The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
PARIS, France — French fashion group SMCP, whose brands include Sandro and Maje, said on Tuesday that its profits and sales in China would be hit by the coronavirus afflicting the region, sending its shares lower.
The company, in which Chinese company Shandong Ruyi has a majority stake, said sales and profits had been "significantly impacted" due to the impact of the coronavirus on Chinese tourism numbers and shop closures.
The company added it would be pushing back a capital markets day that had been scheduled for April 2 to September 30.
SMCP shares were down 7.1 percent in early session trading, among the worst performers on the Paris stock market.
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"While we cannot predict the duration of the crisis, we have been taking appropriate measures to mitigate the impact on our business," said SMCP Chief Executive Daniel Lalonde.
"Beyond this, I remain fully confident in our strategy, the strength of our brands and their potential in China," he added.
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