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The Soci\u00e9t\u00e9 des Grands Magasins (SGM) has accepted the takeover offer presented by Karl-St\u00e9phane Cottendin<\/strong>. The former CEO of BHV and the SGM Group has teamed up with Val\u00e9rie Chaleyssin<\/strong>, Medy Ty<\/strong>, and \u00c9lodie Nho<\/strong> to acquire the business operations of BHV Marais and Parly 2<\/strong>. A significant portion of the new entity\u2019s equity will be made available to the approximately 700 employees of the Paris store.<\/p>\n <\/p>\n BHV Parly 2 <\/strong>is included in the takeover, while the seven former Galeries Lafayette stores outside Paris, now operated under the BHV brand, remain within the SGM group, where five stores currently still feature a Shein section. This is an important clarification that helps to clearly understand the scope of the transaction.<\/p>\n <\/p>\n According to the buyers, this new governance structure should enable the department store to regain financial stability and rebuild a relationship of trust with suppliers, several of whom had complained about late payments in recent months.<\/p>\n <\/p>\n For his part, Fr\u00e9d\u00e9ric Merlin<\/strong>, SGM’s President, acknowledged having made \u201cmistakes\u201d and described the plan put forward by BHV\u2019s management as a \u201cgenuine turnaround plan.\u201d He explained that the store\u2019s situation had become more complicated after the failed attempt to purchase the property, which was ultimately acquired by the Canadian fund Brookfield Corporation.<\/p>\n <\/p>\n <\/p>\n This takeover also marks the end of the partnership with Shein. Established in 2025 by SGM, the agreement notably provided for the opening of a large space dedicated to the Chinese platform within BHV. It had sparked strong opposition from numerous brands, unions, elected officials, and fashion industry figures, who criticized the incompatibility between the Parisian department store\u2019s image and the ultra-fast-fashion model.<\/p>\n <\/p>\n The controversy led to the departure of several brands, a deterioration in relations with certain suppliers, and the termination of the affiliation agreement between Galeries Lafayette and SGM.<\/p>\n <\/p>\n <\/p>\n The new owners now aim to refocus BHV on its core areas: home goods, DIY, home decor, fashion, and designers<\/strong>, in order to reconnect with the department store\u2019s DNA. They state their intention to preserve jobs and reestablish sustainable business relationships with the brand\u2019s partners.<\/p>\n <\/p>\nEnd of the partnership with Shein<\/strong><\/h2>\n
Restoring the image and revitalizing operations<\/strong><\/h2>\n