Premium fashion giant SMCP has faced numerous challenges in the past year but 2021 saw sales once again exceeding €1bn and in Q4 they were “at par” with pre-pandemic levels as they gradually improved during the year.
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.
French magistrates have opened an inquiry into allegations four fashion groups including Uniqlo and the owner of Zara profited from forced labour of the Uyghur minority in China, a judicial source said Thursday.
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.