2023-06-05 17:20:01
The Japanese group Fast Retailing (Uniqlo, Comptoir des Cotonniers, Princesse tam tam, etc.) is further reducing its operations in France. On May 23, he informed staff representatives of the implementation of a new social plan, two years after having already carried out a rationalization. This time, the group intends to close 55 stores and cut 304 jobs within the Comptoir des Cotonniers and Princesse tam tam brands, as well as at their joint headquarters, FashionNetwork.com has learned.
In detail, the management has planned to separate from 28 of the 67 points of sale of the women’s fashion brand Comptoir des Cotonniers in France, causing the loss of 101 jobs out of 272 permanent contracts.
Regarding the Princesse tam tam lingerie chain, 84 positions out of 235 permanent contracts will disappear, while 27 stores out of 69 will lower the curtain on the tricolor market.
Within the Paris headquarters common to these two brands, where nearly 230 people work, the group has decided to cut 119 positions.
In total, Fast Retailing therefore intends to part with nearly 40% of the workforce of these two tricolor brands. The effective closure of the targeted stores is scheduled for July 2024, the management tells us. She adds that internal reclassifications, the establishment of a voluntary departure plan and support measures (training, assistance with business creation, etc.) are planned.
Already in 2021, a social plan carried out within these two entities, covering 217 positions, had led to the closure of 74 points of sale. Three years earlier, in 2018, a restructuring had also affected the headquarters.
“Serious difficulties encountered”
Today, the objective of the plan is to “continue to adapt Fast Retailing France to changes in the clothing market and to stem the serious difficulties encountered by the company and its subsidiaries in order to ensure their sustainability. The situation is today such that it no longer allows Fast Retailing France to continue without risking compromising its future and that of its brands”, supports the company.
The group wants to focus on the most dynamic points of sale, strengthen synergies with the Uniqlo stores (which are not affected by the plan) by setting up corners there, and develop a store concept combining Comptoir des Cotonniers and Princesse tam tam. A first unit mixing the two offers was also opened this spring at the Forum des Halles in Paris.
“The project also includes the acceleration of the current digitalization strategy of Princesse tam tam and Comptoir des Cotonniers in order to make the most of the complementarity between physical stores and e-commerce and boost sales,” adds the company.
At the global level, the activity of the Japanese group is in good shape. In the first half of its 2022-2023 financial year, Fast Retailing saw its operating profit climb 16.4%, reaching 220 billion yen (1.5 billion euros) for the six months to the end of February (compared to to the previous year). Over the period, its sales jumped 20.4% to 1.467 billion yen, or 9.8 billion euros.
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