LVMH restructures department store ownership
LVMH is said to have created a new unit to house its two Parisian department stores. The restructure saw the French luxury conglomerate acquire La Samaritaine from its DFS division and appoint Le Bon Marche’s Chairman and CEO, Patrice Wagner to oversee the two retail brands. The post LVMH restructures department store ownership appeared first on Global Cosmetics News.
THE WHAT? LVMH is said to have created a new unit to house its two Parisian department stores. The restructure saw the French luxury conglomerate acquire La Samaritaine from its DFS division and appoint Le Bon Marche’s Chairman and CEO, Patrice Wagner to oversee the two retail brands.
THE DETAILS According to a report published by WWD, quoting an internal memo, Catherine Newey will stay in place as CEO of La Samaritaine and will additionally become Deputy CEO of Le Bon Marche Group.
THE WHY? The reorganization is aimed at turning around the fortunes of ailing La Samaritaine, WWD reveals, which relied heavily on business from Chinese tourists and therefore suffered amid the prolonged travel restrictions post pandemic.
The memo reads, per WWD, “This new organization illustrates the importance that LVMH attaches to its Paris department stores, for which the group harbors strong ambitions.
“La Samaritaine boasts an exceptional location and historic roots in the heart of Paris. Le Bon Marché has forged a powerful Parisian identity, blending creativity, exacting professionalism and a unique customer experience. Together, they will be able to leverage their complementary assets to further bolster their strong positions with distinctive client segments.”
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