Le Printemps separates from its CEO Paolo de Cesare

Paolo de Cesare

Le Printemps announced on Monday March 2 the departure of Paolo de Cesare, CEO of Le Printemps for 11 years.

By Luxus Plus

 

In post since 2007, Paolo de Cesare left his post on Friday, February 28, before the group announced it publicly yesterday, Monday, March 2, via an official press release.

 

In the span of a decade, he had focused on repositioning the department store chain towards high-end and international markets. Thanks to him, international customers will account for half of sales by 2020: “Under his leadership, this department store has gone from being very French to being very international and upscale,” luxury expert Serge Carreira told AFP.

 

Yet, the Printemps supervisory board reported in its statement on “difficulties encountered in recent years in the retail sector” and “the need to establish a new leadership”.

The main focus now is the pressure from Qatari shareholders to accelerate international development and their objective of doubling sales by 2030 by opening five to ten stores abroad (notably in Doha). Despite the double impact of yellow jackets and Coronavirus on the chain’s annual results, with turnover increasing by only 3% in 2019, the group announced growth of 6% to 8% and “record” sales. Some also mention a potential disagreement with Mauro Grimaldi, former CEO of Pucci recently appointed as head of the group’s international development, as the reason for his departure. The recent departure of deputy CEO Martine Delzenne, who had worked for the Printemps house for 44 years, would also have weakened it.

 

The document sent by the group stated that the company had “immediately” launched a recruitment plan to replace Paolo de Cesare, which came as a surprise to the luxury industry.

 

Founded in 1865, the Printemps group owns 19 department stores in France under its name, as well as 8 Citadium stores. In its Boulevard Haussmann store alone, it welcomes more than 20 million visitors annually.

See Also

 

Read also : Le printemps looks abroad as it seeks to double sales by 2030

 

Featured Photo : DR

 

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