Esprit says CFO resigns for personal reason

Chew Fook Aun

HONG KONG - Embattled fashion retailer Esprit Holdings Ltd said on Monday that executive director and chief financial officer Chew Fook Aun has decided to resign on or before June 1, 2012.

Chew resigned for personal reasons, the company said in a statement.

Chew was unable to meet the company's requirement to make frequent trips to Europe, its donimant market, where its operations are being restructured, Esprit said.

Esprit, which depends on Europe for about 80 percent of its sales, is withdrawing from some underperforming markets and spending millions of dollars to revive its brand.

Esprit shares have been under pressure amid increasing scepticism of its turnaround plans, falling about 70 percent in the past year.

(Reporting by Charlie Zhu; Editing by Chris Lewis)