loccitane international says time for drastic changes in way companies are organised

L’Occitane International says time for drastic changes in way companies are organised

Sumary of L’Occitane International says time for drastic changes in way companies are organised:

  • Translated by Nicola Mira Published Jul 9, 2021 Reading time 3 minutes Download Print Text size aA+ aA- Translated by Nicola Mira Published Jul 9, 2021 “They were highly uncertain times, we were concerned about the company’s survival.” Adrien Geiger, general manager of L’Occitane en Provence and head of sustainable development at L’Occitane International, doesn’t mince words.Adrien Geiger – DRThe cosmetics group was hit hard by the adverse consequences of the Covid-19 pandemic which, at its peak, forced L’Occitane International to close 75% of its stores worldwide, comprising in total 1,569 doors in 60 countries.
  • The immediate effect was that, last October, the group listed on the Hong Kong stock exchange announcedit was deploying a restructuring plan that involved cutting approximately 300 jobs out of the group’s 9,000 worldwide.At the start of this year, the group’s American division was forced to file for Chapter 11 bankruptcy protection under US receivership law.The filing applied to the L’Occitane en Provence brand only,and allowed the division to continue trading while reorganising internally in order to slash its debt.

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