Gifi’s Latest CEO, Christophe Mistou: Overcoming Monumental Challenges Ahead

Is this a sign of improvement in Gifi’s troubled skies? The pioneering discount retailer is set to finally have a new leader in Christophe Mistou (former CEO of Mr. Bricolage), after a year of rapid executive turnover. Initially, Philippe Ginestet, the CEO and founder, was ousted in January 2025 by creditor banks. Then came Philippe Brochard, the former CEO of Auchan France, who was appointed alongside the consulting firm AlixPartners to “clean up” the costs of this family-run business, but he left in May 2025 amid tensions with the founder and major shareholder. Lastly, Rémy Lecomte, the current legal director at Gifi, whose interim leadership will end by late summer.

From September 1st, Christophe Mistou will take over the reins of Gifi in a permanent capacity, as announced on July 3rd. Internally, there’s a sense of relief after weeks of hardship where some employees were unclear about who their leader was. “This is very good news,” whispers a source close to the company. “We needed a fresh start and a solid management board to create a united front. There have been too many changes.” From the perspective of the CFDT, the company’s leading union, there’s a more measured response. “Employees are anxious, impatient, and tired,” says Pierre Laffore, a union representative. “After what happened with Philippe Brochard, I remain cautious, but I wish him the best!”

Christophe Mistou faces numerous challenges. The foremost among these is the revitalization of the company. Burdened by debt and declining revenue, Gifi must confront direct competition from the Dutch powerhouse Action, as well as formidable Chinese e-commerce players Shein and Temu. After previously raising its prices, the company is now attempting to return to its hard-discount roots and is working to cut costs. Already, savings of 79 million euros have been achieved. “The cleanup of costs is complete, and results are increasingly solid,” assures a source close to the matter. “The cost-saving plan and the marketing relaunch are working very well.” Another source adds: “Between the streamlining of offerings by Philippe Brochard and the improvement in sales and margins over the past six weeks, they’ve regained some breathing room in terms of cash flow and are not just scraping by week-to-week. While they’re not out of the woods yet, Christophe Mistou has some time to implement a number of measures.”

The key challenge will be to continue the rationalization of the management of this giant with 1.3 billion euros in revenue, which has so far often operated more like a small to medium-sized enterprise, due to the paternalistic nature of the former CEO and still principal shareholder, Philippe Ginestet. “We needed someone who understands the processes of large groups,” acknowledges an internal source. With Christophe Mistou, who managed more than 2 billion euros in business volume with the hardware giant, the choice seems prudent. Especially since the leader, between his arrival in 2016 and his departure in 2025, reduced the net financial debt of Mr. Bricolage from 66 million euros to 2.7 million.

The second challenge: the relationship with shareholder Philippe Ginestet. This issue led to the departure of Philippe Brochard, who came from Auchan. “One of the key challenges in the case is psychology,” recognizes a source. “There is a narcissistic wound in Philippe Ginestet. So, facing him, you need someone who doesn’t show off, who listens.” According to the same source, Christophe Mistou would have this necessary humility. A former Gifi executive warns: “His independence of action and his courage to further emancipate Gifi from its founder’s holding must be monitored.” Indeed, all the tensions between Brochard and Ginestet rested on companies (insurance, transportation…) owned by GPG, the founder’s holding company, which billed services to Gifi at rates deemed up to 30% too high by the former Auchan executive. These links between GPG’s companies and Gifi have been a concern for AlixPartners, the firm tasked with restructuring the company for several months. “In recent weeks, the founder has regained some control over the company,” worries a source. “Will the new leader be at Philippe Ginestet’s beck and call, or will he be able to lead more independently?”

The third and final challenge for Mistou: the social aspect. Amidst changes in leadership and the abrupt departure of the director of human resources Thierry Boukhari, the ongoing social plan, which affects 302 people including 186 at the headquarters in Villeneuve-sur-Lot, is stalling. Union representatives are frustrated by a scope that is not yet fully defined, as well as by the lack of progress on potential supra-legal severance packages. “The plan was designed by Thierry Boukhari, negotiated by Rémy Lecomte, but it’s Christophe Mistou who will execute it,” explains Pierre Laffore. “The motivation of the remaining employees will depend on how those who are leaving are treated.” From September 1st, the former leader of Mr. Bricolage will be closely watched.