SMCP Group
| Company type | Public |
|---|---|
| Industry | Affordable luxury ready-to-wear fashion |
| Founded | 2010 |
| Headquarters | Paris , France |
Area served | 47 countries (as of 2023) |
Key people | Isabelle Guichot (CEO) |
| Products | Fashion brands (Sandro, Maje, Claudie Pierlot, De Fursac) |
SMCP Group, often referred to simply as SMCP, is a Paris-based French holding company focused on affordable luxury ready-to-wear fashion. Established in 2010 through the consolidation of Sandro, Maje, and Claudie Pierlot, SMCP manages more than 1,600 retail locations—including standalone boutiques, flagship stores, and outlets within prestigious department stores—across 43 countries. Since August 2021, Isabelle Guichot has held the position of CEO.
Origins
Prior to the formation of SMCP Group, the brands Sandro, Maje, and Claudie Pierlot operated separately within France’s accessible luxury apparel market. Following Claudie Pierlot’s passing, sisters Évelyne Chetrite (owner of Sandro) and Judith Milgrom (owner of Maje) acquired the Claudie Pierlot label in 2009. The official creation of SMCP S.A. occurred in 2010 through the merger of these three brands.
Private equity era
In September 2010, L Capital—the private equity division of LVMH—purchased a majority 51% stake in SMCP Group. This partnership provided SMCP access to LVMH’s textile knowledge and resources to help scale these family-founded brands. The brand’s initial U.S. presence was marked by the launch of a Maje boutique in New York City in October 2011, which kicked off rapid international retail growth.
KKR, an American private equity firm, acquired a controlling 65% interest from L Capital and Florac in March 2013 for roughly €650 million. Under KKR’s stewardship, SMCP experienced consistent expansion with revenues increasing by 32% during the first half of 2015 amid growth in the accessible luxury sector.
Shandong Ruyi acquisition
Chinese textile giant Shandong Ruyi took control of SMCP in April 2016 by purchasing a majority stake from KKR for approximately €1.3 billion. The acquisition aimed to capitalize on China's burgeoning middle class and establish SMCP as a leading player in affordable luxury worldwide. Between 2013 and 2016, SMCP nearly doubled its size and posted a 19.2% revenue increase in the first half of 2016, including an impressive 51% growth in Greater China following its new Chinese majority ownership.
SMCP debuted on the stock market in October 2017 with an initial public offering priced at €22 per share, valuing the company at about €1.7 billion—making it the second-largest IPO on Paris’s exchange that year.
In June 2019, SMCP broadened its brand portfolio by acquiring De Fursac, a French luxury menswear label specializing in tailored clothing. By spring 2020, Claudie Pierlot became the final brand within SMCP to discontinue fur products, rendering the group entirely fur-free.
The COVID-19 crisis led to a revenue drop of 31% and losses amounting to €88.5 million during the first half of 2020. Nevertheless, SMCP quickly recovered, posting a profit of €600,000 and an €89 million improvement compared to H1 2020 results.
Recent progress
In October 2021, European TopSoho—a Luxembourg-based subsidiary of Shandong Ruyi and SMCP's majority shareholder—defaulted on €250 million worth of bonds. This situation prompted intervention from institutional investors BlackRock and the Carlyle Group. Creditors assumed control and divested a 29% shareholding in SMCP. By January 2022, BlackRock, Carlyle, and other investors established GLAS, a trustee entity that removed five board members affiliated with European TopSoho.
Isabelle Guichot—previously CEO at Balenciaga and Maje—was named CEO of SMCP in 2021 after Daniel Lalonde stepped down.
In 2023, SMCP extended its presence to India through a collaboration with Reliance Brands Limited (RBL), operating across 47 countries worldwide with plans to open its inaugural stores there in 2024.
In April 2024, SMCP’s Maje brand teamed up with after-sales startup Save Your Wardrobe to launch a clothing repair service initiative.
Subsidiaries
As of August 2022, the group SMCP manages the following brands:
- Sandro
- Maje
- Claudie Pierlot
- De Fursac