PARIS — Patrick Puy has been named chairman of Alès Groupe’s board, following the resignation of Frédéric Poux, the French beauty company said Tuesday after the close of the Paris bourse.
Puy has been charged with accelerating the group’s transformation based on three axes: improving its profitability; optimizing operations and production processes, and a strategic review of Alès Groupe’s activities.
Since 2016, Puy has been chairman and chief executive officer of Vivarte, a fashion and shoe concern. The turnaround expert was brought into that company as it attempted to restructure its debt. Prior to that, Puy held positions at groups including Spir Communication and d’Arc International.
Poux had been named chairman of Alès Groupe’s board on April 29.
Also on Tuesday, the parent of brands including Phyto, Lierac, Jowaé and Laboratoire Ducastel said the capital increase it had announced on April 29 and approved on June 20 has been postponed indefinitely. No explanation was given.
On April 29, the company said Co-Capital, a manufacturer and distributor of medicines and cosmetics that had been working with Alès Groupe for some years, was investing 20 million euros in Avila, the Alès family’s holding company and Alès Groupe’s majority shareholder. Then this summer, Alès Groupe was to launch a capital increase of up to 25.5 million euros, to be subscribed to by Avila for a maximum of 20 million euros.
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At the time, the group said in a statement: “This operation permitted the conclusion of a long-term accord with the group’s financial partners in view of rescheduling its debt,” referring to a new deadline of 2024. “This new financial structure will give the group the necessary flexibility for the execution of its strategy and the pursuit of its transformation plan.”
Alès Groupe’s transformation was meant to include the reorganization of its teams in France and redeployment of its key Lierac brand in the premium antiage skin-care category in pharmacies. The group was also to develop the Phyto brand in French pharmacies and abroad, while for Jowaé, the group was to expand its reach at home and internationally in pharmacies and drugstores.
Alès Groupe’s third-quarter sales rose 7.7 percent in reported terms versus the same prior-year period to 47.3 million euros.