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Esprit Names New CEO, Shares Surge

By DMO Affiliate
Esprit, the Europe-focused clothing retailer, appointed a new CEO and consequently drove its shares to their largest one-day gain in 14 years.Esprit, which has been struggling recently, saw the unexpected resignations of both its CEO and its Chairman back in June. But now, the company has appointed Jose Manuel Martinez Gutierrez as CEO. Gutierrez is currently an executive at Esprit's larger rival, Inditex, which is the world's largest fashion retailer. On the news, Esprit shares jumped 28 percent.Now, according to Reuters, Esprit can move ahead with a crucial $2.3 billion restructuring plan, in which the company plans to expand in China and diversify its earnings sources. For more on the latest financial new and analysis, follow us on Twitter @FNNOnline, or check out our website at
Esprit Names New CEO, Shares Surge

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