Showroomprivé ex-CEO Thierry Petit sells his stake
After stepping down from his role as CEO of French event sales website Showroomprivé in December, Thierry Petit has now sold the shares he held in the company. Petit will leave Showroomprivé’s board at the end of the year, while investor Eric Sitruk is slated to become a new member.
Petit owned 20.9 million shares, and sold them for €1 each, equivalent to a 17.61% stake in Showroomprivé.
Of these shares, 11.7% will be reclassified among the founders subject to specific conditions precedent, while 2.5% will go to an existing shareholder not part of the majority pool. A further 3.3% have been bought by Showroomprivé itself, with a view to using them for a stock option plan for employees and managers.
Sitruk, known in the French fashion world for the Fashion Bel Air chain, already holds a 5% stake in Showroomprivé, and is set to buy 3 million shares from Petit, adding another 2.5% to his portfolio.
This purchase is subject to Carrefour's waiving its pre-emptive rights, and could be completed in the next few days. David Dayan, Showroomprivé’s co-founder and CEO, has pledged to vote in favour of appointing Sitruk as board member if he requests it, and if he has a shareholding of more than 7%.
Showroomprivé recently rolled out Village, a marketplace offering a digitalised version of the outlet store experience, with a permanent selection of high-end brands. “Our premiumization strategy is not aimed at raising prices, but at bringing more value and quality to customers and brands. Buying The Bradery was a step in that direction,” Dayan recently told FashionNetwork.com in an interview.
In 2021, ShowroomPrivé’s revenue increased by 3.8% to €723.8 million, while its sales volume was €922 million, up 3.1%. EBITDA was €48.2 million, up from the €42 million recorded in fiscal 2020. The latter year had marked a “return to profitability” for ShowroomPrivé, whose revenue grew by 13.3% as lockdowns gave a boost to online shopping.
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