According to the Real Deal which covers New York City real estate issue, Lacoste is attempting to renegotiate its retail leases in the United States:
Earlier this month, Lacoste USA’s chief financial officer Karine Sansot-Vincent sent a letter to its landlords announcing that it would seek to renegotiate leases as reducing costs would be “vital” to its “ability to be a viable company in the future.”
The letter, seen by The Real Deal, notes that the company has retained restructuring counsel at law firm Arent Fox and real estate advisory firm Keen-Summit Capital Partners to lead the restructuring of its leases with landlords across the country.
In the letter, Sansot-Vincent wrote that due to Covid-19 closures, “The existing retail business model is no longer sustainable. The essential purpose of our retail leases has been totally frustrated.”
Read more at the Real Deal.
Women’s Wear Daily reports:
Lacoste has begun reopening its U.S. boutiques and outlet location by implementing a slew of new operational guidelines. Eight locations throughout Texas were the first to reopen May 8, followed by additional stores in Florida, North Carolina and Ohio on May 15. Others will reopen as local mandates allow.
Lacoste is also taking two major steps to reassure customers. First, “each store will follow a cleaning and disinfecting process prior to opening and also mid-day” using a professional cleaning service. Secondly, Lacoste will be offering real-time data to their customers:
Customers will be able to scan QR codes within the retail stores that will give them live updates on how many times and when the retail store was last professionally cleaned and sanitized, as well as the store’s current capacity so it does not exceed its threshold.
Read more at Women’s Wear Daily.
Latest Lacoste Sales
Lacoste has introduced the new Paris Polo: “Fitted cut, concealed buttons, tonal crocodile and stretch pique stitching. This polo is the epitome of elegance.” The hidden buttons are interesting, but I’m not a big fan of having the Lacoste Logo the same color as the shirts. Anyway, check it out for yourself in the Lacoste Store.
Latest Lacoste News
Joelle Grünberg has left her position as CEO and President of Lacoste for North and Central America to become the head of Sperry footwear. Grunberg has been head of North America for Lacoste since 2015, and before that she served for two years as head of Lacoste France. You can read more details of the change in Footwear News.
Retail Gazette reports that:
Last week the premium sportswear retailer unveiled a collaboration with the Save the Species charity, which saw its iconic crocodile logos replaced with selected endangered species as part of International Day for Biological Diversity.
All proceeds collected by the UK flagship store and eight other international stores will go towards the International Union for Conservation of Nature (IUCN) charity.
The collaboration offers 10 limited-edition polo shirts, representing the number of endangered animals known to remain in the wild.
To celebrate the collaboration, Lacoste transformed its Covent Garden store by replacing the crocodile with the Yemeni Mouse-Tailed Bat.
Read more at https://www.retailgazette.co.uk/blog/2019/05/retail-gazette-loves-lacoste-save-species-collab/.
Travel Retail continues to be a major part of Lacoste’s strategy with Asian airports being key sites. This week, Lacoste announced it has opened a 130 square meter store in the new Jewel Changi Shopping Complex at Singapore Changi Airport. The new airport shopping complex opened on April 17, 2019 and has 280 stores.
“We are thrilled to open this store at Jewel, Changi Airport, Singapore, which further enhances our presence in Asia,” commented Jan-Louis Delamarre, CEO Asia Pacific & Global Travel Retail.
You can read more about Jewel Changi at TR Business.