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By
Reuters API
Published
Aug 14, 2017
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IPO of French fashion firm behind Sandro, Maje moves closer as banks are chosen

By
Reuters API
Published
Aug 14, 2017

Bank of America Merrill Lynch, JP Morgan and KKR Capital Markets have been chosen as joint global coordinators for an initial public offering for fashion company SMCP in Paris, two sources said on Friday.
 

 
The French company behind fashion brands Sandro, Maje and Claudie Pierlot is expected to list its shares in Paris this autumn. Two different sources said BNP Paribas was picked to be among the syndicate.

SMCP is growing its footprint fast with new stores abroad as it reaches out from its core French market. In June, the Chinese-owned firm said it wanted to take advantage of a "strong momentum" and that it was considering listing on Euronext Paris, but with Shandong Ruyi Technology Group set to remain its majority shareholder.

Last year it saw  annual sales rising  16.4%, to €786 million, while its EBITDA grew by 22% to reach €130 million. Outside France, its sales rose by 24% and now make up 54% of the group's revenues.

The company will open branches of Sandro and Maje on Lodnon's Regent Street in the months ahead as UK and tourist shoppers buy into those brands' affordable luxury vision with prices considerably lower than those available at many major luxury brands.

Additional reporting by Sandra Halliday

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