Paris Galeries Lafayette has revamped its luxury offering with new brands such as MaxMara, and expanded Chanel, Rolex spaces. The company returned to profit and will invest 400 million euros in projects ahead of its 130th anniversary.
group hit 3.6 billion euros in sales in 2023, chief executive officer Nicolas Houzé revealed during a presentation at the company’s flagship in. The busy holiday shopping period last December even topped pre-pandemic numbers, and those sales continued to accelerate in the first quarter, he said.
“We were frankly very innovative and pushed the concept as far as possible. The fact is that the performance didn’t live up to what we expected for many reasons,” he said, in part because the concept did not resonate with shoppers, as well as the tough retail climate. Those losses have been made up by French customers, which now make up 40 percent of the store’s customer base with a particular focus on local VIP clients.
“And so, we must evolve, we are not going to deprive ourselves of growth drivers that are close to us,” he said. Changes in customer behavior shaped by the pandemic have borne out in the numbers. In 2019, about 1 percent of the company’s sales were online, while for 2023, it was about 10 percent. Many of these are shipped-from-store home delivery sales and other convenient systems the company developed during the pandemic closures.
For its next act, the store will expand the spaces dedicated to the growing category of menswear starting in 2025.
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