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SMCP group posts sales up +15.2% in Q2 and ups growth guidance for the year

Lauretta Roberts
31 July 2018

SMCP Group, owner of the Sandro, Maje and Claudie Pierlot brands, achieved sales up +15.2% at €241.3m in the second quarter of 2018, and has upped its sales guidance for the full year.

The French business said like-for-like sales in the first half were up +5.8% which was driven by the successful implementation of it bricks and mortar and digital strategies. Online sales reached 14.3% of total sales in the half.

International growth was up +26.5% and now contributes 64% of total group sales and the business has been continuing with its ambitious retail expansion with net 114 openings in the past 12 months of which 48 were opened in Q2 of this year.

As a result of the strong performance the business has upgraded its sales growth guidance for the full financial year from 11%-13% to 13%-plus. It also confirmed its EBITDA margin guidance of around 17%.

SMCP CEO Daniel Lalonde said he was pleased with the "superb performance". "I am especially delighted with our solid digital sales figures that clearly demonstrate the excellent implementation of our digital roadmap. This semester further highlights the relevance of our business model and the global desirability of our brands and products, as we recorded double-digit growth across all brands and international regions," he added.

During the period Sandro registered a strong performance at +14.7% to €118.1m at constant currency levels, driven by "very dynamic trends internationally and a solid acceleration in digital". Over the last twelve months, Sandro opened 33 directly operated stores including key locations like Stockholm (Sweden), Miami (United States), Zhengzhou (China) and Dubai (United Arab Emirates).

Maje was up +16.6% at constant currency to €94.1m, benefiting from successful initiatives around its 20th anniversary which contributed to further increase brand awareness around the world. Over the last twelve months, Maje opened 33 directly operated stores. These notably included SMCP’s 100th physical store in Mainland China (Beijing) as well as openings of key locations in Munich (Germany), Monaco (France), Miami (United States) and Changsha (China).

Finally Claudie Pierlot was up 13% at €29m opening 23 directly operated stores, with a key inauguration on Times Square in Hong-Kong and other meaningful openings in Europe such as Zurich and Utrecht.

Regionally, its home market of France was down -0.7% at €87.1m reflecting the tough market conditions while the rest of EMEA was up +15.1% at €73.5m driven by sustained store expansion focused on Germany and Italy. The Americas were up +27.1% at €31m driven by high traffic and conversion rate in the bricks and mortar store network, as well as an "exponential growth in e-commerce".

APAC achieved "outstanding growth" of +47.7% to €49.6m, as a result of the success of e-commerce initiatives and in-store activations, as well as a solid store expansion with three new cities in Mainland China over the quarter (Changchun, Zhengzhou, and Changsha).

SMCP brands are present in more than 1,300 points of sale globally in 39 countries. The Sandro and Maje brands were founded in 1984 and 1998 respectively by Evelyne Chetrite and Judith Milgrom who continue to provide creative direction. The business acquired Claudie Pierlot in 2009, which had been founded by the designer of the same name in 1984.

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