A group of bondholders including asset manager BlackRock and an affiliate of private equity firm Carlyle has become the top shareholder in French fashion company SMCP, taking on a 29% equity stake it now wants to sell.
SMCP has had to deal with plenty of background ‘noise’ of late as issues around its parent company persist. But it’s remained laser-focused on driving sales back to more normal levels and saw some success in Q3.
Finally after 16 years closed; municipal headaches; massive rebuilding and Covid delays, France’s most storied department store La Samaritaine revealed itself on Monday, after an estimated €750m investment by owner LVMH.
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.
Marketing metrics firm Retviews has analysed the collections and market strategy of Jacquemus to pinpoint the elements enabling the French label to hold its own against top houses, only 11 years after its creation.
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.