Le Temps des Cerises appoints head of Iberia and Latin America
French denim specialist Le Temps des Cerises is strengthening its management team with the appointment of Paco Montesinos as head of its subsidiary for Spain, Portugal and Latin America. As head of these markets, Montesinos will be responsible for driving the company's wholesale, retail and online business.
Montesinos joined Le Temps des Cerises last May. The executive has more than three decades of experience in the fashion industry and has worked for companies such as Paul Smith, Gianfranco Ferré, Antony Morato (a brand he managed in the Spanish market until 2015) and BuyVip, a company with annual sales of 140 million euros of which he was a shareholder and sales director.
The arrival of Montesinos as head of the Iberian and Latin American subsidiary of Le Temps des Cerises coincides with a period of change for the company. Last October, the firm saw a shake-up in the ranks of its shareholders: the Siparex and Bpifrance funds (which had joined Le Temps des Cerises in 2014) exited the company while Trocadero Capital Partners, Turenne Group and Smalt Capital entered. CEO Lylian Richardière (co-founder of the firm in 1998 with his father Gil Richardière) remains majority shareholder.
"With the entry of these new funds, our strategy will focus on international expansion and digitalization," Montesinos told FashionNetwork.com.
In Spain, the brand currently operates three franchised stores (in Barcelona, Vic and Pamplona) and is planning to open new stores in Tenerife, Bilbao, Valencia and Malaga. In addition, a second flagship store is scheduled to open in Barcelona.
In Portugal, Le Temps des Cerises is considering opening new stores with franchise partners in Lisbon and Cascais, and expects to boost wholesale sales in this market ahead of the 2023 winter season.
"In Spain we have more than 150 multi-brand customers, but in Portugal was at a bit of a standstill until now. One of my tasks is to develop it: we have a team and offices in Lisbon working on it," he explained.
In Latin America, a market that, for the time being, will be managed from Spain, Le Temps des Cerises has set its sights on Mexico, Panama, Colombia and Chile. The brand will begin to operate in these countries with its winter 2023 collection which should soon be available for purchase in multi-brand stores.
This international development will be accompanied by a boost to the online channel.
"For now, online sales are residual, but we are launching a new online platform in February 2023," added Montesinos.
With an ambitious international growth plan (the brand has recently opened subsidiaries in Germany, Switzerland, Belgium and the Netherlands), Le Temps des Cerises expects to increase its turnover from the current 85 million euros to 200 million euros by 2026.
"In our domestic market, with this year's campaigns, we are going to experience an increase of 30% to 40% in sales," said the director for Spain, Portugal and Latin America, underlining the foundations on which this new stage of the French brand is built.
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