Fashion house McQueen, part of French luxury goods group Kering, is considering cutting 55 jobs at its London headquarters as part of a strategic review. Kering confirmed this on Thursday in response to a request from WWD.
These 55 positions correspond to 20 percent of the workforce at headquarters, Kering said. McQueen has “launched a program aimed at returning the company to sustainable profitability over the next three years,” said a statement provided to the US trade publication Women’s Wear Daily (WWD). “As part of a comprehensive strategic review of our global operations, we are restructuring our UK headquarters and reducing the complexity of our international markets,” the fashion company said.
Kering “fully supports McQueen in his strategic transformation,” it said in a statement sent to AFP. “We are convinced that the measures taken will strengthen the House’s position in the global luxury market. They will allow it to perfectly align its strategic objectives and operational needs.”
McQueen is one of the brands of the luxury group Kering, which also includes Gucci, Yves Saint Laurent, Balenciaga and Bottega Veneta. McQueen’s sales are not reported individually. The ‘Other Houses’ division, to which the brand belongs, recorded a five percent decline in sales to 652 million euros in the third quarter.
On Wednesday, Kering reported a ten percent decline in sales to 3.4 billion euros for the third quarter. The results continued to be weighed down by the main brand Gucci, but were above market expectations. This was the first interim report since the arrival of new Chief Executive Officer (CEO) Luca de Meo in September, who wants to get the company back on track.
The company announced on Sunday evening that it would sell its cosmetics division to L’Oréal for four billion euros. “We must continue to reduce debt and, where necessary, streamline, reorganize and reposition some of our brands,” Luca de Meo said upon his appointment.
On Wednesday, Kering deputy CEO Jean-Marc Duplaix, speaking to financial analysts, recalled: “As far as the portfolio is concerned, of course, as we have always done, we will examine very openly the relevance of the assets we hold.”
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