Le Printemps Haussmann, the renowned department store in Paris, is undergoing a transformation under the leadership of its new president, Jean-Marc Bellaiche. Despite the challenges brought on by the pandemic, Bellaiche remains determined to modernize and reinvent the retail giant for the future.
Bellaiche, an expert in luxury and retail, believes that physical retail and department stores still hold a special place in the hearts of customers, despite the rise of e-commerce. He points to the increased sales during the holiday season as evidence that people are still drawn to the experience of physical shopping. However, he acknowledges the need for department stores to adapt and evolve in order to stay relevant in today’s changing market.
With ambitious plans to overhaul Le Printemps, Bellaiche aims to redefine the brand and its offerings. Under the ownership of Luxembourg-based company Disa since 2013, Le Printemps operates various department stores, the Le Printemps website, eight Citadium stores, and the Place des Tendances and Made in Design websites. Bellaiche wasted no time in implementing start-up-style management techniques and fostering a culture of entrepreneurship within the organization.
While Bellaiche’s approach has been well-received, there are still challenges to overcome. The closure of seven branches and the loss of 428 jobs have been met with resistance from employee representatives. However, Bellaiche emphasizes that these changes were necessary for the company to self-finance and invest in its future. A framework agreement has been reached, allowing Le Printemps to proceed with its transformation plan and focus on repositioning its remaining branches in the market.
In order to attract new customers and redefine luxury, Bellaiche plans to strengthen Le Printemps’s connection with Chinese tourists, who are known for driving the luxury industry. He also intends to appeal to younger consumers and expand the brand’s presence in menswear and family-oriented offerings. Inclusivity and sustainability are key elements of Le Printemps’s new brand platform, as the company embraces the circular economy and showcases a diverse range of models on its platforms.
Moreover, Bellaiche aims to create unique shopping experiences that blur the boundaries between different product categories in order to recapture the wow factor. The Made in Design range will be expanded, and Le Printemps will place a strong emphasis on talent scouting and discovering new brands. The company is also heavily investing in its digital presence, with the goal of providing an omni-channel shopping experience that mirrors the range available in physical stores. The success of remote selling during the lockdown period has highlighted the potential for online growth.
Despite the challenges faced in the past year, Bellaiche remains optimistic about the future. He praises the efforts of Le Printemps employees and believes that the business will gradually recover. With a focus on profitability and cost reduction, coupled with the closure of unprofitable branches, Le Printemps aims to return to profitability in the 2022-23 financial year.
Overall, Jean-Marc Bellaiche’s vision for Le Printemps involves transforming the department store into a modern, inclusive, and sustainable retail destination. By embracing technology and redefining luxury, Le Printemps aims to secure its position as a leader in the retail industry.
Useful links:
1. Le Printemps Group official website
2. Business of Fashion: Le Printemps Signals a New Era
