Esprit shares plunge on rights issue

Shares in Hong Kong clothing retailer were down 15.9 per cent in early trade on Wednesday on the company’s plans to raise about HK$5.2 billion through a rights issue as part of a transformation plan to revive the brand.

To restore the brand's leading position, the company launched a massive transformation plan to improve product quality and design, reduce production lead times, refurbish existing shops and hire new management.

via Business feed http://www.scmp.com/business/money/market-snapshot/article/1068540/esprit-shares-plunge-rights-issue