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The boss of French sportswear brand Lacoste is making an “aggressive” push into the lucrative US market as part of plans to increase total annual sales by a quarter to €4bn.
Thierry Guibert, chief executive of the label known for its preppy tennis-wear and signature crocodile logo, has set a target to double sales at its US business from $400mn by opening new stores, including on New York’s Fifth Avenue, and moving into concessions in several “big box” retailers.
“The US is the world’s biggest sports and sneakers market, so we have a very aggressive strategy there in the next few years,” Guibert told the Financial Times in an interview at Lacoste’s Paris headquarters.
“There is also the fact that tennis and golf — in which we have strong legitimacy — are becoming very trendy again in the US,” he added. Lacoste counts men’s tennis Grand Slam record holder Novak Djokovic as an ambassador. It also has partnerships with tournaments including the French and Miami Open.
Privately owned Lacoste, founded more than 90 years ago by tennis player René “the Crocodile” Lacoste, has under Guibert emerged from a decade-long turnaround that has turned it from being a purveyor of discount polo shirts into a more premium sports and casualwear brand.
Sales rose 8 per cent to about €3bn last year in a testing retail market, putting it on track to reach €4bn in sales between 2028 and 2030.
“I think we can maintain a growth rate of 5 to 10 per cent, depending on market conditions, which will get us to that figure in the coming years,” said Guibert, who previously worked for French luxury group PPR — now Kering — and ran entertainment and electronics retailer Fnac.
Lacoste is the biggest label in the Swiss family-controlled MF Brands, which also owns Gant and The Kooples.
To shake up Lacoste, Guibert took inspiration from the success of Spanish fast-fashion group Zara as well as sports group Nike in the period before 2017 — when it positioned itself at the premium end of the market before running into difficulties.
Lacoste bought back licences for its shoes, leather goods and undergarments and took back control of its distribution networks, moving to a 70 per cent proportion of sales in its own retail stores and 30 per cent through wholesalers, from the inverse ratio previously, in order to better control the brand image and pricing.
Capital investment was doubled to between €100mn and €150mn a year, with a push into digital as it rushed to catch up with competitors. It also expanded into womenswear and brought in new design leadership, culminating in a return to presenting collections at Paris Fashion Week in 2024.
Now Guibert has ambitions to move into hospitality as more consumers focus spending on experiences rather than physical goods — something luxury brands such as Louis Vuitton and Dior have already picked up on. Zara opened its first café in Dubai in 2023.
“In future, I can see a Hotel Lacoste, which would lead sports and wellbeing,” said Guibert. “I think it’s something where we really have a lot of potential.”
Guibert also became MF Brands chief executive in 2021 and splits his time between the two roles. He said the parent company was still considering acquisitions in the premium retail segment that had revenues in the region of €500mn.
