Analysis: Is it too late for new boss Garnier to rebuild Kingfisher?

Thierry Garnier Hi Res

Kingfisher’s top and bottom lines have been trapped in a downward spiral since kicking off its One Kingfisher transformation plan three years ago.

The DIY giant’s wide-ranging strategy was initiated by outgoing boss Veronique Laury in 2016 with a focus on three main pillars: unifying product ranges across its businesses – including B&Q, Screwfix, Castorama and Brico Depot – driving its digital capabilities and bringing in a unified IT platform to create operational efficiencies. Laury’s bold aim was to deliver £500m of incremental profit by 2021/22. 

Earlier this year, that profit target was scrapped – and now the One Kingfisher plan itself could also be ripped up by incoming chief executive and former Carrefour Asia boss, Thierry Garnier.

After Kingfisher suffered a 12.5% decline in statutory pre-tax profit to £245m in the six months to July 31, under-pressure chair Andy Cosslett opened the door for the first time to the prospect of a strategic review, admitting that Garnier would have the “opportunity to review everything that’s going on with the business”.


Already have an account?

Want to read more?

Register for LIMITED guest access

Register now

Sign up for a month FREE trial

Subscribe now