Le Printemps President Jean-Marc Bellaiche steps down

Jean-Marc Bellaiche took over as president of French department store group Le Printemps in 2020, and since then he has transformed the business. He introduced a new livery, revamped the assortment, opened a majestic new branch in New York, and reorganised the group while managing the post-pandemic period. FashionNetwork.com has now learnt that Bellaiche’s tenure will end on September 15.

In an internal memo to staff, whose content was gleaned by FashionNetwork.com, Bellaiche announced his departure from Le Printemps, which was bought by Qatari investment fund Disa in 2013.

“After mature reflection, and with the feeling of having accomplished my mission, I have decided not to renew this mandate upon its expiry,” wrote Bellaiche, listing the changes he has overseen at the group. “It was hard to take this decision, given how attached I feel to this fine institution and to you all, the women and men who are its strength, but I think the time has come for me to devote myself to a new project, whose details I will share in future,” he added.

From September 15, Le Printemps’s executive committee will take charge ad interim, while the group’s supervisory board has started the search for a new president.

“After his five years as president of the Printemps group, we would like to thank Jean-Marc Bellaiche for his commitment and the transformation he successfully executed within the group,” said the supervisory board. 

Bellaiche replaced Paolo de Cesare at the head of Le Printemps in September 2020. Under his leadership, the group underwent a major makeover, a mix of organisational streamlining, market repositioning and internationalisation drive.

Bellaiche began by taking a series of measures to make the group profitable again: he decided to close down unprofitable branches, like Italie 2 in Paris and the Strasbourg branch, and restructured the group’s organisation.

After laying this foundation, he made changes to the senior executive team, bringing more women in, he gave new impetus to the group’s CSR strategy, adopting the slogan Unis vers le beau responsable (Together for positive engagement), and made the department store’s brand identity clearer. Le Printemps has revamped its visual identity and brand concepts, and given a new look to its own brands by launching Saison 1865. Above all, Bellaiche has overhauled the group’s customer strategy, targeting both a French and international clientèle, and explored the new digital landscape, as well as focusing on the personal shopper service. In his letter to the staff, Bellaiche underlined that online sales account for 10% of Le Printemps’s revenue, and for 12% of Citadium’s.

He has also opened new international prospects for the group, inaugurating a Printemps in Doha in 2022. His main coup was undoubtedly opening a New York flagship in early 2025. Earlier this year, Bellaiche said that the group’s operating income had been back in positive territory for two fiscal years. However, the group’s bottom line is still burdened by its indebtedness, notably the liabilities incurred to face the challenges of the 2020-21 pandemic period.

“The transformations that occurred in the last five years have been extraordinary, and will leave a strong mark on the group and myself, both as a director and a person,” wrote Bellaiche. “I can’t begin to list all the amazing achievements of the last few years, nor all the KPIs that we have together turned positive despite the very strong headwinds linked to the economic, geopolitical and industry situation. I wanted to thank you all, from the bottom of my heart, from the stores’ sales staff to the digital, headquarters, group and support teams, and of course our strong, cohesive Executive Committee, for your commitment, your passion and simply for the pleasure it has been to work alongside you. I would also like to thank the members of the supervisory board, with whom cooperation in the past five years has been extremely smooth. Finally, I would like to thank the entire Le Printemps ecosystem, and especially the CEOs of the brands with which we have reached such great milestones,” he concluded.

This year, Le Printemps’ boulevard Haussmann flagship in Paris is celebrating its 160th anniversary. The group reported a revenue of €1.7 billion in 2018, and has not provided more up-to-date results. It has 3,000 employees, between the 21 Printemps department stores, nine Citadium stores, the Place des Tendances and Made in Design e-shops, and its administrative and logistics staff.