SMCP gets off to strong start in 2018 with 15.8% Q1 sales growth
SMCP Group, parent of French accessible luxury brands Sandro, Maje and Claudie Pierlot, has got off to a strong start in 2018 with sales up 15.8% to €252m in Q1.
The business achieved double-digit growth across all of its brands with Sandro up 11.7%, Maje up 11.8% and Claudie Pierlot up 13.1%. Its home market of France achieved growth of just 0.7% but EMEA was up 11.5%, the Americas up 12.9% and APAC up 42%.
Chief executive Daniel Lalonde said he was "very pleased" with the performance "including the outstanding performance in both Asia and the Americas, which demonstrates the relevance of our business model as well as the ever-growing desirability of our brands. [...] With this strong performance, we are on track to achieve our 2018 full-year guidance.”
The group, which is part of the Chinese conglomerate Shangdong Ruyi, said its stagnant performance in France was down to a market that was in decline and which was hit by adverse weather conditions and a drop in tourism.
Europe, as a whole, had fared much better, despite also being hit by adverse weather, while the US growth was put down to "digital’s acceleration and successful in-store activation". APAC too felt the positive impact of digital's acceleration and had also picked up some of the tourist spending that had migrated from Europe.
The group continued with its retail expansion plan with 45 new points of sale opened for Sandro in the past 12 months, 37 for Maje and 15 for Claudie Pierlot, resulting in a net of 93 new openings.