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Sandro, Maje Owner Files for an IPO in France

KKR & Co.’s French clothing retailer SMCP began the process for an initial public offering after doubling its sales over the past three years.
Sandro store, Singapore | Source: Shutterstock
By
  • Bloomberg

PARIS, France — KKR & Co.'s French clothing retailer SMCP began the process for an initial public offering after doubling its sales over the past three years.

SMCP filed its registration document with the French market regulator, the first step toward a possible IPO, the Paris-based company said in a statement Tuesday. The company, which operates the “accessible luxury” brands Sandro, Maje and Claudie Pierlot, didn’t give any details on the size of the planned offering. SMCP may be valued at more than 1 billion euros ($1.1 billion) in the sale, people familiar with the matter said Monday, asking not to be named as the details aren’t public yet.

SMCP plans to expand internationally, especially in China, the U.S., the U.K., Spain and Italy, to drive further growth. Revenue surged 33 percent last year to 675 million euros, with same-store sales excluding currency swings up 11 percent. Earnings before interest, tax, depreciation and amortization climbed 44 percent to 107 million euros.

"We are confident that we will continue pursuing profitable growth, via both organic growth and the expansion of our network across our key markets, with the ambition to become a global leader in accessible luxury," Chief Executive Officer Daniel Lalonde said in the statement.

KKR, the New York investment firm run by Henry Kravis and George Roberts, bought a 65 percent stake of SMCP in 2013 with management retaining 35 percent. The company previously weighed a sale that also could have valued the business at more than 1 billion euros, people familiar with the matter had said. Shandong Ruyi Group, the Chinese textile producer, had emerged as the preferred bidder for SMCP last month after competitors including Lion Capital dropped out of the bidding, they said.

By: Andrew Roberts and Ruth David; editors: Matthew Boyle, Phil Serafino and Paul Jarvis.

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