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SMCP Appoints New Board Chairman Following Reshuffle

SMCP ownership battle heats up amid illegal stake transfer claim.
Sandro-owner SMCP has appointed a new chairman of the board. (Shutterstock)

The French fashion group said Monday that independent director Christophe Cuvillier will step into the role, following a vote last week to dismiss five board members associated with former majority owner Ruyi Group.

The shakeup at the owner of contemporary fashion labels Sandro, Maje and Claudie Pierlot comes amid a legal fight between Ruyi holding company European TopSoho and a group of lenders. The dispute has been ongoing since last October, when the Ruyi unit defaulted on €250 million ($285 million) in exchangeable bonds.

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

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The State of Fashion: Technology