PARIS — SMCP, the owner of French contemporary brands Sandro, Maje and Claudie Pierlot, has set an initial price range for its listing on the French stock market at between 20 euros and 25 euros per share, valuing the group at as much as 2.2 billion euros.
“Our development opportunities are numerous and the founders, all SMCP teams and myself are more than ever mobilized behind our shared ambition to spread Parisian chic throughout the world,” said Daniel Lalonde, president and chief executive officer of the company, calling the plans an important milestone in SMCP’s development.
Proceeds from the Euronext listing will be used to fuel international expansion and reduce debt, executives have said.
Pricing will take place on Oct. 19, and the listing is expected to start on Oct. 20.
Sandro founder and artistic director Evelyne Chétrite said she and her sister Judith Milgrom, founder and artistic director of Maje, plan to remain shareholders in the group.
SMCP is owned by Shandong Ruyi Group, which expects to reduce its stake from 82 percent to around 51 percent upon completion of the listing.
The vast Chinese textiles conglomerate bought the French apparel group a year ago in a deal estimated at 1.3 billion euros, including debt. SMCP’s founders and management reinvested as minority stakeholders, along with former owner private equity firm KKR, which retained around a 10 percent stake.