Under the management of chief executive Thierry Garnier, who joined the group in September, Kingfisher has announced its new strategy, ‘Powered by Kingfisher’ – but will it be enough to turn things around?
Home and DIY giant Kingfisher, which owns B&Q and Screwfix in the UK, as well as Castorama and Brico Depot in France, revealed its ‘Powered by Kingfisher’ strategy in its results this week, with key priorities being simplification, ecommerce and its own-brand products.
The strategy marks a move away from former chief executive Véronique Laury’s ‘One Kingfisher’ plan – a five-year programme that aimed to unify operations and product ranges across the group. Laury pledged that One Kingfisher, which was launched in 2015, would deliver a £500m annual profit uplift upon completion. But that ambition failed to materialise and the strategy ultimately resulted in mounting losses, culminating in Kingfisher’s relegation from the FTSE 100 in March.
Garnier summarises that One Kingfisher “tried to do too much, became overly complex, which meant we lacked the agility to meet the customer needs”.
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