PARIS — Marionnaud Group confirmed Monday it is trimming its French workforce by 582, of which 405 have opted for voluntary redundancies.
This story first appeared in the December 2, 2009 issue of WWD. Subscribe Today.
Most of the departures are expected at the A.S. Watson Group-owned perfumery chain in early December.
Marionnaud had in October announced a reorganization plan, which was conceived to return the chain to profitability starting in 2010. Over the past three years, Marionnaud, with 562 doors in France, has lost about 25 million euros, or $37.5 million at current exchange, annually. (Although in 2008 there was a slight improvement.)
Watson has invested 60 million euros, or $90 million, in Marionnaud since its acquisition in 2005. The chain has more than 1,200 locations in France, Austria, Switzerland, Spain, Italy and Portugal.