The Appointment Comes Amid Expansion Following L Catterton’s Investment in the Brand
Through a collaborative effort, A.P.C. and private equity firm L Catterton have appointed Pierre-Arnaud Grenade as the new president of the French fashion brand.
Grenade’s past record indicates potential for growth and transformation, based on his time at Ba&sh. During his tenure as CEO of Ba&sh, revenues grew sevenfold over a span of seven years after L Catterton invested in the brand. They reached over 320 million euros in 2022, with L Catterton later selling its stake to private equity firm HLD Group.
Now, anchored by LVMH, the consumer investment giant is welcoming back Grenade, hoping to instill renewed vitality into A.P.C. This move comes after last year’s acquisition of a majority stake in the brand, originally founded by Jean Touitou.
Grenade’s mission, according to an A.P.C. statement, is to “expand and advance its creative dynamic, reinforce its financial structure and give it new selective growth opportunities.”
As per the acquisition in March 2023, L Catterton noted A.P.C.’s revenues of just over 100 million euros. However, Eduardo Velasco, a partner in L Catterton Europe, suggested the figure could quintuple and emphasized A.P.C.’s status as a ‘legitimate lifestyle brand’ with ties to the art and music sectors. He also pointed out the brand’s commitment to sustainability, a feature increasingly important to contemporary consumers.
A.P.C., founded by Jean Touitou in 1987 has built a significant cultural footprint over the years, collaborating with brands such as Lacoste, Carhartt, A Bathing Ape, and Sacai. However, the brand took a hit amidst the Covid-19 pandemic, prompting Touitou’s decision to entrust control to a financially fortified partner.
“Pierre-Arnaud Grenade is ready to bring new energy to A.P.C.,” stated the brand last Tuesday. It added that Grenade is backed by the support of Jean and Judith Touitou and is determined to inject new vitality into the A.P.C. aesthetic, which embodies minimalism, defiance and environmental conservation.”
Grenade’s background encompasses brands such as Oxbow, Morgan, and Princesse Tam Tam holds positions of leadership in the French Federation of Women’s Ready-to-Wear and founding partner of Teampact Ventures. The fund invests in start-ups with mission-driven outlooks and is partnered with top-tier athletes.
Ba&sh thrived under Grenade’s stewardship, expanding into North America, Asia and Europe, growing from 65 to 320 worldwide locations in eight years. Overseas markets accounted for 65% of sales, with 25% coming from online sources. Grenade also spearheaded Ba&sh’s transition to the omnichannel approach and instituted the ambitious CSR transformation program, Ba&sh Blossom. This initiative enabled the company to achieve B Corp status, obtaining a 98% rating.