The crisis of Maisons du Mondethe French furniture and decoration chain, moves to Spain. The French company has appointed Thomas Dubosformer general director of Celio in Spain, as the new director of its Spanish subsidiary after the group’s poor results in the first half of the year.
As confirmed by the company itself elEconomista.esDubos “has just joined the team in Spain to contribute his experience in managing subsidiaries and continue inspiring our clients to create accessible and sustainable homes.” Since October 2019, Dubos served as general director of Celio in Spain and previously held other management positions at Decathlon, Privalia and Catimini.
Between January and June, Maisons du Monde recorded global losses of 24.3 million euroscompared to profits of one million in the same period of the previous year. The drop in consumption and competition from large operators like Ikea are behind the decline of the brand. These are the same factors that this year led to the bankruptcy of the French company Habitat.
As a result of these results, the company activated a savings plan of 85 million euros for the next three years. According to sources from the retailthis strategy has triggered the renegotiation of the rents of the 34 stores that the chain owns in Spain. Currently, the Spanish market is the third in turnover volume for Maisons du Monde, only behind France and Italy.
Negotiation underway
Maisons du Monde confirms that it has commissioned the consultancy Pangea Retail the “management of our real estate portfolio with the aim of establishing a commercial negotiation” on its leases in Spain. But the chain denies that this operation is related “in any case to the financial health of our business”, but frames it in a “common negotiation between retailers and landlords.”
However, other sources in the sector point out that “many of the establishments are below sales targets” and add that “in some cases the rent has already stopped being paid.” “This is not a normal renegotiation,” he summarizes.
In parallel to this process, Maisons du Monde is updating the image of its establishments in Spain. To date it has already updated seven, among which the one on Serrano Street in Madrid stands out. All of them are owned, although the company does not rule out moving its operating model towards a franchise regime.
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