Printemps to Eliminate 229 Positions Amid ‘Unstable’ Market

by · WWD
Printemps department store in Paris.Dominique Maitre for WWD

Citing “major upheaval in the apparel sector,” French department store operator Printemps said it plans to close its location in Rennes, and eliminate 229 positions as part of a reorganization.

The legacy retailer’s management presented the plan to employee representatives. It also calls for the modification of 17 positions, and the creation of 91 new positions.

“For several years, Printemps has been operating in a sector facing a sustained slowdown in consumer goods sales, linked to economic uncertainties and a decline in household purchasing power,” the company said in a statement Tuesday.

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It also blamed “the rise of fast fashion, ultra-fast fashion, and secondhand platforms” for “increasing price pressures” and fragmenting consumer attention.

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“Faced with this unstable and highly competitive market environment, Printemps intends to further develop and accelerate its refocusing on the core values ​​that have built its success and forged its unique position among French department stores,” Printemps said. “The company aims to enhance the customer experience, establish itself as an essential growth partner for brands, and enable its teams to deliver the best possible customer experience through a clearer, more streamlined, and more efficient organization.”

It did not provide specifics on the reorganization plan, but noted it would also touch on the Paris headquarters.

“Management’s priority is now to provide individual support to employees whose positions would be eliminated or modified as part of this transformation project,” it added.

Last year Printemps introduced a private suite at its Paris flagship for VIP customers as part of the broader shift to experiential retail. The sprawling store has revamped its men’s offering and is in the midst of renovating its women’s building.

Owned by Luxembourg-based, Qatari-backed investment fund Divine Investments SA, Groupe Printemps operates about 20 Printemps stores in France, Doha and New York, as well as an online store.