French department store group Galeries Lafayette has named Nicolas Morineaux as the new managing director of its Chinese operations. With his extensive luxury and finance experience in Asia, Morineaux will be responsible for accelerating the company’s expansion in the Chinese market.
Morineaux brings a strong background in the luxury industry to his new role, having spent 21 years at luxury giant LVMH. During his time there, he held various positions including vice-president finance for the group’s Asia-Pacific fashion division. Prior to joining Galeries Lafayette, Morineaux served as the sales director Asia for Van Cleef & Arpels, a jeweler owned by the Richemont group.
Galeries Lafayette’s decision to appoint Morineaux reflects its commitment to strengthening its presence in China. The company entered the Chinese market in 2013 and has since been focused on expanding its operations. This year alone, Galeries Lafayette opened two new branches in Shenzhen and Chongqing.
To further support its expansion in China, Galeries Lafayette formed a joint-venture agreement with local real estate company Hopson Group in April. Through this partnership, the company aims to have a total of 10 branches in China by 2025, including one in Macau.
Alongside its plans in China, Galeries Lafayette currently operates 57 stores in France, 19 of which are directly owned and 38 operated as franchises. Additionally, the company has 10 stores globally. Recently, Galeries Lafayette made the decision to close its sole store in Germany, located in Berlin, but has set its sights on entering the Indian market in 2024. It plans to open department stores in Mumbai and New Delhi through a partnership with Indian group Aditya Birla.
The appointment of Nicolas Morineaux as the managing director of Galeries Lafayette’s Chinese operations marks a significant milestone in the company’s expansion strategy. With his expertise and experience, Morineaux will play a crucial role in driving Galeries Lafayette’s growth in the Chinese market. The company aims to capitalize on the increasing demand for luxury goods among Chinese consumers by adopting an omni-channel and multi-universe approach. With a clear vision and a strong leader, Galeries Lafayette is well-positioned to succeed in the Chinese market and achieve its ambitious growth targets.
Useful links:
1. Galeries Lafayette Official Website
2. Galeries Lafayette’s Expansion in China – Forbes Article
