SMCP's full year and final quarter continued to be impacted by lockdowns around the world that drove sales downwards. But digital strength, new stores and a nascent recovery in China are reasons to be cheerful.
SMCP, owner of brands including Sandro, said on Monday it would ramp up spending on advertising and focus store openings mainly on the Chinese market, pausing efforts elsewhere after years of rapid expansion.
Sandro and Maje owner SMCP's Q2 sales were “strongly impacted by Covid-19” but the company saw a “gradual sales improvement throughout quarter”. Digital boomed and Mainland China was even back to growth in June.
Aquascutum’s Chinese owner is the subject of a potential lawsuit over unpaid invoices, as fears over a liquidity crisis persist. A Portuguese fabrics firm called Calvelex is expected to take it to court this week.
The app designed to inform customers about the environmental and social commitments made by fashion brands is soon to launch on app stores. Formerly called Clothparency, it has now settled on the name Clear Fashion.
France accounts for over one quarter of the total sales of the top 100 luxury corporations worldwide according to Deloitte’s 2019 report, with 9 groups listed and LVMH, L'Oréal, Kering and Chanel in the top 10.