Informing and listening to employees. Nearly 10 years of feedback has allowed, year upon year, for the adjustment, reshaping and deepening of the various action plans implemented, and provides answers specific to the problematic of each company.
The commitments made within the framework of the Charter will be subject to regular monitoring within the European Works Council. PPR develops a portfolio of high-growth global brands. With approximately 73, employees the Group is present in 59 countries. To explore the universe of PPR brands go to www. Download the press release. It is up to each company to construct or complement its own action plans around the 3 fundamental principles: 1.
Establish preventative measures to improve the quality of life at work and to reduce factors of work-related stress Among the preventative means and measures, what are especially important are the implementation of instruments and procedures of vigilance and alerts, and measures to enhance the awareness of personnel employee information, training of managers , as well as the promotion of the reconciliation of personal life and professional life and the recognition of employees via career promotion.
Charlotte Judet Cindy Germanaud. Printemps realized that it did not have the expertise to start up a new hypermarket chain, and by its Escale stores had been transferred to the established Euromarche group of hypermarkets, with Printemps acquiring a 26 percent share in Euromarche S.
The years from , however, were to see the beginning of a transformation in the activities of the Printemps group that was possibly more important than the opening of the Prisunic variety stores in the s.
Responsible for this change were Jean-Jacques Delort, who was appointed managing director in and had joined the group 18 months earlier, and his president, Bertrand Maus. Commercial strategy consisted of four main policies. First was the recognition that well-managed department stores and variety stores could, provided with the necessary investments, continue to be profitable.
These methods of retailing, however, did not constitute important areas of expansion and growth. Second, commercial activities in the food sector offered growth prospects, particularly in more modern forms such as supermarkets, hypermarkets, and affiliated food stores.
Third, specialty stores and home shopping, including mail order and shopping by telephone, were growing retail sectors. Fourth, when opportunities occurred or could be created, the export of know-how and merchandise was to be pursued vigorously.
These policies dominated the activities of Printemps beginning in No great change took place in the number of owned department and variety stores. Some smaller stores were closed, a few new stores were acquired or built, and investments continued to be made in existing stores. In the case of Prisunic, emphasis continued to be placed on increasing food sales and by food accounted for 58 percent of Prisunic's total sales. At the same time the concept of exporting department and variety store expertise and merchandise gathered strength.
In an important agreement was made with Japan's Daiei retailing group to open Printemps department stores in Japan. Printemps provided the expertise and Daiei the building, so Printemps's capital investment was negligible. Daiei opened several such stores in Japan and similar agreements were made in other countries, including Portugal. By the early s there were 11 stores outside France carrying the Printemps name, and a larger number affiliated with Printemps for supplies of merchandise.
Prisunic followed a similar policy, and soon there were Prisunic or Escale large supermarket stores in French territories overseas and in Greece and Portugal. Specialty nonfood retailing was developed in the menswear market. In the Printemps group had opened a specialty menswear store called Brummell in Toulouse. But perhaps the most important step forward took place in when Printemps bought a 40 percent share in Magasins Armand Thiery et Sigrand ATS , an existing mens-wear chain.
This shareholding was increased to 80 percent in and In an entirely different type of move was made with the purchase of 51 percent of Disco S. In association with seven other wholesalers, Disco, the second largest food wholesaler in France, supplied more than 1, affiliated food retailers. Discol acted as a food wholesaler to restaurants, schools, and hospitals, and was France's second largest firm in this sector.
Together Disco and Discol owned and operated 18 food distribution centers and their associated firms had a further These acquisitions, along with the significant food sales of Prisunic stores, afforded Printemps a strong presence in France's food industry. Printemps's most dramatic acquisition took place in —88, when first 15 percent, then 20 percent, then 32 percent, and finally, on an agreed bid, Founded in , La Redoute owned not only two smaller mail-order firms in France, Vert Baudet and Maison de Valerie, but also controlled Vestro, the second largest mail-order company in Italy, and the Prenatal chain of stores, which boasted more than branches in Italy, Spain, Austria, Germany, and Portugal.
Since Printemps took control, mail-order selling was developed in the Benelux countries and Portugal and an agreement was made with Sears Canada. La Redoute's 25 percent share of Empire Stores, the fifth largest mail-order firm in the United Kingdom, was increased in to virtually complete control at In the hypermarket retail sector, the Printemps group had acquired a 25 percent interest in the Euromarche hypermarket company in Through crossholdings in Viniprix S.
The profits of Euromarche fell, however, in and , and in the firm incurred a heavy loss, with only a marginal improvement in Unable to control the management of Euromarche, Printemps disposed of its share in , selling it at a profit to the hypermarket group Carrefour. Another, but less important, change occurred in when the Printemps group sold the Disco food wholesale company. In effect, however, this made little difference to the commitment of the Printemps group to food wholesaling.
While giving up the day-to-day operation of wholesale depots, Printemps, through its Prisunic buying organization, remained the chief source of supply for the 1, franchised retailers of Disco.
In December , Francois Pinault's Groupe Pinault, which had itself only just gone public in , acquired a controlling two-thirds stake in Printemps. Since the s, Pinault had expanded his business from a small timber company into a FRF 40 billion conglomerate with interests in distribution and retailing. The companies merged as Pinault-PrintempsRedoute S. PPR in after Printemps acquired the 46 percent of Redoute it did not already own. Over the first half of the s, the conglomerate's sales increased from FRF Having guided a successful reorganization of France's Le Bon Marche, Philippe Vendry returned to Printemps in to guide a revitalization of the chain.
Vendry had advanced to the post of managing director of Printemps during his year career at the chain before leaving in to serve as president of Le Bon Marche.
Retail" in the intervening years. His multifaceted prescription for Printemps included limiting its merchandise to five key categories: women's apparel, men's apparel, home furnishings, cosmetics, and leisure goods. Store remodelings reorganized goods into product "universes," as contrasted with traditional "bazaar-style" displays. Vendry also hoped to improve customer service, which he himself admitted was "lousy.
Despite Printemps's poor showing, the group as a whole achieved a FRF 1. At this time, management felt that the company's broad diversification protected it from negative economic forces and positioned it well to take advantage of upturns.
During the remainder of the s, PPR significantly expanded its holdings. Its electrical equipment supplier, Rexel, also grew by making a variety of strategic purchases. Meanwhile, PPR launched a new women's lingerie chain, Orcanta, in During , the company purchased Guilbert, Europe's largest office supply and equipment concern, as well as a It acquired the remaining shares of Brylane in PPR made its move into the luxury goods sector of the retail market that year when it set its sights on Gucci Group N.
As part of the deal, PPR agreed to acquire 8. The purchase raised its stake in Gucci to Under the direction of Serge Weinberg, PPR transformed itself from an unwieldy conglomerate into a luxury retail group in the early years of the new millennium.
Starting in , PPR began the process of restructuring. It increased its stake in Gucci to During , its stake in Gucci increased to Rexel, its electrical equipment subsidiary, was sold in With the restructuring complete, Weinberg stepped down to start his own investment business in The company officially adopted the PPR S.
Pinault commented on his strategy for the future in an April WWD article, claiming, "The approach we have is to be in the right business at the right time. It's the approach of an investor. I don't want to put all my eggs in one basket. I'm really here to build something and to keep on building a group.
Only time would tell, however, if its venture into luxury retail would pay off. Gallimard, Raper, Sarah, "Pinault Buys Tahmincioglu, Eve, "Printemps' U. Future Rocky," Footwear News, April 3, , p. Toggle navigation. Midth Century Origins In , year-old Jules Jaluzot, who had been a department head at Bon Marche, France's oldest department store, opened Au Printemps, a small store on the corner of boulevard Haussmann and rue du Havre in Paris. Adopting Modern Management Strategies in the Early 20th Century Gustave Laguionie died in , leaving the business under the control of his son Pierre, alongside Alcide Poulet, named partner in Corporate Reorganization in the s The various activities of the group during these years were handled mostly by separate limited partnerships, which by the early s numbered more than , including 50 separate Prisunic companies.
Company Perspectives: PPR's goal is to be one of the world's most admired companies for its capacity to seduce and surprise its customers, its outstanding products and services, its constant drive to improve performance and its corporate ethics. New Management, New Direction Beginning in the Late s The years from , however, were to see the beginning of a transformation in the activities of the Printemps group that was possibly more important than the opening of the Prisunic variety stores in the s.
Acquisition of La Redoute in the Late s Printemps's most dramatic acquisition took place in —88, when first 15 percent, then 20 percent, then 32 percent, and finally, on an agreed bid, Principal Competitors Carrefour S.
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