Lone Pine Capital (Lone Pine) recently trimmed its stake in HK-listed Esprit Holdings (Esprit). According to a filing made to the Hong Kong Stock Exchange on March 1st, 2017, the firm sold 50,000,000 shares on the exchange at an average price of HKD 7.10 per share. Following the sale, Lone Pine’s stake in Esprit decreased from 12.63% to 10.06% of the company’s shares outstanding.
Esprit is a manufacturer of clothing, footwear and accessories under two brands, Esprit and edc. The company distributes its products directly to end-consumers through directly managed retail stores, an e-shop as well as both offline and online third parties. Esprit is headquartered in both Germany and Hong Kong and has been listed on the Hong Kong Stock Exchange since 1993.
Lone Pine Capital is a private investment management company headquartered in Greenwich, Connecticut. The firm was founded in 1997 by Steve Mandel, who was previously a managing director at Tiger Management. The firm used to have an office in Hong Kong but moved it back to the US (San Francisco) in 2015.