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.
The French contemporary fashion group known as SMCP’s fourth-quarter sales fell 19 percent on an organic basis as coronavirus restrictions tightened in Europe, including a shut-down of non-essential retail in its key home market.
For the full-year, sales fell 24 percent, SMCP said in a statement Friday.
The Paris-based company, controlled by Chinese firm Shandong Ruyi, has slowed its retail expansion, adding just a dozen stores last year compared to 90 in 2019. Instead, it’s ramping up digital services like click-and-collect in its existing locations.
“I am confident that our plan will shape SMCP to the new world,” chief executive Daniel Lalonde said.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.
The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.
The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.