Sandro owner takes step towards an IPO
SMCP Group, which owns French brands Sandro, Maje and Claudie Pierlot, has annnounced today that it had submitted documents to financial regulator AMF (Autorité des Marchés Financiers) to set the wheels in motion for a a possible stock market listing.
The group is currently controlled by private equity group KKR and has been reporting strong growth figures lately; in 2015 it posted sales up 33% at Euros 675m with EBITDA up 44% at Euros 107m. It also opened 139 new points of sale last year, 101 of which are directly controlled, while online sales increased by 138%.
CEO Daniel Lalonde sais the group was confident it would "continue pursuing profitable growth, via both organic growth and the expansion of our network across our key markets, with the ambition to become a global leader in accessible luxury."
Sandro was founded in 1984 by Evelyne Chetrite as a wholesale brand. It opened its first retail store in Paris in 2004. Sister brand Maje was founded by Judith Milgrom, again as a wholesale brand, in 1998 and made its move into retail in Paris in 2003. The strategy subsequently switched to own-brand retail and etail.
In 2009 Sandro and Maje acquired Claudie Pierlot, which had been established by the French designer of the same name in 1984, and the SMCP Group was formally established in 2010. Since that date there has been an aggressive roll-out of the brands' global points of sale, which now number more than 1,000.
The brands have enjoyed particular success in Greater China, Italy, Spain, the US and the UK, where Sandro has 24 points of sale including concessions in Harvey Nichols and Selfridges nationwide and an outlet store in Bicester Village. Maje and Claudie Pierlot have stores in London as well as concessions in Selfridges and Harvey Nichols nationwide.