Esprit Holdings is integrating booked materials in later orders, wherever possible. The company has held certain payments for orders with handover to a forwarder before the end of March as since March end, the company’s legal entities are under a special legal status called “proactive shield proceedings”, similar to Chapter 11 in the US.
The company had to make some adjustments and cancel orders due to the decline in demand caused by the COVID-19 crisis. However, it is integrating booked materials in later orders wherever possible. The company is in close contact with all suppliers to ensure transparency in this process.
In view of COVID-19, many apparel factories primarily in developing countries in Asia have reported cancellation of orders from global brands / retailers. Apparel sector being the finest value adding segment in the entire value chain and one of the largest employment providing sector is under despair because of cancelled production orders.
