The bulk proprietor of the emblematic Parisian division retailer Galeries Lafayette, Ginette Moulin, has died aged 98, the corporate informed AFP Tuesday.
Moulin, who died on Sunday, was the granddaughter of Theophile Bader, who co-founded the shop in 1894.
The web enterprise value of Moulin and her household is estimated at 4.05 billion euros ($4.18 billion), placing her in thirty fourth place on the checklist of France’s richest folks compiled by the journal Challenges.
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Over her lifetime, Moulin noticed six management generations working the Galeries Lafayette flagship retailer located within the Opera district of the French capital.
She was “a dedicated benefactor and a patron of artists who believed within the energy of tradition and creativity,” the Galeries Lafayette mentioned about her Tuesday.
Her father, Max Heilbronn, was arrested in 1943 and brought to the Buchenwald focus camp in Germany, the place he grew to become associates with Etienne Moulin who later married Ginette. The couple had three kids.
Past the principle retailer, the Galeries Lafayette empire counts 56 different retailers in France, of which it runs 18 itself and 38 are managed as a franchise by companions.
However a shift in direction of on-line purchasing, accelerated by Covid restrictions, has damage Galeries Lafayette’s enterprise mannequin that depends on footfall in bricks-and-mortar shops.
The group is planning to shut two shops within the southern port metropolis of Marseille due to recurring losses.
In 2023, it spun off one other legendary Paris retailer, the Bazar de l’Lodge de Ville (BHV), located close to the capital’s Marais district.
Nevertheless, the group mentioned final yr that it hoped to deliver gross sales volumes again to pre-Covid ranges.
AFP
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