What will the Editis Media Groupe, which Denis Olivennes announced with great fanfare last April, look like? A structure that would be “ remarkable and solid for the quality of its houses, its publishers, its distribution and broadcasting apparatus “, he assured. But this November 12, on the occasion of the Editis Committee, the spirit was not for an armistice.
2024, year under close surveillance
Interrupted by employees clearly dissatisfied with the current regime, the meeting ended in bloodshed. “ They went out with [Pascale] Rus [directrice générale adjointe, NdR]to exchange, but Olivennes left without greeting anyone and Rus was very angry at the way things turned out », Report witnesses.
This is because the 2023 results, certainly disappointing, were not attributable to the new management, presented to employees in mid-November last year. On the other hand, those of 2024 do not look good. “ Seasonality is rarely exceptional: the first half, at the end of the end-of-year holidays, never displays amazing results », Confirms an editor.
A point common to all publishing houses in France, which has nothing specific to Editis. In fact, the leading group in France, Hachette Livre, recorded a 0.7% decline in turnover over the same first half.
The challenges of the second half are always greater, but the results already show that the Lucet/Olivennes management has not tackled the first six months of the year successfully. The duo had also attacked their taking office in the face of an unprecedented strike, in front of the head office on Avenue de France, organized in mid-December at the initiative of Force Ouvrière.
Boil the pot
After the disappointing results of 2023, employees were waiting for the measures and the new strategy promised by Denis Olivennes. According to information obtained by ActuaLitté, the answer is surprising: “ It all depends on the end of the year“, we are told: “We have recorded several tens of millions of euros to be recovered. »
To explain the context, we put forward customers’ enthusiasm for second-hand books. In addition, buyers of new books are barely holding on, if not decreasing: second-hand books are said to be on the rise. To the point of severely hitting the second French editorial player – or even the industry as a whole?
According to the Sofia study presented last May, this sector sold some 80 million copies generating €350 million in 2023. Not insignificant: this represents 12% of the turnover of publishers in France. And clearly, the ideal solution has eluded the editorial groups.
Fortunately, the Goncourt 2023 is rotating distribution at Interforum: Jean-Baptiste Andrea’s novel has still not been released in paperback and is still maintaining good sales in large format. More than 156,000 copies were sold this year, out of 582,000 overall (data: Edistat), Watch over herbrings a little oxygen. Likewise, I, Fadi, The Stolen Brother by Riad Sattouf is approaching 95,000 sales.
The move of CMI, one blow too many?
The fact remains that it is necessarysimply straighten out Editis’s fortunes», as Denis Olivennes assured. And this, because by taking the reins of the group, the level of results discovered left a great moment of solitude. In fact, five years ago, with a similar turnover, the company generated significantly higher results.
READ – In a “difficult” book market, Editis aims for “recovery”
Some will thus learn to carry heavy hopes, as is the case of Adrien Bosc, perhaps “ the most brilliant editor of his generation», Estimates President Olivennes himself. At the head of Julliard since last March, a brand until then in decline, with Stéphanie Chevrier to head the division including La Découverte, Adrien Bosc arrived with his house and its authors. And from his first literary start, presto, the defector from Seuil obtains the December prize with the book by Abdellah Taïa, The Bastion of Tears .
At the same time, a move by CMI France begins, which will integrate the premises at 92 avenue de France, where the editorial group is located. A move that weighs on employee morale, with the creation ofopen spaces seen by many as “one file too many», which adds to the reported weariness.
READ – Against the Flex Office, parodies of books in the corridors
So, no merger between CMI and Editis, only the creation of a holding company for management at the higher level is planned. But at the same time, balance the occupancy of premises – some being empty during intensive teleworking days.
2025: arrival of Delcourt and Auzou
Then comes the news: the acquisition of Delcourt, a strategy which is not economically without risk and will place a certain burden on the finances. However, it is almost a victory – which would materialize at the beginning of 2025, all that is missing is the validation of the French competition authority. The amount of the buyout nor the terms of the investment are disclosed for the group which has a turnover of €178.4 million in 2023.
Delcourt was perhaps not won under the noses of the competitors, since financial capacity was required on the one hand and respect for competition rules on the other. However, it is a pleasing achievement, since Editis was eyeing Guy Delcourt’s group to the point of having almost bought it a few years ago.
Other good news, the approximately 5,000 Auzou references which will arrive in distribution for next year – other third-party publishers would follow suit for 2026. One criterion: many references, but brands with low turnover. In fact, partner publishers would have further increased their position, getting closer to the revenues generated in 2022, to the tune of €125.8 million, as revealed by ActuaLitté. The Dicker effect, Goncourt or evenThe History of Jerusalem.
READ – Interforum: “We work according to our salaries”
As for Delcourt’s 9,500 references, they will also provide support for Interforum’s accounts, but not before 2026. As for Delsol, the distribution structure will remain distinct from Interforum, which would however recover, with its subsidiary DNL (National Book Diffusion), the 2nd level and supermarkets.
Le second semestre, crucial
But a question remains for Editis: the turnover for the first half of the year would be close to that of 2021, but the president is concerned: “He pointed out the fact that our results are less good than those of competitors, believing that this is a concern in itself”, we are told.
READ – Sale of Editis: €5.6 million in fees and premiums re-invoiced to Vivendi
Obviously, the period of the Olympic Games will not have been profitable for anyone and thescudsthat Matignon regularly sends and the ministries are not reassuring. However, when it comes to the macroeconomic context, everyone is in the same boat. However, the results of the second half will be crucial for the company to the point that the current operating profit has been revised downwards.
Straighten the course or turn the corner: Editis would have the full confidence of its shareholder, with the challenge of once again becoming an attractive company in the French publishing landscape.
Photo credits: headquarters of Editis – ActuaLitté, CC BY SA 2.0
By Nicolas Gary
Contact : [email protected]
