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Maisons du Monde, your next lifestyle partner

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Maisons du Monde, one of the strong convictions of Sycomore AM, doubled its sales between 2014 and 2018. What winning strategy did the company adopt for such growth? Detail of the main growth drivers of the French decoration and furnishing brand.

Maisons du monde

The summer break is about to start and you feel in the mood for travel? No need to fly thousands of miles away. With its 15 annual collections and a regular restocking, Maisons du Monde offers original home decoration designs through a unique range of affordable furniture and interior decoration items: the French brand enables you to travel from a Scandinavian “hygge” atmosphere to the zen style of a Japanese garden, or the cosy look of a New York loft… without moving from your home. And the strategy seems to work: the company has doubled its overall sales between 2014 and 2018 (of which 48% from the digital channel in 2018) as well as its EBITDA, up from €73 million in 2014 to €148 million in 2018.

But this is not the end of the road for Maisons du Monde, as the company’s CEO Julie Walbaum confirmed during the Capital Markets Day on June 18th 2019. She unveiled the brand’s growth plan for 2024 including Maisons du Monde’s ambitions to become a leading lifestyle partner. The plan is based on four main growth drivers:

  • The launch of a Maisons du Monde marketplace, which will offer complementary products to those of the brand, based on a shortlist of vendors vetted by the style team. This fits into the extension of the company’s curation model, aimed at increasing the volumes of its internet and in-store traffic and at raising brand awareness across all of its markets.
  • An improvement of the service offer covering the full client experience – from inspiration to the management of a product’s end-of-life, as well as delivery and financing – thereby transforming its distribution model into a lifestyle partner model. In this respect, Maisons du Monde recently announced the purchase of stakes in the start-up Rhinov, which offers 100% on-line interior design solutions via 3D simulation tools at competitive prices. This transaction is a testimony to Maisons du Monde’s ability to adapt and address the growing demand for bespoke solutions.
  • A stronger focus on the B2B segment, which offers strong potential, particularly in light of new trends in the hotel and restaurant industries, and in new office spaces. Maisons du Monde recently inaugurated its own 4-star hotel in Nantes, its home city, decorated using 1,300 of the brand’s product references. Furthermore, the launch of franchise stores has accelerated, as part of an extension of the existing B2C model.
  • The final growth area is international development. In this environment, it is worth noting that in 2018, Maisons du Monde bought 70% of Modani, a furniture brand operating in the United States. Following the integration, Modani is expected to serve as the main growth driver for the group in the US, driven by a ramp-up in store openings.

These new strategic priorities enable Maisons du Monde to aim for sales beyond €2 billion by 2024 (with a two-digit average annual growth between 2020 and 2024), generated thanks to stronger digital (60%) and international (50%) sales.

This Investor Day also enabled the company to renew its commitment in terms of sustainable development. Consistently with the growth plan, the group has scaled up its CSR ambitions and is now aiming to reduce its carbon intensity by 25% before 2024. To achieve this, the group plans to strengthen the transparency of its supply chain, reduce its carbon footprint across the entire value chain, widen its sustainable product offer and develop services around the circular economy.

While these announcements confirm Maisons du Monde’s status as a ‘growth’ stock, the group’s guidance remains a bit cautious, particularly with regards to the contribution of its franchise stores, its treasury management and cash flow generation. Admittedly, the task was a rather tricky one: it was crucial to inject new visibility and reassure investors as the stock has been hit hardly since early 2018.

This document is not to be construed as an offer or solicitation to buy or sell any financial instrument whatsoever. Specific securities and their issuers are referred to solely for purposes of illustration and such references must not be interpreted as recommendations to buy or sell such securities. This promotional document has not been produced in accordance with regulatory provisions on promoting the independence of financial research. Sycomore Asset Management is not subject to the ban on making transactions on the financial instruments concerned before or during the dissemination of this document.


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