SMCP vows to continue China roll-out
SMCP, the group behind French fashion brands Claudie Pierlot, Maje and Sandro plans to pursue its international expansion, particularly in China, where it will continue to open about 30 shops a year.
SMCP president/CEO Daniel Lalonde says the strategy has not changed after majority owner KKR agreed to sell control to China’s Shandong Ruyi in a €1.3 billion (US$1.4 billion) deal that made the company cancel its application for a Paris flotation.
Shandong Ruyi will own 80 per cent of SMCP while KKR will retain a 10 per cent stake. The balance will be held by founders Evelyne, Ylan Chetrite and Judith Milgrom shared with management.
Meanwhile, SMCP has bucked the global fashion industry’s sluggish sales growth trends with a 9.3 per cent increase in like-for-like revenue in the first half.
Including the impact of foreign exchange and new stores, first-half sales were up 19.2 per cent at €377.2 million globally.
Lalonde says SMCP’s digital strategy is paying off with online sales making up 10 per cent of total revenue, up from 6 per cent last year.