Printemps CEO: reinventing the department store for 2030

A new captain at the helm

Since taking over as chief executive of the Printemps Group in June, Rémy Baume has been clear about one thing: the department store is not a model in crisis. He acknowledges that the business is “complex”, but he rejects the idea that its difficulties are insurmountable. In an interview with Agence France-Presse, the executive in his fifties set out his ambition to make Printemps the benchmark for “customer welcome and hospitality”.

Baume is no stranger to the retail world. He previously served as CEO of Zadig&Voltaire and held roles at LVMH/Groupe Arnault and Carrefour before joining Printemps at a challenging moment. The French retailer, founded in 1865, announced in April that it would cut staff and close its store in Rennes to refocus on its “fundamentals”, particularly in the face of competition from ultra-fast fashion and second-hand fashion.

Restructuring without retreat

The agreement signed with two unions, Unsa and CFE-CGC, sets out 222 job cuts out of a workforce of 3,000, alongside 93 newly created roles and 17 contract modifications. The Rennes store, located in a shopping centre that management considers “incompatible” with a high-end “positioning”, will close its doors in February.

“We want to get closer to the sales teams and have fewer management layers,” Baume explained. He succeeds Jean-Marc Bellaiche, who left the group last year. Printemps has been owned by Qatari shareholders through the Disa fund since 2013.

The restructuring is not about shrinking for its own sake. Baume’s strategy for 2030 rests on three pillars: a more fluid and “de-siloed” organisation, an acceleration in artificial intelligence, and above all, an enhanced focus on customer welcome and hospitality.

“We sell expensive products, so the experience truly has to match that standard,” he insisted. He noted that the retailer already offers “many services”, including spas, dining, personal shopping and alterations.

The department store model can thrive if managed with “finesse”, believes Baume, who refuses to blame the sector’s difficulties on fast fashion. He points to the “double-digit growth” of US retailer Bloomingdale’s as an example of what is possible.

An intimate setting with broad appeal

Printemps claims two and a half million annual shoppers across its network. It “does not target one specific clientele over another”, Baume assured. However, he conceded that its direction “may hold greater appeal” for those “who appreciate comfort and the utmost discretion”.

Spanning 44,000 square metres, its flagship store on Boulevard Haussmann in Paris is, in his view, a “more intimate setting” than the 70,000 square metres of neighbouring Galeries Lafayette.

The group operates 20 Printemps stores across France, alongside international locations in Doha, Qatar, opened in 2022, and in New York, US, opened in 2025. According to Baume, there are no plans for further openings abroad. The company also encompasses nine Citadium stores and the e-commerce platform Place des Tendances.

Financial footing and the road ahead

The company declined to disclose its revenue, which stood at €1.7 billion during its 2017-2018 fiscal year. “We are in the black,” Baume assured, though he noted “we have work to do” to improve profitability.

Protests in recent weeks have cost “several million euros” due to property damage and lost revenue, according to the executive, who is advocating for the easing of Sunday trading restrictions.

At the end of 2021, Printemps implemented a job protection plan, resulting in the elimination of several hundred roles and the closure of three sites.

In March 2026, its shareholders recapitalised the group to the tune of €140 million, primarily to clear its “existing losses” of more than €79 million following the allocation of results for the fiscal year ended March 2025. These figures were detailed in minutes revealed by trade publication LSA and reviewed by AFP. Management declined to comment on them.

A question of finesse

For Baume, the future of the department store lies in execution. The combination of a leaner organisation, smarter use of technology and an unwavering focus on the customer experience is designed to position Printemps as a leader in a competitive landscape. Whether that vision can be delivered will depend on how well the group manages the delicate balance between cost-cutting and investment, tradition and innovation.

As the retail sector continues to evolve, Printemps is betting that its heritage and its emphasis on service will set it apart. The coming years will show whether that bet pays off.