Negotiations over the sale of Esprit’s Greater China assets have broken down, according to a statement filed with the stock exchange on Thursday. 

Late last month, the company said it was in “the final stages of negotiations” with an unidentified independent company over the sale of trademarks and its main domain names in Mainland China, Hong Kong, Macau and Taiwan. The buyer was to pay $45 million for the assets, including $10 million as soon as the deal was signed. 

Now, Esprit company secretary Natasha Wong says no legally binding agreement has been entered into. “The company has decided to halt the negotiation of the potential disposal due to the unfavourable terms and conditions offered by the potential investor.”

She said the negotiations had not resulted in “any commercially viable outcome” for Esprit. 

However, she indicated that Esprit has received “several proposals and offers” from “various independent third parties” regarding potential cooperation and/or investments. 

“The management of the company is currently evaluating the financial and overall benefits that the proposals will bring to the company before making any legal commitment to any of them.”

Last week Esprit placed its Swiss subsidiary into insolvency, impacting distribution across Italy and Switzerland.