From post-pandemic euphoria to supply chain crises, from excess stock to the need to redefine market strategies, Trigano has demonstrated remarkable adaptability in recent years, solidifying its leadership in the industry. Today, with sales exceeding €3.9 billion and an EBIT of 12.8 per cent, the group looks to the future with a clear strategy: strengthening its distribution network, innovating its products, expanding into mobile homes and accessory distribution, and maintaining a balance between growth and economic sustainability with a long-term vision.
In our interview, Stéphane Gigou repeatedly emphasised the importance of a strategic, long-term approach rooted in the traditions of a company that has always operated with strong values, avoiding short-term decision-making driven by immediate results. The 52-year-old French executive holds a degree in economics and commerce from La Sapienza University in Rome. Before joining Trigano, he built his career in the automotive industry, working for Renault and later Fiat Chrysler, where he served as Chief Executive Officer of Fiat Professional. He was appointed CEO of Trigano on September 30, 2020.
Mobile Home Business − It has been four-and-a-half years since you took over as the head of Trigano. During this time, we have gone from sales euphoria to supply chain crises and then to excess stock among dealers – a truly fluctuating situation. How have you experienced it?
Stéphane Gigou − In recent years, Trigano has responsibly navigated the fluctuations of the industrial landscape, supply chain challenges, and inflation. Naturally, our group aims to generate profit and cash flow, but we have always maintained a balance, respecting the industry’s long-standing traditions. The RV sector has historically been led by entrepreneurs with a long-term vision. François Feuillet (formerly CEO of Trigano and still majority shareholder of the company, as well as chair of the supervisory board, ed.) was one of the last old-school business leaders to retire, five years ago. I have carried out the mandate entrusted to me, always prioritising the long-term over short-term gains.
Over the years, I have realised that many companies in the sector have adopted strategies focused on immediate results, and some players have treated this period as a competition – risking going “off track” and dragging down those who work with them. This makes me reflect on how vulnerable our industry could become, despite having always thrived on long-term vision. Focusing solely on short-term gains puts the future at risk.
Even in 2020, at the height of the pandemic crisis, Trigano showed its commitment to ensuring business continuity by participating in European trade fairs and supporting the sector during a time of great uncertainty.
In recent months, we have actively supported our dealers by absorbing a significant portion of their excess vehicle orders into our balance sheets to help rebalance stock levels. We have taken concrete measures to assist our customers and prevent financial strain. Trigano has the financial strength to handle these situations and believes that maintaining a fair and balanced relationship with dealers – built over decades – is essential to ensuring stable and sustainable long-term growth.
Mobile Home Business − Over the past five years, the consolidated net profit of the Trigano Group has grown significantly, with a particularly sharp increase between 2021 and 2022. What have been the main drivers of this growth? Do you believe this trend is sustainable in the coming years, or do you anticipate a normalisation of profitability?
Stéphane Gigou − Trigano has recorded a revenue increase in recent years, surpassing €3.9 billion and achieving an EBIT of 12.8 per cent two years ago. This is a significant level of profitability, resulting from efficient management of company resources and various internal action plans.
We have achieved excellent results despite risks and challenges related to inflation, which continue to be a pressing issue. We do not set limits on profitability, as it must ensure sufficient cash flow to support Trigano’s future development. The company provides shareholders with a return on investment of 20 to 25 per cent, while the remaining profits are allocated to maintaining solid and sustainable long-term growth.
This profitability stems from many strategic initiatives undertaken by Trigano, despite behaviours from some suppliers that I sometimes consider unfair. Personally, I have good working relationships with suppliers, but some focus on achieving short-term financial gains rather than preserving a sustainable long-term balance. The experiences of the past two to three years have led me to reflect on the procurement strategy for certain components, as the sector’s traditional operating model seems to have eroded. In some cases, inevitable situations arose, which I understand. However, there were also instances that were difficult to justify, driven purely by the objective of maximising short-term profit – for example, unjustified price increases on numerous components.
Mobile Home Business − Talking about mobile homes: this market segment recorded a 6.8 per cent growth in the first quarter. What factors contributed to this growth? Do you have any indicators that confirm this trend for the future as well?
Stéphane Gigou − In the medium to long term, the mobile home sector will experience steady growth. This type of vacation perfectly aligns with Europeans’ preferences: being in contact with nature, staying in open spaces immersed in natural surroundings like a pine forest, woods, or a seaside location, rather than in concrete buildings.
The first reason for this potential growth is the shift in travel habits, which are increasingly oriented towards eco-friendly and low environmental impact solutions. The second reason is that mobile homes have a smaller ecological footprint compared to traditional accommodation facilities – they are installed directly on the ground, on wheels, without the need for concrete platforms. This allows water to naturally drain and does not alter the soil with permanent infrastructure.
To understand the difference in environmental impact, consider a structure that can host 400 people: in the case of mobile homes, about 100 units would be needed, while for a hotel, 200 rooms would be required, with a significantly higher energy impact for air conditioning, heating, and general management. Mobile homes also offer an economic advantage for tourists: guests can choose whether to dine at a restaurant or cook independently, thus managing their budget more flexibly.
This growth is also supported by the product renewal cycle, an essential element in maintaining the attractiveness of accommodation facilities. A mobile home has an average lifespan of 25 years: in the first 10 years, it can be placed in a high-quality campsite (4 or 5 stars), then resold and moved to lower-category campsites. This process makes replacement inevitable, ensuring a constant update in the sector.
Another factor that can accelerate the renewal process is the evolution of design and aesthetics. There are still mobile homes on the market with ABS covers or plastic materials that no longer meet today’s customer expectations. The new generations of mobile homes, on the other hand, feature wooden coverings, more harmonious with the natural environment and in line with current trends.
Mobile Home Business − The recent acquisition of Bio Habitat strengthens your presence in the mobile home sector. What are your strategic goals for this segment in the coming years?
Stéphane Gigou − Three years ago, Trigano made a strategic decision to develop the mobile home sector, with the ambition of becoming the European leader. Initially, we launched a plan to expand production capacity at our existing facilities. Later, the opportunity arose to acquire the mobile home division of Bio Habitat from the Beneteau group. After a 20-month wait imposed by the Competition Authority – a period I consider incompatible with running a business – we finally received the green light to proceed with the acquisition. Since December 2024, Bio Habitat has officially been a subsidiary of Trigano.
Today, we have three production hubs in the mobile home sector: Résidences Trigano, the historic brand, primarily active in France and Spain; Adria Home, operating in the Adriatic area and exporting to Austria, Germany, and the Benelux; and Bio Habitat, headquartered in France, with a factory in Bologna, Italy, and an export network to Spain and the Benelux. Bio Habitat is already the European leader in the sector, so its presence is widespread across Europe.
Our strategy is clear: to create industrial and sourcing synergies between these hubs, optimize production processes, and improve our ability to offer competitive products on the market. This industrial and sourcing work will be carried out while maintaining different brands in the market, offering distinct and competing product ranges, similar to how Trigano operates in the motorhome sector.
Mobile Home Business − In the motorhome sector, you have developed shared platforms and optimised production processes to improve efficiency and standardise production. In the mobile home segment, do you have a strategy to create synergies between the different production entities? Do you plan to maintain the autonomy of each brand, preserving its creative identity and exclusive solutions, or are you aiming for greater integration between the different production units?
Stéphane Gigou − Trigano always ensures autonomy for its business units. However, the Group introduces synergies in procurement, a principle that will also be applied to the mobile home sector. Additionally, Trigano provides industrial benchmarks to identify the best solutions based on production specifics and the type of product being developed. At the same time, it allows full commercial freedom, enabling each brand to offer specific products in line with customer preferences and market trends.
The Group’s strategy is not aimed at reducing the number of brands or limiting innovation capacity, but rather at stimulating both, strengthening competitiveness. The synergies introduced will be transparent to the customer, ensuring an increasingly diversified and high-performing offer.
Mobile Home Business − Sales of caravans within your group have experienced a significant decline. What do you attribute this contraction to? What is your strategy for this segment, and how do you see the long-term evolution of the caravan market?
Stéphane Gigou − The caravan sector has been in constant decline for decades. As far as I know, when François Feuillet started with Trigano, the French market sold around 90,000 units per year. Today, the entire European market is only around 61,000 units. This is a significant contraction, caused by several factors.
The first reason concerns the profile of the typical buyer. Those who choose a caravan are generally active individuals, and in recent years, it is the 40-year-olds who have been most impacted by inflation and the rising cost of living. Furthermore, the purchase of a caravan often involves financing. The increase in product prices, combined with rising interest rates, has made the overall cost unaffordable for many, further hurting the market.
The second factor is related to the evolution of cars. With the gradual electrification of the vehicle fleet, towing a caravan with an electric or hybrid vehicle is becoming increasingly complex. This situation is unlikely to improve, as evidenced by the Dutch market – once one of the most important for caravans – it is now in sharp decline. This is partly because fewer people want to travel across Europe towing a “home on wheels” with doubled or even unsustainable fuel consumption.
The third element is the lifestyle. The desire to be close to nature and spend holidays camping is still strong, but doing so in a caravan is becoming less appealing. The need to use shared camping facilities is a disadvantage that weighs on consumer choices.
For these reasons, three years ago, Trigano made a strategic decision to become the European leader in the mobile home sector. We believe that this product best meets the needs of customers who once chose a caravan. Mobile homes offer the same proximity to nature, as they are installed in campsites, but with a higher level of comfort. For Trigano, the mobile home represents the natural evolution of the caravan concept, reaching a clientele that today prefers more comfortable and modern solutions for their holidays.
Mobile Home Business − Are you considering investments in in-house production of components to partially reduce dependency on your suppliers?
Stéphane Gigou − Unfortunately, yes. We are driven by some business practices that we consider unfair and unjustified, which has led us to reflect on different solutions to always ensure product competitiveness, as that is the real objective. We want to offer competitive products in the market to continue ensuring the growth of the sector. Therefore, we are forced to consider alternative solutions as well.
Mobile Home Business − You have always invested significantly in industry trade shows and participated in major European exhibitions. Will you continue with this strategy, or do you foresee an evolution in public communication and sales approaches for the end consumer?
Stéphane Gigou − It is essential to consider how a customer approaches the purchase of a complex product like a motorhome or camper van. We believe that trade shows offer a unique opportunity for customers to explore different models, assess their features up close, compare various options, and make a more informed buying decision. At Trigano, we currently see no equally effective alternatives for providing this kind of experience than shows.
Trade shows generate significant sales and offer different advantages depending on the market. In Germany, for example, our network is expanding rapidly but is not yet the most widely represented. Therefore, having a strong presence at trade shows is crucial for introducing our products to a broader audience. In Italy, where we are the market leader, we know that customers view trade shows as a key reference point for making a purchase. It is estimated that over 25 per cent of annual sales volumes come from contracts finalised directly at these events.
Mobile Home Business − After your experience in the automotive sector, what did you find most challenging and stimulating in transitioning to leading Trigano? How has your background at Fiat Chrysler and Renault influenced your strategic decisions in the recreational vehicle industry?
Stéphane Gigou − When I joined Trigano on July 1, 2020, I began a transition period alongside François Feuillet that lasted several months before officially taking over as CEO. His guidance was extremely valuable and had a significant impact on my approach to leadership. Becoming the CEO of a publicly traded company is a major challenge – one I had prepared for and continue to find both highly stimulating and demanding every day.
The health crisis at the time forced me to step into the role very quickly, and in hindsight, it served as a useful accelerator. The past years have brought numerous challenges, well-known across the industry, but I believe that under my leadership, Trigano has navigated these difficulties reasonably well.
From the automotive sector, I brought with me a strong focus on cost control – already a core value at Trigano – as well as a keen emphasis on production processes and industrial redesign. One of Trigano’s biggest challenges, operating in Western Europe, is finding skilled labour. Significant efforts have been made to attract workers, invest in production sites and optimise assembly line methodologies to ensure safety, quality, and productivity.
Mobile Home Business − Trigano is motorhomes, caravans, camping equipment, mobile homes, glamping tents, accessories, recreational vehicle dealers, and much more. Have you ever thought about entering the tourism sector by acquiring campsites or campsite groups?
Stéphane Gigou − Trigano is an industrial company. Our way of managing is that of an industrial company, so we remain faithful to this management of industrial processes. It’s true that in some cases, such as in distribution with Libertium, we have also ventured into retail, which is a different activity, but this evolution was essential to safeguard the medium and long-term interests of the industrial company Trigano.
This is the strategy we are adopting, and all our development plans are heading in this direction. However, as always, there are exceptions. Trigano today owns a campsite on the Adriatic coast of Croatia, a beautiful campsite, but it is certainly more of an anomaly in our current business model than a laboratory for future developments.
