Esprit is all set to exit India by the end of the year. The brand made its India entry through a deal with Madura Fashion seven years ago. The brand is said to be bearing annual losses upto the tune of Rs 20-25 crore which has led the brand toc all off their innings in India. Esprit had already shut down its flagships in Bangalore, Mumbai and Delhi last year. The brand is now clearing off its inventory and waiting for a complete shut down.
However, Madura Fashion was keen on associating with the brand in India and further carry out its operations, the global giant was not keen.