Printemps Fires Its Boss With the Usual Formula: “Thank You for Your Commitment”

Sometimes there are phrases so moth-eaten from overuse that they reek of formaldehyde, serving only to mask embarrassing realities. Printemps’ press release announcing the departure of Jean-Marc Bellaiche after five years at the helm is a textbook example: “We would like to thank Jean-Marc Bellaiche for his commitment and the successful transformation he has led.” HR translation: “Thanks for dropping by, the door’s over there.”

But Bellaiche didn’t walk into a serene household. He took over right in the middle of the pandemic, when department stores were emptying out and Chinese tourists once the golden goose  were stuck at home. He patched up the leaks, launched e-commerce just as everyone else was pulling down the shutters, and even splurged on a New York opening at the imposing One Wall Street, as if to remind the world that Printemps still liked to dream big.

The trouble is, in the ruthless world of investment funds, dreams are measured in columns of figures. And the financial arm of the former Emir of Qatar has no interest in collecting “nice projects.” It wants returns.

Yes, Bellaiche oversaw brand revamps, freshened up the image, and grew colorful concept stores in Deauville. But in the grand accounting ledger, all that weighs less than a single line item.

Which leaves the lingering question: what will become of Printemps? In a world where Galeries Lafayette, Samaritaine and other retail temples are clawing over the scraps of a saturated, digitally upended market?

And so Printemps continues its eternal waltz of CEOs, each one arriving as the supposed savior… only to be sent packing with the same corporate burial formula.

FM