What: BHV appoints Karl-Stéphane Cottendin as CEO to complete its autonomy from Galeries Lafayette and drive the next phase of transformation under SGM ownership.

Why it is important: This leadership change, following BHV's €9.6 million EBITDA achievement in 2024, signals SGM's commitment to completing the department store's transformation while maintaining its newfound profitability.

SGM has appointed Karl-Stéphane Cottendin as the new CEO of BHV, marking a significant leadership transition for the Parisian department store. Cottendin, who has been with the group since 2018 and served as operations director since 2022, succeeds Emmanuelle Claverie-Veysset after her 16-month tenure. The change comes during a crucial phase of BHV's integration into SGM, which acquired the store from Galeries Lafayette in 2023. Despite facing operational challenges including extended payment terms and supplier delivery delays, the company achieved profitability in 2024. Cottendin's primary mandate involves completing BHV's autonomy through implementing a new purchasing centre, establishing a dedicated logistics warehouse, and developing independent IT services. The company also plans to enhance its retail offering with new services, trendy brands, expanded dining options, and a new e-commerce platform, while addressing the pending acquisition of the main building's property, with the sale agreement set to expire in June.

IADS Notes: As reported in January 2025, BHV achieved a significant financial turnaround with a €9.6 million EBITDA in 2024, despite an 8% sales decline. This recovery was supported by SGM's €38 million recapitalisation in September 2024, which helped stabilise operations and yielded early positive results. The new CEO's appointment builds on these achievements, focusing on completing the integration process and ensuring long-term sustainable growth.

BHV appoints new CEO amid transition