New CEO at Galeries Lafayette: The Lemoine-Houzé Family’s Strategic Reshuffle

« Entering a New Chapter »

Investments on Haussmann

The investments are primarily focused on the flagship Haussmann store. The goal is to enhance the experience to attract the wealthiest French customers. “Previously, luxury jewelry brands only had limited space along the aisles, explains Arthur Lemoine. It wasn’t suitable for buying an engagement ring! We’ve given them more space.” As a result, the turnover (2 billion euros) has almost returned to its pre-Covid level. However, profitability remains lower, in the absence of wealthy Asians. “I think other stores will close, out of the 19 directly managed,” sighs Frédéric Hacquard, central union delegate at CFDT. The management, however, claims not to have this project.

A Complementary Alliance

Unless the savior is called Arthur Lemoine, crowned with his new title? In any case, the two branches of the family, the Houzés and the Lemoines, will have to get along. “As long as Ginette Moulin was there, there was no possibility of conflict, warns a close associate of the clan. Now, the door is open.” From Carrefour – whose capitalization has been halved – to La Redoute, “the investments over the past fifteen years have not been very judicious,” judges Olivier Salomon, a consultant at AlixPartners. The trauma of the fierce capitalist battle, twenty years ago, with Léone-Noëlle Meyer, cousin of Ginette, still looms. The appointment of Arthur Lemoine as CEO by Nicolas Houzé shows a desire to now fully involve this branch in strategic decisions.

The three cousins want to stand united. “Our family is in perfect agreement,” dismisses Patricia Moulin in a brief SMS. Some veterans believe in the trio’s complementarity: “Guillaume is the visionary, whimsical, focused on the image. Nicolas is the serious one, the financier. Arthur is very analytical, the negotiator.” Others are more skeptical: “In the future, there might be a conservative revolution from the Lemoines, who are not interested in tech topics, unlike the Houzés.” For now, the balance holds. “We are the bearers of a century-old story and hope to one day pass it on to the next generation,” asserts Nicolas Houzé. A significant challenge: Ginette Moulin’s great-grandchildren are already fourteen, against six for the previous generation.