Date of foundation: 1906
Sales: c. EUR 1,300M
Date of equity investment: 2001
Partnering with Candover – a company then managed by Cyrille Chevrillon – Groupe Chevrillon seized control of Picard in 2001. The company – then a subsidiary of Carrefour – addressed two fundamental trends that Groupe Chevrillon had identified as consequences of the increase of women in the workforce. First, despite the importance the French give to product quality, families have a reduced amount of time they can devote to the preparation of meals. Second, families have an increased purchasing power due to them now having two salaries at their disposal, which enables companies to offer wide ranges of products. It refocused its development on France and planned the opening of 1000 stores, dedicating an entire real estate team to the rapid increase in the number of French outlets, eventually reaching 50 store openings per year. Concurrently, Groupe Chevrillon began a downsizing of Picard’s international operations. Finally, Groupe Chevrillon sold its stake in late 2004 to a British investment fund as Picard reached a network of 800 stores in France.