SMCP Profits Return to Growth in First Half
The fashion group’s sales in the Asia-Pacific region and U.S. exceeded or were back to their pre-pandemic levels in the period.
PARIS – SMCP, the parent company of accessible luxury labels Sandro, Maje, Claudie Pierlot and De Fursac, reported a profit of 600,000 euros, which was up 89 million euros in the first half of 2021 versus the same prior-year period.
“We delivered a solid performance in H1 2021 in all regions, particularly in APAC and in the U.S., where our sales exceeded or were back to their pre-pandemic levels,” said Daniel Lalonde, the outgoing chief of SMCP, in a statement released Friday morning.
As previously reported, Isabelle Guichot was named chief executive officer of SMCP in August. Lalonde, who resigned from the group, will remain there through October to ensure a smooth transition.
SMCP’s earnings before interest and taxes were back in the black, too, at 25.2 million euros, representing a 54.9 million euro gain, thanks to ongoing cost-cutting measures. Adjusted EBITDA grew 81.9 percent to 100.3 million euros.
SMCP sales in the six months ended June 30 advanced 21.6 percent on a reported basis and 23.3 percent on an organic basis to 453.3 million euros, spurred by business around the world. Sales in Mainland China posted double-digit gains – up 24 percent in reported terms and 54.6 percent on an organic basis.
“The momentum observed in the U.S. early this year has been confirmed in the second quarter, going from strength to strength,” said SMCP in the statement.
SMCP was listed on the Paris Stock Exchange in 2017. Chinese textile group Ruyi Group owns around 54 percent of the company.