French fashion group SMCP , owner of brands Sandro, Maje and Claudie Pierlot, on Wednesday reported a 18.6 percent rise in adjusted core profit for 2017 and forecast margins would further increase in 2018 to around 17 percent.

SMCP, which listed its shares on the stock market last year and is backed by China’s Shandong Ruyi, said earnings before interest, tax, debt and amortization (EBITDA) reached 153.7 million euros ($188.59 million), up from 129.6 million euros a year earlier.

Its adjusted EBITDA margin reached 16.8 percent in 2017, up three percentage points from a year earlier, as demand from Asian clients grew and it expanded online sales. It aims to grow margins to 17.5 percent by 2020.

“For 2018, SMCP is anticipating another year of profitable growth, targeting a sales growth between 11 percent and 13 percent at constant currency,” the company said in a statement. ($1 = 0.8150 euros)