Hong Kong-listed apparel brand Esprit has appointed an experienced lawyer as its new COO to help continue to drive the brand’s renaissance.
After four years of rolling losses exceeding US$1 billion, Esprit issued a shock profit warning last month projecting its first half year in the black since 2017. It lost US$503 million in the year to June 2000.
This week William Pak assumed the role of executive director and COO. Biographable details provided by the company via a stock-exchange filing describe Pak, 42, as an attorney licensed by the New York state bar and the spouse of Christin Chiu, Esprit’s chairwoman and an executive director.
“Mr Pak is a seasoned executive with extensive operating and management experience. He has over a decade of a successful career in leading companies in the financial services and fund management industry,” said the filing. “His industry expertise also includes technology, alternative energy, mining and real estate. He is experienced in identifying and revitalising underperforming areas and driving favourable results while ensuring sustainable growth.”
Prior to his career in finance, Pak was a lawyer in the investment funds practise at White & Case’s New York and Hong Kong offices.
He will be paid US$231,000 annually (HKD1.8 million) and report to CEO Mark Daley who was appointed in January.
Chiu was appointed to Esprit’s board after Hong Kong company North Point Talent Ltd, became the company’s single largest shareholder mid last year. North Point is the investment vehicle of Karen Lo, a descendent of the Vitasoy founding family.