“I will actively participate in writing a new chapter for Maisons du Monde”

Your investment firm Majorelle has passed a 20% stake in Maison du Monde and has requested a seat on the board of directors. What are your intentions?

My entry to the Board of Directors was approved in the last General Assembly. I retain, as the Arab Monetary Fund clarified, the possibility of continuing to increase the capital without exceeding 29.9%. I will actively participate in writing a new chapter for this wonderful company. Since the company’s initial public offering in 2016, the capital has been highly fragmented, causing high price volatility. Thus, the market value of Maisons du Monde decreased from 1.5 billion euros in 2018 to 300 million, when it began raising its capital. The price has fallen more recently, although the results for 2021 are good, and profits rose sharply. Today, the major shareholders, myself and a Swiss fund, own approximately 50% of the capital; It is a guarantee of stability and clear support for the 2025 Strategic Plan designed by Julie Walbom, Group Managing Director, and Board of Directors.

The furniture and decoration chain issued an earnings warning ten days ago. What do you think of this case?

Official for a week, we’re all in business already! We are the first to be affected by this earnings warning. We must all salute the tremendous work of public administration during Covid. The crisis boosted the market and online sales. At Maisons du Monde, online sales now account for 50% of sales, more than 400 million euros, compared to 120 million at the time of the IPO, and it is profitable, with a market already weighing a quarter of the turnover. Covid arches are closing. Inflation is coming, and the expectation and fear of it is as bad as inflation itself. While three-quarters of the brand’s supply comes from Asia, we suffer from the high cost of ocean freight. The price of containers has doubled by 10 and the results of some shipping companies by 30 since 2018. The taking of hostages by this oligopoly has disastrous consequences. It is time for them to realize that this situation cannot continue.

Gabriel Naouri, President of Majorelle Investments and CEO of Vigana.Dr

What is your vision for the future of Maisons du Monde?

I am very confident in the future of Maisons du Monde. Fifteen years of low rates boosted real estate. Many apartments to be decorated will reach the European market. Millennials live in. Maisons du Monde is a love brand that launched on Instagram from the start and has more than 5 million subscribers on social networks. It’s Zara Decoration, with regularly developing in-house designed collections and a gross margin of over 65%. Gradual opening of a new warehouse with an area of ​​70,000 square meters2 Normandy will support this future growth. We will also develop the franchise. The strategic plan aims at a rational development of the network of stores in France, with fewer openings and diversions for more profitable growth.

She co-founded the Russian e-commerce website Yandex, and served as a senior advisor to the CEO of Aeon in Japan. Majorelle has invested in Boxed.com, an American online wholesaler. I also spent ten years with the Casino Group. What is your analysis of the distribution market and the economic situation?

My investments, with the exception of the Maison du Monde, have made a great deal in the United States and England. I no longer have the bandwidth to follow the rest in detail! I was very active during Covid, for example, reselling Yandex; Market in June 2020, Boxed.com IPO via SPAC, late last year. Today my group consists of two legs, Majorelle invests in mature multi-channel brands, and Vijana invests in consumer, retail or start-up foods. And so we invested alongside Jeff Bezos’ family office in Kendall Jenner’s tequila. We supported MSD, Michael Dell’s family office, with two of my co-sponsors – Lew Frankfort and Jide Zeitlin – during the initial public offering of SPAC on Nasdaq in New York at the end of 2021. Furthermore, with the help of the Apollo Hybrid Value Fund, I purchased shares of Daniel Kretinsky. , which was in the capital of Majorelle. In short, I am not bored!

My analysis of the current situation is that the last decade of historically low rates has certainly made it possible to accelerate technological innovation, but it has also made us quite unaccustomed and made us lose a lot of power. The accommodative policies of central banks have fed the markets with liquidity. The reason and the reality are with him. The correction in tech is strong, but we haven’t hit the bottom yet. I think valuations for startups will drop further to be more related to potential growth and profitability. There will be a lot of investment opportunities in the coming years.

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