,” the post continues.

@numero.237 / Instagram

After opening one of Porto’s first vintage stores in 1997, Gonçalo Velosa has returned to the concept he honed in the British capital, where he lived for years, now in the heart of the Porto Art District: “I wanted this to be a space which, although it sells brands that can sometimes be a little elitist, also offers more accessible pieces,” he told Time Out.

“I’ve tried to create an environment where no one is afraid to explore, touch and try things on, because there are certain spaces where you think twice before going in, because they’re so controlled and formal,” says the entrepreneur, who has since settled in London to study Fashion Design, going on to open House of Liza, a space in the Hoxton neighbourhood with a rigorously curated selection of iconic pieces. At Miguel Bombarda, major names in fashion and design also stand out, such as Alexander McQueen, Comme des Garçons, Dior, Dolce & Gabbana, Helmut Lang, Issey Miyake, Jean-Paul Gaultier, and Valentino, to name a few. 

@numero.237 / Instagram

Numero237 opened in September, focusing on the categories and styles of women’s and men’s fashion that Gonçalo Velosa sources on trips abroad, never neglecting quality as a point of difference. 

“Everything on sale here is free from defects; it goes through a cleaning process,” he also told the local edition of the London-based magazine founded by Tony Elliott in 1968. “I don’t buy anything just because it carries a particular brand label, but because I see aesthetic or cultural interest in it.”

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The 2025 Africa Cup of Nations puts African fashion centre stage

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December 23, 2025

Morocco: a red carpet for traditional African attire? The host of the 2025 Africa Cup of Nations (CAN) has seen numerous national teams dressed in traditional outfits, not just their jerseys. Fashion brands such as Daily Paper and Puma have also marked the occasion with collaborations honouring African cultures.

Adidas and Arte Antwerp have released a collaboration in Morocco’s colours, the host nation of the competition – adidas/Arte Antwerp

Embroidered green kaftans and matching hats for Nigeria’s Super Eagles, black and gold or blue and white bogolans for Mali’s Eagles, colourfully detailed suits for Zimbabwe’s Warriors… Though not all the designers of these traditional outfits were credited, their success has been unanimous on social media. The CAN, which stirs passions every two years, shines a powerful spotlight on African craftsmanship and fashion.

Craftsmanship and cultures in the spotlight

The team most in the spotlight, both for their title as 2024 African champions and for their dazzling traditional attire, is Côte d’Ivoire. Nicknamed the Elephants, the Ivorian players arrived in Morocco in Kita cloth trench coats adorned with Adinkra motifs in white and gold thread (symbols drawn from the heritage of the Akan people), worn over white shirts and trousers. The outfit is by Elie Kuame, an Ivorian-Lebanese designer based in Abidjan (Côte d’Ivoire) since 2017. His “prêt-à-couture” brand, created in 2006, showcases African fashions in all their diversity, positioning them as luxury pieces.

Outfit designed by Elie Kuame
Outfit designed by Elie Kuame – Fédération Ivoirienne de Football

Another designer in the spotlight is the creator behind the Democratic Republic of Congo (DRC) outfits, Alvin Junior Mak. Born in the DRC and having moved to Paris in childhood, the designer produced the pieces directly in the Democratic Republic of Congo, working with local artisans. The result is sculpted jackets featuring the leopard motif that characterises the DR Congo national team, bearing the JmakxParis name, his sustainable ready-to-wear label.

Brands seize on the event

Finally, Burkina Faso and the Étalons called on a Burkinabé brand, Free Design, to create their outfits. Its designer, Ahmed Ouedraogo, opted for a white tunic with green and red stripes, the colours of the national flag, with symbols on the collar and chest. The outfit is completed by white trousers and a hat.

Daily Paper makes its presence felt in Marrakech
Daily Paper makes its presence felt in Marrakech – Daily Paper

Some global brands have also seized on the event, starting with Daily Paper. The label is collaborating with Moroccan artist Hassan Hajjaj on his Kech United project, a cultural programme organised in Marrakech during the Africa Cup of Nations. The event brings together football, art, fashion, and music, and Daily Paper presents a series of flagship events highlighting its connection to African culture and global youth communities.

Streetwear and sport celebrate diasporas

For this CAN, Arte Antwerp and Adidas have joined forces to create a joint collection in the colours of Morocco’s Atlas Lions. Worn by two players from the squad before their opening match against the Comoros, it includes a beige knitted jumper with green Adidas stripes and red Adidas and Arte logos, a red sweatshirt with white piping, several red, white or black tops with details in the same colours, and a black leather jacket.

Puma is particularly active on the sidelines of CAN 2025
Puma is particularly active on the sidelines of CAN 2025 – Izudin Yusuf

Finally, the German brand Puma is distinguishing itself in several ways on the sidelines of Africa’s biggest football gathering. As the CAN’s ball supplier, it has unveiled a model called Itri, featuring stars as a nod to Morocco and geometric motifs drawn from zellige, a Moroccan mosaic art. Puma has also released, in collaboration with Olympique de Marseille, a raft of jerseys in the colours of seven African diasporas present in the city, whose countries of origin- such as Senegal, the Comoros and Algeria—are participating in the 2025 Africa Cup of Nations.

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California-based group VSP Vision has completed its acquisition of Marcolin from PAI Partners

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December 23, 2025

On December 23, 2025, US eyewear giant VSP Vision announced that it had completed the acquisition of Italian eyewear group Marcolin- another of the world’s leading companies in the sector- from private equity firm PAI Partners and other minority shareholders.

Marcolin headquarters – Marcolin

“The acquisition of Marcolin marks another important milestone in our 70-year history, dedicated to providing our members, customers, doctors within the VSP network, company-owned stores, and key partners with ever greater value and a broader offering,” said Michael Guyette, president and CEO of VSP Vision. “Marcolin’s portfolio of global brands, manufacturing excellence, and geographical footprint complement Marchon Eyewear‘s brands and capabilities perfectly, further strengthening our ability to meet the evolving needs of customers around the world.”

VSP Vision’s portfolio already includes fellow US company Marchon, one of the world’s most renowned specialist eyewear players, which it acquired in 2008 for more than $700 million. Marchon is a licensee of US brands such as Calvin Klein, Nike, and DKNY, as well as designer labels including Ferragamo, Paul Smith, and Victoria Beckham.

Marcolin and Marchon will continue to operate as they do today, VSP Vision said in its statement. The amount paid by the Rancho Cordova, California-based company (formerly known as CVS-California Vision Services, and founded in Oakland, California, in 1955) was not disclosed, but according to informed sources cited in the eyewear trade press in recent months, PAI had sought a valuation of Marcolin in excess of 1 billion euros ($1.2 billion).

In 2012, PAI Partners acquired a 78.39% stake in the Veneto-based Marcolin group, buying it from shareholders party to a shareholders’ agreement (the Marcolin family and the Della Valle brothers) and from Antonio Abete, for about 207 million euros. The private equity fund had been seeking to sell Marcolin since 2022 and, after a succession of bids and more or less concrete options for potential buyers (from EssilorLuxottica to Kering Eyewear, Safilo, Hong Kong’s FountainVest fund, and HAL Investments), VSP’s offer ultimately prevailed.

Marcolin’s portfolio, which distributes its products in more than 125 countries, includes the proprietary brands Web Eyewear and Ic! Berlin, and the licensed brands Tom Ford (under a perpetual licence), Guess, Adidas Sport, Adidas Originals, Christian Louboutin, Max Mara, Zegna, GCDS, MAX&Co., MCM, Pucci, BMW, K-Way, Kenneth Cole, Abercrombie & Fitch, Hollister, Rag & Bone, Timberland, Gant, Harley-Davidson, Marciano, and Skechers.

Marcolin ended the first nine months of 2025 with revenues of 416.6 million euros, up 2.1% year on year. The main markets remained EMEA and the Americas, which posted revenues of 218.6 million (+7.6%) and 142.7 million (-5.5%), respectively. The Asian market, a high-potential region for the group, fully recovered in the third quarter of 2025 from the temporary slowdown. EBITDA was 68.5 million, accounting for 16.4% of net sales. In FY2024, total revenues amounted to 545.8 million euros, down 2.2% at current exchange rates.

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