North America drives increase in sales at Sandro-owner SMCP
today Oct 30, 2018
SMCP, the company behind French fashion brands Sandro, Maje and Claudie Pierlot, posted a 14 percent rise in third-quarter sales, with the Americas overtaking Asia as its biggest driver of growth, and kept its forecasts for more growth.
Sales rose to 247.7 million euros ($282 million), said SMCP, which is controlled by China’s Shandong Ruyi.
The group - which sits in the so-called “affordable luxury” retail segment with dresses fetching around 300 euros - has been expanding overseas by opening new stores, including in North America and Canada.
Sales at constant currencies increased nearly 42 percent in the Americas against a favourable comparison base, while Asia grew 31 percent, a slowdown from the near 48 percent notched up in the previous three months after a bumper start to the year.
SMCP CEO Daniel Lalonde said sales trends in China remained healthy, adding he had not seen any knock-on effects on consumer spending from a trade war between Washington and Beijing.
“We’ve just opened stores in our 25th city in this market and we’re in the process of building up our network and brand awareness,” Lalonde told journalists.
© Thomson Reuters 2019 All rights reserved.