LVMH Moët Hennessy Louis Vuitton has created a new governance structure reuniting its two Paris department stores, Le Bon Marché and La Samaritaine, after acquiring the latter from its travel retail division DFS, read a statement.

"Effective immediately, a single leadership team is being established under the continued presidency of Patrice Wagner, who will now oversee both Le Bon Marché and La Samaritaine," the group stated, emphasizing its intention to give La Samaritaine fresh momentum."

Catherine Newey, who became managing director of La Samaritaine in 2023, will retain her position while also serving as deputy managing director of the Le Bon Marché Group.

"A new organizational structure will be rolled out gradually, focusing on securing consistent, long-term growth at La Samaritaine while preserving the distinct identity of each house within the group," added LVMH.

The company said the unified leadership approach "builds on the individual strengths and distinct characters of these two iconic maisons, which can now evolve together: La Samaritaine, with its historic location at the heart of Paris, and Le Bon Marché, celebrated for its Parisian identity, creativity, and customer experience."

During its full-year earnings presentation in January, LVMH confirmed that La Samaritaine had been removed from the Duty-Free Shops (DFS) network. It noted that DFS remained "below its pre-COVID-19 levels," particularly affected by currency exchange fluctuations. "La Samaritaine's operations were primarily focused on Chinese tourists, and we are shifting it out of DFS to broaden its appeal," explained Jean-Jacques Guiony, chief financial officer of LVMH.

The Parisian department store reopened in 2021 following a 16-year closure and a €750 million renovation. The absence of Chinese tourism has made it difficult to rebuild its clientele.

Photo: La Samaritaine. Courtesy of LVMH