Translated by
nicola mira
Published
January 27, 2023
French businessman Michel Oayon, head of asset management firm Financière Immobilière Bordelaise (FIB), the parent company of Hermione People & Brands (HPB), the retail group that owns Go Sport, the parent franchise of Gap France and 22 branches of Galeries Lafayette), dropped his usual reserve to “defend his reputation” in an interview with Challenges magazine, saying he is ready to admit mistakes and “apologize.”
Interior of a Go Sport store – DR
First, Oayon said that, “with 115 million euros in inventory and liquidity,” sports retailer Go Sport is not in default, as ruled by a French commercial court that placed Go Sport in receivership on 19 September. January. Oayon challenged the ruling, saying he will appeal the decision and come up with a restructuring plan in a few days, according to Challenges.
Regarding the money transfers that took place between Go Sport and its parent HPB, Oayon said that “everything was done within the limits of the law.” A preliminary investigation for abuse of corporate property was opened in November 2022. Some money was reportedly used to bolster Camaïeu, while HPB paid €36 million to Go Sport to finance the latter’s takeover of the main Gap France franchise. another entity owned by HPB. To merge the two assets, “after an agreement with the [French] competition authority, we determine the market value [of Gap France] on the basis of two reports prepared by experts”.
Oayon, ranked 104th by Challenges among the richest people in France, also got rid of one of his trusted lieutenants, Wilhelm Hubner, whom he hired as Camaïeu boss in 2020, later putting him in charge of HPB. “Wilhelm can grow a business, but he is not a change expert, a quality that would have been key in this phase,” Oayon said, adding that “[our] the paths will have to part.”
In early January HPB appointed recovery specialist Patrick Puy to run Go Sport. According to other sources, Puy has been tasked with preparing the sale of Go Sport, a retailer that operates 223 stores and has 2,160 employees.
Finally, when asked about Go Sport’s sponsorship of the Roubaix Cycling Club, chaired by Wilhelm Hubner and who was given an amount of 1.8 million euros, Oayon admitted that it was “nonsense”, but added that “it was only the 5% of the sponsorship of Go Sport”. budget.”
Oayon concluded that he “understands the anger” of Go Sport employees, but said they “have nothing to gain by belittling your company.” FIB, which in addition to HPB also owns real estate assets, vineyards and hotels, is said to be “beleaguered” but “solid”.
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