Esprit shares dive as new chief is announced

Shares at fashion group Esprit took a nosedive after the announcement of a new chief executive caused concern for investors.

Last week Ronald Van der Vis was appointed as successor to Heinz Krogner. He will take up the post in autumn after a transition period in which Van der Vis will become an executive director of the Hong Kong-listed retailer.

Van der Vis had previously been chief of optical retailer Pearle Europe and concerns have been raised that he does not have enough experience in the apparel retail sector.