Having recently restructured its leadership, the team from Maisons du Monde continues to strategically streamline its processes to adapt to tough market conditions. The company recently released its Q3 results, announcing that its transformation plan would be ongoing.
Q3 sales down 14.3% on a like-for-like basis (not adjusted for stores under renovation during the quarter), ending with a more resilient month of September at -9.4%.
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Transformation plan ongoing
As part of its financial discipline strategy, the company has a cost savings target of €45m by 2024 year-end (inventory and capex reduction on track).
Renovation on 20 stores has been completed, with a further 41 currently in progress and scheduled for early November completion, before peak season. It has also introduced new concept stores exhibiting consistent outperformance: 6 stores with the most comparable history outperform peer stores' growth rates by double digits and show positive sales growth vs last year since reopening.
François-Melchior de Polignac, CEO of Maisons du Monde, comments: 'We remain fully committed to transforming our model under the Inspire Everyday plan, and are making good headway despite the volatile economic context. We have implemented financial discipline with rigorous cost management and cash control. Our efforts also focus on the continuous improvement of the Customer experience, enhancing our store network alongside our partners, and strengthening the accessibility of our offer while reducing operational inefficiencies.'
He continues: 'The full impact of this transformation is not yet visible during this transition period, but we are confident it will become clearer in the quarters ahead. Reconnecting with our Customer is a priority, not least through the launch of our very first loyalty program, Ma Maison du Monde, at the beginning of October. Designed for and by our Customers, this program reflects our commitment to creating unique and personalized experiences while strengthening emotional connections with our inspiring, accessible, and sustainable brand.'
More information:
Maisons du Monde
www.maisonsdumonde.com