SMCP Group

SMCP Group is a French fashion holding company focused on accessible luxury ready-to-wear. Its portfolio comprises Sandro, Maje, Claudie Pierlot, and De Fursac, spanning womenswear, menswear, accessories, footwear, and related lifestyle products. The group is headquartered in Paris and distributes its brands through directly operated boutiques, flagship stores, selected department-store concessions, wholesale partners, and digital channels. SMCP was created in 2010 by bringing together Sandro, Maje, and Claudie Pierlot. Sandro and Maje had been developed independently by Évelyne Chetrite and Judith Milgrom, while Claudie Pierlot was acquired by the two entrepreneurs in 2009. The combination created a multi-brand platform in a segment positioned between mass-market fashion and traditional high luxury: products generally emphasize Parisian design, seasonal collections, recognizable brand codes, and relatively accessible price points compared with major luxury houses. The group’s ownership changed several times during its expansion. L Capital, the private-equity arm associated with LVMH, acquired a controlling stake in 2010. KKR subsequently became the majority investor in 2013, supporting further international development. Shandong Ruyi acquired control in 2016, during a period in which SMCP was expanding rapidly, particularly in China and other international markets. SMCP completed an initial public offering on Euronext Paris in October 2017 at €22 per share. International retail development has been central to SMCP’s strategy. A Maje store opened in New York in October 2011, marking the group’s first store in the United States and the beginning of a broader international rollout. The group later expanded across Europe, North America, Greater China, and other regions. Reference material describes a network of more than 1,600 points of sale in 43 countries, while later reporting cited presence in 47 countries; the precise current footprint should therefore be verified against the company’s latest disclosures. SMCP expanded its menswear exposure by acquiring French luxury menswear label De Fursac in 2019. The group also adopted a fur-free policy after Claudie Pierlot became the final SMCP brand to prohibit fur in its collections in spring 2020. Like many fashion retailers, SMCP experienced a severe pandemic-related contraction in 2020, followed by a return to profit in the first half of 2021 according to the cited reference material. The group’s recent corporate history has also been shaped by financial stress at European TopSoho, a Luxembourg vehicle linked to Shandong Ruyi. European TopSoho defaulted on €250 million of bonds in 2021, leading creditors to take control of a significant SMCP shareholding and to challenge board representation associated with the former majority owner. Isabelle Guichot became chief executive in August 2021, succeeding Daniel Lalonde. In 2023, SMCP announced plans to enter India through a partnership with Reliance Brands Limited, with initial stores planned for 2024. In 2024, Maje partnered with repair-services company Save Your Wardrobe to develop clothing-repair capabilities. SMCP’s overall positioning remains that of a global, multi-brand accessible-luxury platform combining French fashion identity with an increasingly international retail and digital footprint.

SMCP emerged from the consolidation of three French fashion labels that had developed independently in the accessible-luxury segment. Sandro and Maje were led by Évelyne Chetrite and Judith Milgrom, respectively. In 2009, the two entrepreneurs acquired Claudie Pierlot’s label, bringing a third Parisian brand into the developing portfolio. SMCP S.A. was established in 2010 through the merger of Sandro, Maje, and Claudie Pierlot. The company’s first major phase was private-equity-supported expansion. L Capital acquired 51% of SMCP in September 2010. The investment connected the group with resources and expertise associated with LVMH’s investment activities and helped professionalize the development of brands that had originated as largely entrepreneurial or family-led businesses. In October 2011, Maje opened a New York boutique, giving SMCP a direct presence in the United States and demonstrating the group’s intention to move beyond France through owned retail. KKR became the next major shareholder in March 2013, acquiring a 65% stake from L Capital and Florac. During this period, SMCP benefited from strong demand for accessible luxury and continued to develop its store network and international sales. The group’s growth accelerated further after Shandong Ruyi acquired control in April 2016. The Chinese textile conglomerate viewed SMCP as a platform for participating in the development of global fashion and the expanding Chinese middle-class consumer market. Reference material reports particularly strong growth in Greater China during the first half of 2016. SMCP became a publicly traded company in October 2017, listing on Euronext Paris at €22 per share. The IPO created a public-market structure while allowing the group to continue investing in international stores, brand development, and digital distribution. In June 2019, SMCP acquired De Fursac, a French luxury menswear label. The transaction added a more explicitly menswear-oriented brand to a portfolio previously identified primarily with Sandro, Maje, and Claudie Pierlot. The group’s sustainability-related brand policy changed in stages. Claudie Pierlot was the last of the SMCP brands to ban fur from its collections, doing so in spring 2020. SMCP thereafter described itself as fur-free. The same year brought major operational disruption from the COVID-19 pandemic. Store closures and reduced traffic contributed to a reported 31% first-half revenue decline and an €88.5 million loss. The group’s first-half 2021 results showed a return to profit, although the recovery occurred alongside continuing uncertainty in international retail. SMCP’s ownership structure became a significant corporate issue in 2021 and 2022. European TopSoho, a Luxembourg entity linked to Shandong Ruyi, defaulted in October 2021 on €250 million of bonds. Creditors consequently took control of a 29% SMCP shareholding and sold or transferred that interest through the debt-recovery process. Institutional investors, including BlackRock and Carlyle-related interests, opposed the former majority owner’s continued board representation. In January 2022, investors acting through GLAS voted to remove five directors representing European TopSoho. This episode materially changed SMCP’s governance and shareholder balance without ending the company’s public listing. Isabelle Guichot became SMCP’s chief executive in August 2021, succeeding Daniel Lalonde. Guichot had previously held senior leadership roles connected with fashion brands including Balenciaga and Maje. Under the continuing multi-brand strategy, SMCP sought additional geographic growth. In 2023, it announced an Indian market-entry partnership with Reliance Brands Limited, with first stores planned for 2024. In April 2024, Maje partnered with Save Your Wardrobe to develop repair services, extending the brand relationship beyond the initial sale and adding a circularity-oriented after-sales initiative. SMCP currently operates as a Paris-based international fashion group with a large network of boutiques, flagships, department-store locations, wholesale accounts, and online channels. Its core proposition remains French-designed accessible luxury: more premium and brand-led than mass-market fast fashion, but generally more attainable and broadly distributed than traditional haute couture or top-tier luxury houses.

1. 2024Maje develops repair services

   Maje partnered with Save Your Wardrobe on clothing-repair services.

   Source
2. 2023India market-entry partnership announced

   SMCP announced a partnership with Reliance Brands Limited for expansion in India.

   Source
3. 2022Board changes follow ownership dispute

   Creditors and institutional investors voted to remove five directors representing European TopSoho.

   Source
4. 2021Isabelle Guichot becomes CEO

   Guichot replaced Daniel Lalonde as chief executive in August.

   Source
5. 2020Group becomes fur-free

   Claudie Pierlot’s fur ban completed the group-wide move to a fur-free policy.

   Source
6. 2019De Fursac acquisition

   SMCP acquired French luxury menswear brand De Fursac.

   Source
7. 2017Euronext Paris IPO

   SMCP went public at €22 per share in October.

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8. 2016Shandong Ruyi acquires control

   Shandong Ruyi acquired a controlling interest in SMCP.

   Source
9. 2013KKR becomes majority investor

   KKR acquired a 65% stake from L Capital and Florac.

   Source
10. 2011First United States store opens

    Maje opened a New York boutique, beginning SMCP’s direct retail presence in the United States.

    Source
11. 2010SMCP is established

    Sandro, Maje, and Claudie Pierlot were combined to form SMCP S.A.

    Source
12. 2010L Capital takes control

    L Capital acquired a 51% stake in SMCP.

    Source
13. 2009Claudie Pierlot joins the developing portfolio

    Évelyne Chetrite and Judith Milgrom acquired the Claudie Pierlot label, bringing it together with their Sandro and Maje businesses.

    Source

Accessible luxury and Parisian fashion with international multi-brand distribution.

• SandroAccessible-luxury ready-to-wear

  Sandro is one of SMCP’s founding labels and offers Parisian-inspired womenswear and menswear, including tailoring, dresses, knitwear, outerwear, footwear, bags, and accessories. The brand is positioned around refined but contemporary styling and provides a major part of the group’s international retail identity.

• MajeAccessible-luxury womenswear

  Maje is a Paris-based womenswear label known for contemporary clothing, dresses, tailoring, knitwear, outerwear, footwear, handbags, and accessories. It was the first SMCP brand to open a United States store, with a New York boutique in 2011, and remains one of the group’s principal international brands.

• Claudie PierlotAccessible-luxury womenswear

  Claudie Pierlot is the third founding label in SMCP’s portfolio. Its collections focus on Parisian womenswear and accessories with a youthful, urban character. The brand completed SMCP’s fur-free policy in spring 2020 when it became the final group label to prohibit fur in its collections.

• De FursacLuxury menswear

  De Fursac is a French luxury menswear label acquired by SMCP in 2019. Its addition broadened the group beyond its founding fashion houses and strengthened the portfolio’s exposure to men’s tailoring, formalwear, and premium wardrobe essentials.

• 2024Develop Maje clothing-repair servicesStrategy

  SMCP sought to strengthen after-sales services and support more circular product use.

  What changed. Maje partnered with Save Your Wardrobe to develop a repair service.

  Aftermath. The partnership extended the customer relationship beyond purchase and introduced a repair-oriented service capability.

  Source
• 2023Enter India through Reliance BrandsStrategy

  SMCP was seeking further international growth in a large developing consumer market.

  What changed. The group announced a partnership with Reliance Brands Limited, with initial store openings planned for 2024.

  Aftermath. The partnership created a route for Sandro, Maje, Claudie Pierlot, and related SMCP brands to enter the Indian market.

  Source
• 2020Adopt a fur-free group policyStrategy

  The group progressively moved its brands away from fur use.

  What changed. Claudie Pierlot became the final SMCP brand to ban fur in its collections in spring 2020.

  Aftermath. SMCP described itself as a fur-free fashion group.

  Source
• 2019Acquire De FursacM&A

  SMCP sought to broaden its multi-brand portfolio and increase its presence in menswear.

  What changed. The group acquired French luxury menswear label De Fursac.

  Aftermath. De Fursac became an additional subsidiary and expanded SMCP’s menswear offering.

  Source
• 2017List the group on Euronext ParisOther

  After several rounds of private-equity ownership and international growth, SMCP pursued access to public capital markets.

  What changed. SMCP completed its initial public offering in October at €22 per share.

  Aftermath. The group became a publicly traded French fashion company.

  IPO price per share. €22 (October 2017 IPO)

  Source
• 2010Combine Sandro, Maje, and Claudie PierlotM&A

  The three labels operated independently before SMCP was created as a multi-brand platform in accessible luxury.

  What changed. SMCP S.A. was formed through their combination.

  Aftermath. The transaction established the group’s core portfolio and supported coordinated international expansion.

  Source

• 2022Removal of directors linked to former majority ownerControversy

  Investors acting through GLAS voted to dismiss five board members representing European TopSoho after the bond default and related ownership conflict.

  Source
• 2021European TopSoho bond default and SMCP ownership disputeControversy

  European TopSoho, a Luxembourg entity associated with SMCP’s former majority owner Shandong Ruyi, defaulted on €250 million of bonds. Creditors subsequently took control of a 29% SMCP shareholding, producing a contested change in shareholder influence and board representation.

  Source

• 2024Maje partners with Save Your Wardrobe on repairs

  Maje formed a partnership with Save Your Wardrobe to develop clothing-repair services and extend the after-sales offering.

  Other
  Source
• 2023SMCP announces entry into India with Reliance Brands

  SMCP announced a partnership with Reliance Brands Limited to establish its brands in India, with initial stores planned for 2024.

  Other
  Source
• 2021Isabelle Guichot becomes SMCP chief executive

  Isabelle Guichot was appointed CEO in August 2021, replacing Daniel Lalonde.

  Leadership change
  Source
• 2020SMCP becomes a fur-free fashion group

  Claudie Pierlot became the last SMCP brand to prohibit fur in its collections, completing the group’s fur-free policy.

  Other
  Source
• 2020SMCP reports pandemic-related first-half loss

  The COVID-19 disruption contributed to a 31% decline in revenue and a reported first-half loss of €88.5 million.

  Other
  Source
• 2019SMCP acquires De Fursac

  The group acquired French luxury menswear label De Fursac, broadening its portfolio and strengthening its menswear presence.

  M&A
  Source
• 2017SMCP completes its Paris IPO

  SMCP listed on Euronext Paris in October 2017 at an IPO price of €22 per share.

  Other
  Source
• 2016Shandong Ruyi acquires control of SMCP

  Chinese textile group Shandong Ruyi acquired a controlling interest, seeking to develop SMCP’s global reach and exposure to China’s consumer market.

  M&A
  Source
• 2013KKR becomes SMCP’s majority investor

  KKR acquired a 65% stake from L Capital and Florac as SMCP continued expanding in the accessible-luxury market.

  M&A
  Source
• 2011Maje opens its first New York store

  The New York opening marked SMCP’s first store in the United States and an important step in its international retail expansion.

  Other
  Source
• 2010SMCP is formed through the combination of Sandro, Maje, and Claudie Pierlot

  The three French fashion labels were combined to create SMCP as a multi-brand accessible-luxury group.

  Other
  Source
• 2010L Capital acquires a controlling stake in SMCP

  L Capital, the private-equity arm associated with LVMH, acquired 51% of SMCP and supported the group’s early expansion.

  M&A
  Source

1. SMCP Group
2. SMCP Group official website