About Thierry Guibert
Thierry Guibert, Group Chief Executive Officer of Maus Frères SA and former CEO of Lacoste and Conforama, has discussed the strategic turnaround of Lacoste following its acquisition by Maus Frères. In a 2022 interview, Guibert said that the brand had cut licenses in footwear, leather goods, and underwear to regain control over distribution and products, a move he described as necessary to make the brand desirable. He noted that Lacoste's revenue had recovered to €2 billion after a 10% decline during the COVID-19 pandemic, and stated a target of reaching €4 billion within five to six years. Guibert also mentioned that Maus Frères' family ownership provides long-term flexibility and no debt.
In earlier appearances, Guibert commented on Conforama's performance and the broader retail market. In 2013, he stated that Sunday sales accounted for 23% of Conforama's revenue and expressed concern about potential changes to Sunday trading regulations. In 2014, he called for a strong reduction in fiscal policy to boost consumer confidence and spending, particularly among lower- and middle-income households. Regarding Conforama's parent company Steinhoff, Guibert said in 2013 that a potential IPO of its European operations was being considered within 12 to 18 months, contingent on market conditions.
Source: AI-verified profile updated from Thierry Guibert's recent appearances.
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Transcript (21 segments)
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Interviewer0:00
Explain the turnaround story of Lacoste since the acquisition ten years ago. You made the courageous decision to cut licenses to rebuild the brand. Were you afraid of failing?
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Thierry Guibert0:27
It was necessary to control distribution and products. We bought back all the licenses and reorganized, requiring sacrifices but setting the brand up for long-term success. Today Lacoste is at €2 billion in revenue, targeting €4 billion in five years.
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Interviewer1:20
You are wearing the group's brands: Lacoste, Kooples, etc. The group is fully controlled by the Maus family.
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Thierry Guibert1:32
Family ownership gives us flexibility and a long-term vision. We are unlisted and debt-free. We aim to enrich our portfolio of premium brands.
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Interviewer2:19
Lacoste is a partner of Roland Garros and opening a flagship on the Champs-Élysées. But with 30% of revenue from digital, why open a large physical store?
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Thierry Guibert2:50
It’s counterintuitive but makes sense. Customer experience is both physical and digital. The store offers experiences like customization and digital interaction. We will open another flagship in London.
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Interviewer3:35
Have tourists returned to the Champs-Élysées after the yellow vests and COVID? Is it a gamble?
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Thierry Guibert3:49
Asian tourists are not back yet, but others are at 80% of normal. With 100 million annual visitors on the Champs-Élysées, capturing 1% would be a million store visitors.
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Interviewer4:17
You have 30% digital sales, targeting 40% by 2026, which is 10-15 points ahead of competitors. How do you achieve that?
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Thierry Guibert4:42
When I arrived, digital was under 2%. We invested heavily, making our digital presence a flagship with consistent pricing and premium experience. During COVID, we lost only 10% versus competitors' 20-30%. Our digital target is 35-40%.
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Interviewer6:02
You acquired The Kooples in 2019. What is your strategy for that brand, which has suffered from a lack of renewal?
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Thierry Guibert6:16
The Kooples is a young brand that lost its way. We are repositioning it for younger generations with audacious products and disruptive communication starting in June. A new flagship will open on the Champs-Élysées in October.
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Interviewer7:22
You've demonstrated success in turning around brands. Pimkie is for sale. Are you interested?
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Thierry Guibert7:38
No, we focus on premium. We aim to add value and develop our brands with a long-term vision. Consumers today are demanding and seek authenticity.
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Interviewer8:24
There's a trend for local sourcing and sustainability. Is that a priority for Lacoste?
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Thierry Guibert8:43
It's a priority. We manufacture in France in our own factories. Extending product lifespan is a key goal to reduce environmental impact. Consumers are attentive to authenticity.
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Interviewer9:59
You've had a long career in retail. What is your vision for retail's evolution?
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Thierry Guibert10:11
Retail is becoming experiential. Physical stores will persist but must offer more. We will have fewer but more interactive stores. Lacoste's partnership with tennis has been consistent for 90 years; we sponsor the top tennis players.
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Interviewer11:27
You dress the French team for the Olympics. You lost a bid because you didn't want to overspend on costs?
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Thierry Guibert11:29
We lost the bid because we didn't want to compromise on costs. But we are a CIO partner, so we will still be involved.
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Interviewer11:51
Thank you, Thierry Guibert, CEO of Lacoste and Maus Group, for being our guest on Good Morning Business.
