SMCP applies for Paris stock exchange listing
The Sandro Maje Claudie Pierlot (SMCP) group has recently filed the introductory documentation leading to its stock exchange listing with French financial markets authority AMF. As reported by FashionNetwork, the French fashion group first mentioned the possibility of an IPO last June.
"We are ready for a new milestone in the life of the SMCP group, supported by our majority shareholder Shandong Ruyi, while the appeal of our three brands continues to increase the world over, said the group's CEO Daniel Lalande. In the first half of 2017 we recorded strong growth both in revenue and profitability. A success which confirms the relevance of our business model and of our strategy targeting organic growth, the expansion of the number of stores in our key markets, and an acceleration in the introduction of digital tools and of our men's and accessories range."
In the first six months of the year, SMCP reported a 16.4% rise in sales, up to €439 million. Notably, 57% of sales were generated outside France, and 12% online. In the same period, EBITDA grew 20%, to €73 million.
"As previously announced, Shandong Ruyi intends to remain the controlling shareholder following SMCP's stock market listing, with approximately 51% of the capital, and thus to continue backing SMCP's growth strategy in the future," said Yafu Qiu, President of the Shandong Ruyi group.
By holding on to a majority stake, Shandong Ruyi seeks to increase SMCP's valuation and to boost its visibility and appeal. The stock exchange listing will both generate fresh capital to finance the group's expansion, and also make it easier to access more long-term funding. This could be seen as confirmation that SMCP is likely to broaden its footprint in the future, with potential acquisitions on the horizon.
In the 2016 fiscal year, the group reported a revenue of €786 million , with EBITDA worth €130 million and an EBITDA margin of 16.5%.
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