Santiago Cucci on IKKS: ‘It’s time for us to refocus on our flagship brand’

In October, this was not necessarily the frontrunner in the race to take over the IKKS Group. The French premium ready-to-wear specialist, owner of the eponymous brand as well as One Step and I.Code, attracted around a dozen bidders after being placed in receivership at the start of autumn, including the respective owners of The Kooples, Pimkie, Morgan and Caroll.

But in the home stretch, the duo of Michaël Benabou, co-founder of VeePee (then called Vente Privée) and head of the investment company Financière Saint James, and Santiago Cucci, a specialist in premium ready-to-wear and former head of the Levi’s and Dockers brands, who for a time supported the leadership of Dutch label G-Star, strengthened their bid. The entrepreneur, a sports enthusiast who knows the case well, having taken over as chairman of the HoldIKKS holding company last year, knows that competitions are decided right up to the last minute. Despite the loss of almost half the workforce, their offer, which safeguards 546 jobs and includes 119 directly operated stores, won the backing of the group’s works council (CSE) and was formally approved by the Paris Court for Economic Activities.

A few hours after the decision was made official, Cucci outlined his roadmap for IKKS to FashionNetwork.com.

FashionNetwork.com: What was your reaction to the announcement of the court’s decision?

Santiago Cucci: We’re delighted to be taking over this iconic brand. I think it’s a brand that touches the hearts of the French. We all have a history with IKKS, whether from our younger years or through our children, often tied to festive moments. This means there’s a whole generation entering adulthood already very familiar with the brand and feeling positively towards it. That’s the capital we’re taking on today. And this affinity extends well beyond end consumers: of the 118 affiliates we contacted, 116 said yes.

FNW: Because beyond the 119 directly operated stores, you had to convince partners to come on board…

SC: Whether with affiliates, suppliers we had to renegotiate with, or across the entire value chain through to consumers, I believe the whole ecosystem still holds the brand in very high regard. Our job now is to make the brand desirable, using digital tools that deliver a strong and seamless customer experience.

FNW: You’re keeping 546 jobs, many of them in stores. What are the next steps, particularly on the social front?

SC: As we’re taking over the company, on Monday I’ll be in Saint-Macaire to meet the employees who are part of the project. We’ll be putting together a new management team across most functions over the next few weeks. I would like to thank the management team, who have done their utmost to steer the company through difficult conditions in recent years. In our takeover plan, we have committed to investing 700,000 euros to acquire the brand’s assets and inventories, and 700,000 euros to contribute to the PSE. Matters concerning those who are leaving will be handled by the court-appointed liquidator. However, we intend to rehire a few people to help secure the path forward over the coming months.

FNW: In your plan, a number of activities were to be discontinued. Where are you going to focus your efforts?

SC: We’re refocusing on IKKS’s adult business. We’re putting the junior business on hold. Even though that’s the brand’s roots, in France the leading player in the junior market is the second-hand segment. We have to accept that reality. But those consumers who were juniors are now adults and already have a relationship with the brand. At the same time, the group had been managing I.Code and One Step. It’s time to refocus on the flagship and discontinue the two brands and childrenswear. It’s important to note that the junior segment accounts for 82% of IKKS’s losses.

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FNW: Does this mean that you think the adult part of IKKS, the core on which you’re refocusing, could be profitable fairly quickly?

SC: You’re right. As early as the first year—2026, which will be a transitional year—we have a profitable business model, with reinvestment back into the company.

FNW: Alongside the buyout, you announced a 16 million euro investment package. What are your investment priorities?

SC: We’ve budgeted almost 17 million euros to get the supply chain engine up and running again. It’s a real machine. We’re going to invest in boosting the brand’s desirability, and in IT infrastructure that is from another era, which we’ll upgrade in the first quarter. In my experience, I’ve always been quick to transform companies.

FNW: What will you bring over from your experience at Levi’s and Dockers? What do you think is essential to the successful evolution of a brand?

SC: We’re going to clarify the brand’s identity and values. We’ll enhance the customer experience, particularly by engaging more meaningfully with our community and relying a little less on promotions alone. To do this, we’ll invest in infrastructure and in our go-to-market. We’ll invest in production capabilities so we can be more flexible and hold inventory that matches market needs. We want to be less dependent on promotional periods.

FNW: Is the idea also to reduce the share of revenue coming from markdowns?

SC: You have to be clear about prices. You can’t set a price and then run permanent promotions afterwards. So we’re going to bring more clarity for consumers to the pricing structure, especially at the start of the season. By the way, the design team has done a great job, which is why we’re keeping them on. Now we’re going to make this offer more visible, with a pricing structure that has to be logical. Encouragingly, the results for this reworked adult offer are positive.