Skip to main content
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

or
Sign up to:
  • Read daily fashion news
  • Download special reports
  • Sign up for essential email briefings
  • Follow topics of interest
  • Receive event invitations
  • Create job alerts
Retail

SMCP Shareholders Vote for Board Reshuffle Following Ownership Change

Amid ongoing legal battles, the fashion group’s shareholders voted to dismiss five board members associated with its former owner.
Yafu Qiu, the chairman of Ruyi.
SMCP shareholders vote for board reshuffle following ownership change, including the dismissal of board president Yafu Qiu. (Getty Images)
By

The shareholders of fashion group SMCP on Friday voted to dismiss five board members associated with its former majority owner Shandong Ruyi, including board president Yafu Qiu and his daughter Chenran Qiu, and add three new independent members.

SMCP, the owner of contemporary French fashion labels Sandro and Maje, said in a statement on Friday that the board would meet in the coming days to appoint a new chairman.

The board reshuffle follows legal battles between shareholders of the French fashion group dating back to last autumn.

Tensions have been high between European TopSoho, a unit of the conglomerate Shandong Ruyi, and its former debtholders since it defaulted on €250 million of bonds exchangeable into SMCP shares in October.

ADVERTISEMENT

By Mimosa Spencer and Dominique Vidalon; Editor: Kirsten Donovan

Learn more:

What Will Ruyi’s Unravelling Mean for SMCP?

The future of French contemporary giant Sandro, Maje and Claudie Pierlot is at stake in a dispute between distressed Chinese shareholder Ruyi Group and its lenders.

In This Article
Topics
People
Organisations
Tags

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Retail
Analysis and advice from the front lines of the retail transformation.

Op-Ed | How Long Can Adidas Surf the ‘Terrace’ Trend?

As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.

How Rent the Runway Came Back From the Brink

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.

view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

Our newsletters may include 3rd-party advertising, by subscribing you agree to the Terms and Conditions & Privacy Policy.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

About Us

Contact Us

Our Products

CONNECT WITH US ON
The Business of Beauty Global Awards - Deadline 30 April 2024
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.
The Business of Beauty Global Awards - Deadline 30 April 2024