LVMH announces new era for La Samaritaine

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LVMH Group today announced the appointment of Philippe de Beauvoir, president and ceo of Le Bon Marché since 1995, as president and ceo of La Samaritaine. The company said his focus will be on creating and implementing a development strategy for the legendary Paris department store. He will also remain president and ceo of Le Bon Marché, the Group's other department store, which has achieved a 45% increase in turnover since 1995.

LVMH took a majority stake in La Samaritaine in January 2001 through a capital increase and by acquiring minority stakes. Georges Renand has decided to leave his position as chairman but will retain his position on the Board of Directors, notably as chairman of the Cognacq-Jay Foundation which remains a 40% shareholder in the company.

LVMH said the appointment of de Beauvoir demonstrates the desire to accelerate and consolidate the growth of the two Parisian department stores and to implement a strategy focussing on growth whilst maintaining the two identities.

• La Samaritaine achieved sales of Fr1.4 billion ($189m) and made a profit in 2000.