Esprit has taken over Bollag-Guggenheim, the Swiss company that has been distributing its products in Switzerland and Italy. The company had revenues of more than 70 million Swiss francs (€45m-$57m) in the year ended last June 30, including 32 million SF (€46m-$58m) generated by its 24 stores in Switzerland. No changes are expected in the distribution of Esprit shoes and leathergoods in Switzerland and Italy as a result of this transaction. Esprit is budgeting an increase of at least 20 percent to more than $2 billion in its turnover for the year ending next June 30, placing it in a position to overtake Benetton Group in the course of 2004. Earnings should rise by around 30 percent.