€ 3,075 million: the amount, according to our information, severance affected by Marc Lelandais, former CEO of Vivarte (Hall, Andrew, Kookai …), thanked the end of October after two years Exercise for “disagreement on the future conduct of the group.” A golden parachute that may leave a bitter taste to the 17 000 employees, stunned by the announcement the day before yesterday of removing 1,600 positions in signs, mainly Halle.
According to the retail the settlement agreement signed on 29 October 2014, with the direction that our newspaper has consulted, the luxury industry defector and finance pro hit a “bonus for restructuring” in the amount of € 1 million, plus an exit fee of € 1 million, according to the terms provided in his employment contract in July 2012 and € 1,075 million for final settlement. “As you know, although we recognize your qualities demonstrated in the successful implementation of the debt renegotiation of the group, however, we express our vis-à-vis the concerns of the strategy and a number of the measures restructuring, “we read in this document in English that act revoking the former CEO of Vivarte, replaced by Richard Simonin.
The failure of the rise upmarket
The company is grateful to him for the negotiation conducted with group creditors so that they renounce be reimbursed for € 2 billion that the company owed them. In return, these creditors came to the capital of Vivarte up to € 2 billion. They have since taken control of the group, changed the management team … and found out about roses. Because the strategy implemented by Marc Lelandais (upmarket Hall) was a failure. According to one expert dossier, she “led the group into the wall, scaring old customers without attracting new ones,” as shown by the results of 2014 (10.3% drop in sales).
The new fashion brand positioning allowed to “do a good turn to tap existing shareholders with outlandish predictions of a business plan,” commented this close to the case. “This strategy has been a failure, even if everything is not to throw”, recognizes a member of the management of Vivarte, refusing to comment on the golden parachute. Explanations will claim that for sure the unions Halle, which from Tuesday said they were “shocked and betrayed” by the former management, which they believe has “lied from beginning to end” on the success of its project.
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