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.
Fashion conglomerate Shandong Ruyi has brushed aside a sale of textile maker Lycra proposed by Lycra's creditors and is instead looking to publicly float the business, two people with direct knowledge told Reuters.
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.
Ilan Chetrite is the man behind Sandro’s menswear. The founder’s son, he has worked to grow the label for a decade. As SMCP is about to buy men’s brand De Fursac, he talks to FashionNetwork.com about his menswear vision.
Digital transformation, changing consumer behaviour and fierce competition for the best retail locations are driving up costs in the luxury industry according to a study published by the American analytics firm.