Translated by
Nikola Mira
Released
January 27, 2023
French businessman Michel Oayon, head of wealth management firm Financière Immobilière Bordelaise (FIB), the parent company of Hermione People & Brands (HPB, the retail group that owns Go Sport, Gap France’s master franchise and 22 Galeries Lafayette stores), has In an interview with Challenges magazine, he said he was ready to “defend his reputation,” saying he was willing to admit mistakes and “ask for forgiveness.”
Inside a Go Sport Store – DR
Oayon first said that sports retailer Go Sport “with inventory and liquidity worth €115 million” is not in default, a ruling by a French commercial court that placed Go Sport in receivership on January 19. Oayon denied the decision and said he will appeal the decision and create a turnaround plan in a few days, Challenges said.
Regarding the money transfers between Go Sport and its parent company HPB, Oayon said that “everything was done within the confines of the law”. A preliminary investigation into misuse of company property was launched in November 2022. Some of the money was reportedly used to support Camaïeu, while €36m was paid by HPB to Go Sport to fund its acquisition of the master franchise for Gap France. another company owned by HPB. To combine the two assets, “after an agreement with the [French] competition authority, we determined the market value [of Gap France] on the basis of two opinions drawn up by experts.”
Oayon, ranked 104th among France’s richest people by Challenges, also fired one of his trusted lieutenants, Wilhelm Hubner, whom he hired to head Camaïeu in 2020, and then handed over the management of HPB. “Wilhelm can build a business but is not a turnaround expert, a trait that would have been crucial at this stage,” Oayon said, adding, “[our] Ways have to part.”
In early January, HPB appointed turnaround specialist Patrick Puy to lead Go Sport. According to other sources, Puy has been tasked with preparing the sale of Go Sport, a retailer that operates 223 stores and employs 2,160 people.
Finally, when asked about Go Sport’s sponsorship of the Roubaix Cycling Club, chaired by Wilhelm Hübner, who received a sum of 1.8 million euros, Oayon admitted it was “stupid”, but added that it “Only 5% of Go Sport’s sponsorship was budget.”
Oayon concluded that he “understands the anger” of Go Sport employees but said that “they have nothing to gain by disparaging their company”. FIB, which owns real estate assets, vineyards and hotels in addition to HPB, is “competitive” but “solid”.
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