PARIS — SMCP, parent of contemporary French labels Sandro, Maje and Claudie Pierlot, credited store expansion, its new men’s business De Fursac and growth in Asia for a 14.8 percent rise in fourth-quarter sales.
“We delivered a robust growth despite increasingly tough market conditions particularly in the Parisian region and in Hong Kong,” said SMCP chief executive officer Daniel Lalonde.
Sales in the period came to 317 million euros, up 9.6 percent at constant currencies and scope, with brisk growth in Asia, where the company is beefing up its accessories and improving its omnichannel services, the company said.
SMCP opened 27 stores in the quarter. The group has been rapidly expanding its store network abroad, particularly in Asia and the Americas. Meanwhile, it has been downsizing its network in France, and closed three locations in the fourth quarter.
Listed on the Paris stock exchange in 2017, SMCP is controlled by Chinese textile conglomerate Ruyi Group and recently acquired men’s wear label De Fursac, a deal that was finalized in September.
The company had issued a profit warning in December, slightly lowering its annual earnings margin target citing unrest in Hong Kong, which caused lower foot traffic and forced store closures.