Galeries Lafayette are streamlining their HQ

What: Following announcements in December, Galeries Lafayette are considering reducing the headcounts within their travel agency and financial services businesses.

Why it is important: The relatively low magnitude of the plan (189 headcount) compared to the losses induced by the 100-days-long lockdown in 2020 (EUR 1,7 billion) shows the stability of the family-owned business.
 
Galeries Lafayette are considering making redundant 189 positions, mainly at their travel agency and financial services businesses, following an estimated EUR 1,7 billion loss on turnover in 2020. This is a stark contrast with Printemps which reported a 17% turnover loss over 5 years, leading to 428 departures and the closure of 7 stores, including 3 Citadium.