Galeries Lafayette aims for a return to pre-Covid activity by late 2024

What: Galeries Lafayette targets a return to its pre-Covid sales volume of €3.85 billion by the end of 2024.

Why it is important: Achieving this goal signifies a strong recovery from the pandemic's impact, demonstrating the resilience and strategic planning of one of France's most iconic retail brands.

The Galeries Lafayette group, recovering from the severe impact of the Covid-19 pandemic, aims to return to its 2019 sales volume of €3.85 billion by the end of 2024, according to CEO Nicolas Houzé. Despite the loss of some tourist customers, particularly from China, the company has been profitable since 2022 and plans to invest €400 million over the next five years. In 2023, the group achieved €3.6 billion in sales, with its flagship Haussmann store alone generating €1.9 billion. The company is focusing on international expansion, targeting 15% of its sales from abroad by 2028, with China, India, and the Middle East identified as key markets.