Michel Ducros

Michel Ducros (born 1949) is a French entrepreneur involved for several decades in established international companies, including Ducros Company, Monaco Marine, and Fauchon.[1]

Early life

Born in 1949 in Kehl, southwest Germany, Michel Ducros was raised in Buis-Les-Baronnies, a village in the Drome region of the southeast of France where his father, Gilbert Ducros, and his uncle Marc Ducros had founded in 1963 the eponymous family business that sold spices.[2]

At Ducros Company (1971 to 1992)

After he graduated from college in Paris, Ducros joined the family business in 1971. He ran the marketing operations until the sale of the Ducros company in 1992 to the Italian group Ferruzzi, for 1.6 billion French francs ($360 million) following family infighting and financial difficulties.[3][4]

After many years of debacle, the Ferruzzi group went bankrupt and the Ducros spice business was taken over by McCormick & Company in 2002. Ducros is credited for the first TV advertising campaign of the Ducros family business he developed with the Havas Advertising agency in the 1970s.

At Monaco Marine (1995 to present)

Ducros founded the company Monaco Marine in 1995 with the intent to set up a network of service shipyards able to offer clients maintenance services. Ducros first acquired the company PowerBoat servicing yachts in Monaco. PowerBoat offered a marina service for berths, winter storage, and maintenance. He then made a number of successive acquisitions in Saint Laurent du Var and Beaulieu sur Mer, all in the south of France. He purchased a strategically positioned shipyard in the gulf of Saint Tropez, in 2002, and then again a politically sensitive one in La Ciotat equipped with the largest dry paint shed in Europe and a maintenance and refit network for yachting industry, inaugurated in September 2007.[5] It allowed Monaco Marine's entry into servicing the mega-yacht market. In 2012, Monaco Marine acquired a long-standing family shipyard in the region based in Antibes.[6]

Ducros has been growing revenues steadily at Monaco Marine over the years. Monaco Marine had sales of 31 million Euros ($40 million) in 2003 and 45 million Euros ($60 million) in 2011.[7]

At Fauchon (1998 to present)

Investment and shareholders

Ducros first invested in Fauchon in 1998 along with other shareholders. At the time, he took a minority interest in the company.[8] He became chairman and CEO of Fauchon in January 2004 and he invited to participate in the capital of Fauchon on the one hand, the company Universal Capital Partners, owned and managed by Pierre Besnainou, founder of the web access company Liberty Surf and President of the European Jewish Congress in 2005[9] and on the other hand the Swiss group Gonset Holding S.A.[10]

Ducros bought out most of the other shareholders. This includes his buy out of Barclays Private Equity France in 2005, and in 2009 the 36% stake owned by the Compagnie du Bois Sauvage, which were with its CEO, Vincent Doumier, being investigated for insider trading on the sale of their respective shares of Fortis Bank.[11][12][13][14][15]

He finally bought out the shares held by Matignon Investissement & Gestion investment fund,[16] and lastly the minority shareholdings.[17] As of 2014, he held over 90% of the share capital of Fauchon.[18] In 2014, Ducros hired Compagnie financière Edmond de Rothschild investment bankers to look for new investors in the company. Ducros is seeking to raise 30 to 50 million Euros (approximately $40 to $70 million) at a pre-money valuation of 100 million Euros ($135 million).[19]

Key figures of Fauchon and company strategy

When he took the CEO job in 2004,[20] Ducros was quite confident in his ability to manage the Fauchon business.[21] On the verge of bankruptcy in 2004, the Ducros strategy had been drastic in order to redress the operating imbalance[22] and boost profits by selling off loss-making assets: closing all the newly opened stores in Russia, and then closing the stores in New York.[23][24] He then proceeded to sell the Fauchon catering business to the French company Fleury Michon in 2004;[25] and sold all the Fauchon stores in Paris to Lenôtre.[26][27] Within the space of six years, Fauchon cut back its workforce from 700 to 200 people in 2009.[28]

The next five years were spent by Ducros hiring and staffing the Fauchon business to turn the company around after ten years of nearly 65 million Euros (approximately $90 million) of cumulative losses.[29][30][31][32][33] The Fauchon brand development followed the strategy organized by Ducros in every segment of retailing and distribution : he organized with specialists the repositioning and new branding strategy, while developing the international presence.[34][35] Balanced in 2009-2010 and out of debts, the brand increased its revenue, mainly abroad.[36] Fauchon posted in 2013 an operating profit of €900,000 on sales of €50 million,[37] with nearly thousand employees.[38]

Investment companies and holdings

After the sale of the Ducros's family spice business by his father and his uncle for $360 million, Ducros started his own investments. First, via Levira Holding, he created Monaco Marine in 1995.

Ducros participated as a shareholder in Fauchon through several Luxembourg based companies,[39] mostly through his 100% owned company, Levira Holdings S.A., that was liquidated in 2009.[40]

To help in the development of his Fauchon projects, Michel Ducros created Fauchon Trading S.A.,[41] an anonymous company ("société anonyme"), based in Luxembourg like most of the other companies of his group, generally Luxembourg-based (like Jazz S. à. r. l.,[42] Stratinvest S.A.,[43] Drum S.A.,[42] Eucelia Investments S.A.,[44] Gedena Société Anonyme,[45] Luxembourgeoise de Financement S.A.,[46] Physiocée International S.A.,[47] GENSAT S.A.,[48] J.H.F. Holding S.A.[49] AB INTERNATIONAL S.A.,[50] CAPOFFICE Société Anonyme,[51] AGRINVEST EUROPE S.A.[52]) or sometimes based in other tax heavens, like for instance the British Virgin Islands.[53]

Ducros is also the majority shareholder of a French lighting fixture retailer, Laurie Lumière, and of two Campanile hotels in Brussels and Luxembourg.[54]

Ducros also created Immovalor S.C.A. (Société en Commandite par Actions), managed by Eucelia Investments S.A.[55]

Public life and legal issues

In 2010, Ducros is suspected of having bribed 500,000 euros ($670,000) as part of a housing project and a retirement home in the town of La Ciotat.[56][57][57][58][59][60][61] Twenty people have already been indicted and the case was still open as of Summer 2014.[61]

Personal life

Ducros is a resident of Monaco, with a pied-a-terre in Paris and with residency in Yens, Switzerland.[62] His investing companies are based in Luxembourg.

Ducros was married to Annick (née Kantorowicz, born 1957), a French tax lawyer with whom he has four children. Ducros appointed his son Tanguy at his company Monaco Marine as Account Manager for the Geneva region[63] and also as Monaco Site Director.[64] Ducros also hired his son-in-law, Samy Vischel, to run the Fauchon's expansion in the Middle East, India, Russia and Africa.[65]

Ducros bought his yacht "The Lady Fish" in 2007 and others over the years.[66]

Sources

  1. ↑ Source: le Journal du Dimanche "Fauchon cherche des investisseurs"
  2. ↑ Source: Ducros.fr company website, Le Secret des Epices, La Saga Ducros (The secret of spices, The Ducros saga), Page seen on July 20, 2014
  3. ↑ Le Point magazine, Issue #1665, Article published on January 17, 2007 "En 1992, le groupe Ducros et Fils est numéro un des épices en Europe, et la famille ne résiste pas à l'offre de rachat mirifique (1,6 milliard de francs - soit pratiquement le chiffre d'affaires) que lui fait l'italien Ferruzzi avant sa retentissante faillite."
  4. ↑ L'Express magazine, Article of August 9, 2007, page 44–46, "Quand Ducros se jette à l'eau" (When Ducros takes a dive), Page Seen on October 9, 2009
  5. ↑ Source: L'Express magazine, Article of August 9, 2007, pages 44-46, "Quand Ducros se jette à l'eau" (When Ducros takes a dive), "three big nights, successively reserved for the clients, partners, and personnel of Monaco Marine, all with Fauchon champagne flowing; Fauchon is the other business owned by the old king of spices, who decidedly navigates easily on the markets of luxury.""trois grandes soirées successivement réservées aux clients, aux institutionnels et au personnel de Monaco Marine. Le tout arrosé... au champagne Fauchon, l'autre business de l'ancien roi des épices, qui, décidément, navigue avec aisance sur les marchés du luxe", Page seen on October 9, 2009
  6. ↑ Source: Monaco Marine website "Monaco Marine Media Document", Page seen on August 3, 2014
  7. ↑ Source: La Tribune, article of June 6, 2012 "Monaco Marine Etend son Empreinte Maritime (Monaco Marine extends its Reach)", Page seen on August 1, 2014
  8. ↑ Source: Source: Le Figaro Entreprises magazines, Article of Monday January 19, 2004, "Michel Ducros : Des épices, des yachts et Fauchon" (Michel Ducros: Spices, yachts, and Fauchon) "A titre personnel, confie-t-il au Figaro Entreprise, je n’ai qu’une infime part du capital de Fauchon. Je n’ai pas vocation à devenir majoritaire. Mes amis m'ont mis aux commandes parce que je suis l’unique industriel dans le tour de table et aussi le seul épicier. Je ne suis qu'un chef d’orchestre""Personally, I only have a tiny fraction of the capital of the company. I have no intent of becoming the majority owner of Fauchon. I only got appointed at the helm because I am the only industrial partner in the roundtable and the only one with spice experience. I am only a conductor.".
  9. ↑ Source: Site Le Chef.com, Article of March 2, 2004, Page seen on October 7, 2009
  10. ↑ Source: Website NeoRestauration.com, Article of May 18, 2005, Page seen on October 7, 2009
  11. ↑ Source: Website www.mediargus.be Holding Bois Sauvage involved in insider trading: Fortis executives alleged to have tipped Brussels holding company Page seen on October 17, 2009
  12. ↑ Source: www.online.wsj.com, Bois Sauvage CEO Detained Over Alleged Fortis Insider Trading, Page seen on October 17, 2009
  13. ↑ Source: www.flanderstoday.eu "Vincent Doumier, CEO of the Brussels holding Bois Sauvage, has been detained and has come under suspicion of insider trading of Fortis shares for the second time, on his own account."
  14. ↑ Source: La Libre Belgique newspaper, Article of September 11, 2009, Page seen on October 11, 2009, "Holding Bois Sauvage: Vincent Doumier en prison. Le patron du holding Bois Sauvage a été l'objet, jeudi, d'un mandat d'arrêt. Au menu : délit d'initié, faux et usage de faux. Dans le dossier Fortis."
  15. ↑ "Brussels holding company Bois Sauvage threw 3.6 million Fortis shares onto the market on October 3, 2008, just before the bank's second bail-out. During the following weekend, the Belgian government concluded a deal with BNP Paribas on the sale of Fortis. Judicial authorities in the capital say that they now have indications that the holding company ditched its Fortis shares on that day with prior knowledge." Source: Website www.mediargus.be Holding Bois Sauvage involved in insider trading: Fortis executives alleged to have tipped Brussels holding company Page seen on October 17, 2009
  16. ↑ Source: Le Point, no. 1933, 8 October 2009, “Michel Ducros est propriétaire de plus de 90 % de son affaire”
  17. ↑ Source: Le Point magazine, Issue #1933, Article of October 8, 2009, "Fauchon version fashion", "Michel Ducros vient encore de racheter cette année les parts d'actionnaires minoritaires lassés d'essuyer des deficits""Michel Ducros just purchased shares from minority investors tired of financing the deficits"
  18. ↑
  19. ↑ Source: Le Journal Du Dimanche, French weekly newspaper, article on June 29, 2014 "Fauchon Cherche des Investisseurs" (Fauchon is looking for investors), Page seen on June 30, 2014
  20. ↑ "A promotion that cost him some 25 million Euros ($38 million)"Source: Le Point magazine, Issue #1933, Article of October 8, 2009, "Fauchon version fashion"; "Une promotion qui lui a coûté la bagatelle de 25 millions d’Euros"
  21. ↑ "After an 11 million Euros loss, Fauchon is going to break even this year" said Michel Ducros in an interview to the newspaper Le Figaro on Wednesday April 21, 2004. It went on: "Three months after taking full command of Fauchon, Michel Ducros commits to balancing the books this year." "Losses are not as preoccupying as they appear", he said. Source: Le Figaro newspaper, Issue #18571, of April 21, 2004, "Fauchon vise l'équilibre cette année"
  22. ↑ Source : Reuters, "France-Luxe-Fauchon veut doubler de taille en cinq ans"
  23. ↑ Source: The New York Times, Article of June 11, 2004, "New York: Manhattan: Fauchon Closing 2 Of 3 Stores", Page seen on October 11, 2009 "Fauchon, the Paris-based luxury-food company, will close two of its three Manhattan stores today. The company will maintain its store at 442 Park Avenue, at 56th Street, but is closing the store at 1000 Madison Avenue, at 77th Street, the former site of the Sant Ambroeus coffee shop and restaurant, and the one at 1383 Third Avenue, at 78th Street."
  24. ↑ Source: The New York Times, Article of April 23, 2006, "Demolition Plans Pit Developer Against Chocolatier", Page seen on October 11, 2009
  25. ↑ Source: Les Echos newspaper, Issue #19268, Article of October 19, 2004, "Fleury-Michon acquiert les plateaux-repas de Fauchon", Page seen on October 11, 2009
  26. ↑ Source: Le Figaro newspaper, Article of May 19, 2005. Michel Ducros admitted: "We have been unable to manage all those stores and employees at the same time. We were unable to make them profitable." "L'épicerie de luxe vend neuf boutiques à Lenôtre. Fauchon a perdu la bataille de Paris." "Nous n'avons pas su gérer tous ces magasins et tous ces salariés à la fois, nous n'avons pas su les amener à la rentabilité, confesse Michel Ducros", Page seen on October 8, 2009
  27. ↑ Source: The New York Times, Article of May 20, 2005, by Elaine Sciolino, "Fauchon's Food Empire Cedes Territory to a Rival" "Of all the luxury food emporiums of Paris, none is better known than Fauchon. But hélas, Fauchon is in trouble. Michel Ducros, its president and chief, announced earlier this week that he was selling 9 of Fauchon's 12 satellite shops in Paris to the rival gourmet food chain Lenôtre. The sale price is being kept confidential. A 10th store is being sold to another buyer; the two other stores in Paris were sold last year." "You won the battle of Paris," Mr. Ducros told Patrick Scicard, the president of Lenôtre, at a news conference in the tearoom of Fauchon's flagship Place de la Madeleine shop. "And we will reorganize ourselves as a result. The article goes on: "On a trip to Paris, just a few weeks ago, I noticed Fauchon was empty, while the department stores were booming."
  28. ↑ Source: L'Express magazine, Article of January 17, 2008, page 75, "Fauchon, L'épicier chic et choc", by Corinne Scemama
  29. ↑ Source: Annual Reports from 2000 to 2008, Compagnie du Bois Sauvage, Page seen on October 10, 2009
  30. ↑ Source: Annual Report 2005, Compagnie du Bois Sauvage, Page 31, Page seen on October 10, 2009
  31. ↑ Source: Annual Report 2006, Compagnie du Bois Sauvage, Page 33, Page seen on October 10, 2009
  32. ↑ Source: Annual Report 2007, Compagnie du Bois Sauvage, Page 34, Page seen on October 10, 2009
  33. ↑ Fauchon
  34. ↑ "There could be 100 of these new stores in airports, 100 in China, 20 in Korea, 50 in France... It may sound like euphoria to say that but I believe in it" said Ducros. Source: Le Point magazine, Issue #1933, Article of October 8, 2009, "Fauchon version fashion" by Domitille Arrivet ; "Il pourrait y avoir 100 de ces nouveaux points de vente dans les aéroports, 100 en Chine, 20 en Corée, 50 en France... Cela peut paraître euphorique de dire cela, mais j'y crois", confie Ducros. "Few people internally will argue against his new bet: Michel Ducros is now the owner of over 90% of the business. But La Vie en Rose (Life in Pink), will have to be measured by the number of happy customers leaning on the windows.""Peu de gens contesteront ce nouveau pari : Michel Ducros est propriétaire de plus de 90 % de son affaire. Mais la vie en rose, c'est au nombre de mines réjouies penchées sur les vitrines qu'elle se mesurera."
  35. ↑ Source : "Comment Fauchon s’est redressé malgré la crise" 20 décembre 2013
  36. ↑ Source: Reuter, article of September 18, 2013, "France-Luxe-Fauchon veut doubler de taille en cinq ans" (France – Luxury – Fauchon wants to double its size in the next 5 years), Page seen on January 1, 2014
  37. ↑ Source: Reuter, Article of September 18, 2013, "France-Luxe-Fauchon veut doubler de taille en cinq ans" (France – Luxury – Fauchon wants to double its size in the next 5 years), Page seen on January 1, 2014
  38. ↑ Source : le Journal du dimanche, 29 juin 2014 "Fauchon cherche des investisseurs"
  39. ↑ Source: Le Point magazine, Issue #1665, Article published on January 17, 2007, "Les nouvelles recettes de Michel Ducros" (The new recipes of Michel Ducros)
  40. ↑ Source: Mémorial, Journal Officiel du Grand-Duché du Luxembourg, C — N° 879 of April 24, 2009, Page 42174, "LEVIRA HOLDINGS S.A., Dissolution ; la partie comparante, en sa qualité d'actionnaire unique de la Société, a décidé de procéder à la dissolution anticipée et immédiate de la Société et de la mettre en liquidation"
  41. ↑ Source: Mémorial, Journal Officiel du Grand-Duché du Luxembourg, C — N° 1620 of August 21, 2009, Page seen on October 11, 2009, and C — N° 2537 of November 8, 2007, Page seen on October 8, 2009
  42. 1 2 Source: Mémorial, Journal Officiel du Grand-Duché du Luxembourg, C — N° 834 of August 13, 2003, Page seen on October 11, 2009
  43. ↑ Source: Mémorial, Journal Officiel du Grand-Duché du Luxembourg, C — N° 1697 of November 27, 2002, Page seen on October 11, 2009
  44. ↑ Source: Mémorial, Journal Officiel du Grand-Duché du Luxembourg, C — N° 1208 of November 15, 2008, Page seen on October 11, 2009
  45. ↑ Source: Mémorial, Journal Officiel du Grand-Duché du Luxembourg, C — N° 968 of September 19, 2003, Page seen on October 11, 2009
  46. ↑ Source: Mémorial, Journal Officiel du Grand-Duché du Luxembourg, C — N° 561 of July 24, 2001, Page seen on October 11, 2009
  47. ↑ Source: Mémorial, Journal Officiel du Grand-Duché du Luxembourg, C — N° 1452 of October 8, 2002, Page seen on October 11, 2009 and C — N° 1006 on November 14, 2001, Page seen on October 11, 2009
  48. ↑ Source: Mémorial, Journal Officiel du Grand-Duché du Luxembourg, C — N° 670 of June 30, 2004, Page seen on October 11, 2009 and C — N° 675 of May 2, 2002, Page seen on October 11, 2009
  49. ↑ Source: Mémorial, Journal Officiel du Grand-Duché du Luxembourg, C — N° 99 of February 26, 1997, Page 4400, Page seen on October 11, 2009
  50. ↑ Source: Mémorial, Journal Officiel du Grand-Duché du Luxembourg, C — N° 1009 of December 29, 1999, Page seen on October 21, 2009 and Mémorial, Journal Officiel du Grand-Duché du Luxembourg, C — N° 1022 October 13, 2004, Page 49053, Page seen on October 21, 2009
  51. ↑ Source : Mémorial, Journal Officiel du Grand-Duché du Luxembourg, C — N° 840 of October 3, 2001, Pages 40279-40282, Pages seen on October 21, 2009
  52. ↑ Source: Mémorial, Journal Officiel du Grand-Duché du Luxembourg (Official Journal of the Luxembourg government), issue C — N° 822, August 11, 2004, pages 39430 to 39432, pages seen on November 14, 2009
  53. ↑ Source: Mémorial, Journal Officiel du Grand-Duché du Luxembourg, C — N° 82 du January 28, 2003, Page 3897, Page seen on October 11, 2009
  54. ↑ Source: Le Figaro Entreprises magazine, Article of January 19, 2004, "Michel Ducros : Des épices, des yacht et Fauchon"” (Michel Ducros: Spices, yachts, and Fauchon)
  55. ↑ Source: Memorial, Journal Officiel du Grand-Duché du Luxembourg “Immovalor S.C.A.”, Page seen on July 25, 2014
  56. ↑ Source: Cielj.net on Wednesday, January 30, 2013, "Marseille boss Fauchon indicted in one aspect of the case Guerin"
  57. 1 2 "The heir of the famous brand of spices is indicted by judge Duchaine to have made a cash bribe of 500,000 € ($670,000) to Patrick Boudemaghe." Source: La Provence newspaper, article of January 29, 2013 "Affaire Guerini: Le Patron de Fauchon Mis en Examen" (Guerini Case, the CEO of Fauchon indicted), Page seen on June 30, 2014
  58. ↑ Source: Le Monde newspaper, article of January 30, 2013 "Affaire Guerini: Le Patron de Fauchon Mis en Examen" (Guerini Case, the CEO of Fauchon indicted), Page seen on July 1, 2014
  59. ↑ Source: Le Nouvel Obs magazine, article of January 30, 2013 "Affaire Guerini: Le Patron de Fauchon A son Tour Mis en Examen" (Guerini Case, the CEO of Fauchon is Also Indicted), Page seen on July 2, 2014
  60. ↑ Source: Le Point Magazine, article of January 30, 2013, "Affaire Guerini: Le Patron de Fauchon Mis en Examen" (Guerini Case: the CEO of Fauchon indicted), Page seen on July 1, 2014
  61. 1 2 Source: L'express Magazine website, article of January 30, 2013 "Affaire Guerini: Le Patron de Fauchon Mis en Examen dans un Volet du Dossier" (Guerini Case: the CEO of Fauchon indicted in Part of the Case), Page seen on July 2, 2014
  62. ↑ Source: Mémorial, Journal Officiel du Grand-Duché du Luxembourg, C — N° 1620 of August 21, 2009
  63. ↑ Source: LinkedIn, "Profile of Tanguy Ducros", Page seen on August 14, 2014
  64. ↑ Source: Monaco Marine corporate website, "Monaco Marine Contact and Bio Information", Page seen on August 10, 2014
  65. ↑ Source: Le Journal Du Dimanche, Article of June 29, 2014 "Fauchon cherche des investisseurs" (Fauchon is looking for investors), Page seen on June 30, 2014
  66. ↑ Source: Le Point magazine, article of January 17, 2007 "Les Nouvelles Recettes the Michel Ducros" (The New Recipes of Michel Ducros), Page seen on July 14, 2014

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