Chief executive officer Jean-Marc Bellaiche says the brand aims to break even this year despite continued uncertainty.
at the height of the COVID-19 pandemic. “We’ve decided to make significant marketing investments to accompany this relaunch and rebranding, so Printemps will once again be part of the conversation.”Printemps was acquired in 2013 by Divine Investments SA, a Luxembourg-based investment fund backed by Sheikh Hamad bin Khalifa Al Thani, the former emir of Qatar.
But things are looking up. The executive reported that comparable sales between April 2021 and March 2022 rose 38 percent year-over-year, and were down 12 percent versus the same period in 2020, thanks in part to a rebound in tourism in the fourth quarter, despite the continued dearth of Asian visitors.
In the last year, Printemps has ramped up spending on digital activities. E-commerce sales in the last 12 months were up 31 percent versus fiscal 2020, while omnichannel revenues rose 52 percent. That trend was interrupted by the spread of the Omicron variant in January, and the outlook for summer has been clouded by the war in Ukraine, Bellaiche said. Russian and Ukrainian customers account for just 1.5 percent of sales at Printemps, but the conflict could have wider-ranging implications, he noted.
This weekend, it will unveil a luminous floral design on its facade, due to remain in place for nine months, as well as immersive window displays, including two interactive windows equipped with digital sensors.
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