Thierry Petit, the former CEO of Showroomprivé, has recently sold his ownership share in the popular French event sales website. Petit, who stepped down from his position in December, sold his 20.9 million shares for a mere €1 each, amounting to a 17.61% stake in the company. Additionally, Petit will be leaving Showroomprivé’s board at the end of the year.

In his place, investor Eric Sitruk is expected to join the board as a new member. Sitruk already holds a 5% stake in the company and is set to purchase 3 million shares from Petit, which will increase his portfolio by an additional 2.5%. However, the completion of Sitruk’s purchase is contingent upon Carrefour waiving its pre-emptive rights.

The shares that were sold by Petit will be reallocated among the founders of Showroomprivé, with 11.7% of the shares being subject to specific conditions precedent. Another 2.5% will be given to an existing shareholder who is not part of the majority pool, and Showroomprivé itself has acquired 3.3% of the shares for a stock option plan intended for employees and managers.

David Dayan, the co-founder and current CEO of Showroomprivé, has expressed his support for appointing Sitruk as a board member, given that he holds more than a 7% shareholding and requests the position. Dayan recently discussed the company’s premiumization strategy, which aims to enhance value and quality for customers and brands. Initiatives such as the digitalized outlet store experience called Village and the acquisition of The Bradery contribute to this strategy.

Showroomprivé experienced a positive financial year in 2021, with a revenue increase of 3.8% amounting to €723.8 million. Additionally, the company’s sales volume reached €922 million, representing a 3.1% growth. Furthermore, Showroomprivé’s EBITDA rose from €42 million in the previous fiscal year to €48.2 million. The company’s 2020 performance was particularly successful, as the lockdown measures led to a surge in online shopping and a revenue growth of 13.3%.

With the sale of Thierry Petit’s stake and the potential addition of Eric Sitruk to the board, Showroomprivé demonstrates its willingness to embrace changes and sustain growth in response to the evolving digital marketplace. The company’s continuous expansion and adaptation highlight its commitment to providing a top-notch experience for its customers and partners.

Useful links to learn more about Showroomprivé:

1. Showroomprivé Group: Explore the official website of Showroomprivé Group to gain more insights into their operations and offerings.
2. Showroomprivé Online Store: Visit Showroomprivé’s online store to discover their vast range of fashion, beauty, home, and lifestyle products.