ESSEN, Germany, Oct 23 (Bernama-dpa) -- Germany's largest shoe retailer Deichmann has bought the trademark rights of the insolvent fashion brand Esprit, the company announced on Tuesday.
Esprit said that Deichmann was taking over its shoe trademark rights in Europe and the United States, but not operational company shares., reported German news agency dpa.
"We believe in the versatile brand," a company spokesman said, adding that Deichmann had been developing and procuring shoe collections with Esprit since 2020.
Esprit said that Deichmann is acquiring the complete brand rights, but wants to concentrate on the shoe product area. The retailer has been an Esprit licensee since 2019.
According to Deichmann, the trademark rights for the Esprit textile division will go to Theia Brands, a brand management company.
At the beginning of August, the Düsseldorf District Court had opened insolvency proceedings for the seven German Esprit companies.
The trademark rights for Europe were initially to go to the British financial investor Alteri Partners, before Deichmann's offer was accepted.
Esprit said that almost all of its 56 German stores are expected to be closed by the end of November, following clearance sales.
--BERNAMA-dpa
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