
French premium fashion group SMCP did better than expected last year with the Sandro, Maje, Claudie Pierlot and De Fursac owner saying core annual profit beat expectations.
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French premium fashion group SMCP did better than expected last year with the Sandro, Maje, Claudie Pierlot and De Fursac owner saying core annual profit beat expectations.
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.
Menswear brand De Fursac, acquired by SMCP Group in late 2019, is changing its tone and has appointed co-founder of magazine So Press, Gauthier Borsarello, to take over from Alix Le Naour.
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.
2019 was dominated by the bankruptcies of many older brands, a growing concern for inclusivity, multiple executive changes and some major acquisitions – LVMH topping the list with Tiffany.
On August 26, Kering CEO François-Henri Pinault will present to the G7 summit the shared environmental goals for 2030-2050 decided by some 30 global giants in the fashion and luxury industries.
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.