Sandro, Maje, Claudie Pierlot, and Fursac Owners Heading in the Right Direction for Sales
French fashion conglomerate SMCP, known for its brands Sandro, Maje, Claudie Pierlot, and Fursac, announced its first-half sales figures for 2023. The group recorded sales of €610 million, reflecting a 9% rise at constant exchange rates and a 5% increase on a like-for-like basis compared to the same period in the previous year.
However, the positive sales growth was accompanied by a 32.1% decline in net profit during the first half of 2023. Net profit for the period stood at €14 million, down from €20.7 million in the corresponding period of 2022. The decrease in profits was attributed to factors like “inflation and liquidation operations on past collections,” which impacted the operating profit, as stated in a press release by the Group.
Despite the profit decrease, SMCP maintained a positive sales momentum throughout the second quarter. Sales rose from €228.2 million in the second quarter of the previous year to €305 million in 2023. The growth in sales was particularly driven by the Asia-Pacific region, which saw a 40.4% increase, reaching €65.5 million in the second quarter. This growth was attributed to a revival of the Chinese market and strong performance in other parts of the region.
Sales in Europe (excluding France), the Middle East, and Africa also showed a positive trend, with sales amounting to €100.6 million in the second quarter, reflecting an 11.6% increase. However, sales in France, where the Group operates 464 sales outlets, experienced a decline of 3%, reaching €98 million.
The Americas, after experiencing robust growth for two years, faced a slight downturn, with sales decreasing by 4.8%, according to SMCP.
The individual brand performances in the second quarter were noteworthy. Sandro reported sales of €149.5 million (up by 13.4% on an organic basis), Maje contributed €114.6 million (an increase of 3.4%), while Claudie Pierlot and Fursac generated €41.1 million in sales (up by 8.2%).
Isabelle Guichot, CEO of SMCP, expressed positivity about the Group’s performance in the first half, stating in the press release that there was “good momentum over the half-year.” She further added her confidence in achieving the targets set for the entirety of 2023.
The press release also mentioned that the second half of the year, usually more profitable than the first, is expected to benefit from the normalization of the situation in Greater China and more consistent brand performance, especially at Maje, the Group’s most profitable brand.