SMCP Reports Strong Momentum in Second Quarter
PARIS — SMCP, the parent company of the Sandro, Maje, Claudie Pierlot and De Fursac accessible luxury labels, said it saw improved sales momentum across all regions in the second quarter.
Its revenues gained 59.1 percent, or 61.1 percent on an organic basis, to 229.4 million in three months to June 30.
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Compared with the same period in 2019, this represented a decline of 14 percent, a better trend than in the first quarter, when sales dropped 17 percent based on the first quarter of 2019.
“In APAC and the U.S., our sales exceeded pre-pandemic level, while in France and EMEA, we recorded a solid growth despite the closure of the entire network during half of the quarter, a less promotional environment, and very low tourism,” stated SMCP chief executive officer Daniel Lalonde.
The company’s brands did particularly well in mainland China, where sales were up 22 percent versus two years ago, and in the U.S., gaining 11.3 percent on an organic basis compared with the same period in 2019.
In France, SMCP’s home market, sales grew 33.7 percent on an organic basis — significantly better than the 6.7 percent gain it saw in the first quarter — to 63.2 million euros despite retail being closed until May 19 due to the country’s lockdown.
SMCP said it continued to progress with its One Journey strategic plan, which involves brand initiatives to engage Millennials and implementing ship-from-store across Europe. It is also rationalizing its store portfolio, and has closed 19 points of sale in the first half — including 25 net closures, mainly in smaller cities, in France. It continued to expand in Asia Pacific, meanwhile, opening 14 new doors, mainly in China.
Digital sales represented 25 percent of business for the quarter.
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