Amid turmoil, A.P.C. appoints Stephanie Phair to take the helm

A former British Fashion Council president is now at the helm of the French label A.P.C. Stephanie Phair, who this summer joined the ranks of advisers to the company’s majority owner L Catterton, has been leading the Parisian label for the past few weeks.

The Pierre-Arnaud Grenade era lasted less than a year. The former Ba&sh president was removed from the helm of the upmarket brand by its majority shareholder, L Catterton (which has held a 72.98% stake since 2023), according to a report by Glitz on December 16. His replacement by Stephanie Phair, former president of the Farfetch group and of the British Fashion Council, was communicated only internally by the company, and comes as A.P.C. faces significant financial difficulties.

Her appointment was approved by A.P.C.’s strategic committee, which told the media that it had “adapted the profile of the executive management to its new objectives, in a difficult market context.”

A.P.C. is reportedly facing a cash-flow crisis that is affecting its operations. Asked about its financial situation, the label told Glitz that it would honour “its commitments to its partners and suppliers.”

A tense situation for L Catterton

Projected profits from the ready-to-wear brand were intended to service the loans taken out by private equity firm L Catterton (a partnership between Catterton, LVMH, and Financière Agache) to acquire a majority stake, while Jean and Judith Touitou, who still own the majority of A.P.C.’s retail space, retain 27.02% of its capital.

But losses have mounted, and the maturity of a bond issued by the company could exacerbate the situation as early as autumn 2025. The new leader has already begun closing several shops in a bid to rationalise the brand’s distribution network.