Vivarte hires new chief from Monoprix
France's leading fashion retailer Vivarte has named Stéphane Maquaire, the CEO at French supermarket chain Monoprix, as its new chairman and CEO.
Joining the company in May, he will succeed Richard Simonin who took up the post in October 2014 and has overseen a restructuring programme for the group that has included job cuts at its La Halle retail brand.
Simonin replaced Marc Lelandais, meaning the troubled fashion and footwear retailer has had three CEOs in as many years.
Faced with a largely stagnant French clothing market, last April Vivarte said it would axe more than 1,600 jobs and close over 200 stores as part of a major restructuring initiative.
Some 1,520 of the jobs were lost at its La Halle aux Vêtements clothing chain, with 174 of its 620 stores set to close. A further 105 jobs were axed at footwear chain André, and 43 at the Kookaï fashion brand.
In the summer of 2014, Vivarte sealed a major financial restructuring deal with its creditors, bringing the group under the control of four investment groups – Alcentra, Babson GoldenTree and Oaktree. The deal was estimated to slash Vivarte's debts from EUR2.8bn to EUR800m, with EUR500m of financial resources made available.
Vivarte's board of directors believe Maquaire, who has headed Monoprix since 2010, has the experience to carry out the next steps of the group's recovery.
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