Jacadi, the French childrenswear brand, is reportedly planning to leave the UK market by the end of next month after a dispute with its franchisee. The closure will impact 57 people employed in its |
five stores in the country. The company’ s UK stores are located in London and its suburbs, including the King’ s Road in Chelsea, Battersea, Hampstead, Westfield London, and Richmond. |
However, the reported move has invited litigation against the company from its UK partner French Children’ s Wear( FCW) in the Lille Commercial Court. The FCW, which has been its partner since 2012, has made an investment of £ 10 million in its UK stores so far. Now it has sued Jacadi, one of the brands owned by the ID Group, for ¤ 30 million(£ 26.5 million) for reported‘ breach of contract’. The contract between them got an extension of 10 years in 2015 with an aim to expand its presence outside London. A total of 273 stores, including 5 in UK, are being operated by the retailer across 38 countries. The news related to closure of UK stores also surfaced last month. The companies involved in the matter are yet to confirm the latest development. |
The closure will impact 57 people employed in its five stores in the country. The company’ s UK stores are located in London and its suburbs, including the King’ s Road in Chelsea, Battersea, Hampstead, Westfield London, and Richmond. |
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French sports goods chain Decathlon’ s Chairman, Matthieu Leclercq, son of its Founder, has reportedly stepped down from his post. According to reports, Matthieu cleared his intention of not seeking a reappointment in a letter sent to the top management of the company. He was reportedly upset with deteriorating relationship with its stakeholders’ representatives after negative performance earlier this year. Despite posting an 11 per cent increase in sales to ¤ 11 billion in 2017, the company faced difficulties earlier this year.
Though Decathlon had a notable performance at the global level, the French sports retailer found itself in difficulties in its home market alongside sluggish online
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retail sales. It reported just 1 per cent growth in like-for-like turnover from France in 2017. Online sales contributed just 4.5 per cent of the company’ s total sales during the period under |
review. The world’ s largest sporting goods retailer which currently operates 1,352 stores in 39 countries recently announced its plans to launch nine stores in Dublin, Cork and Galway, over the |
next few years. The opening of these stores will create more than 500 jobs in these areas. It opened a total of 185 stores in 2017 and 176 of them were in and outside France. |