Retail in Asia

In Trends

China’s Shandong Ruyi to take over Sandro, Maje labels

China’s Shandong Ruyi is set to buy control of SMCP, the French firm behind fashion brands Sandro, Maje and Claudie Pierlot, for EUR1.3 billion (USD1.5 billion) including debt, two sources close to the deal said on Tuesday.

Sandro, Maje and Claudie Pierlot, which sell dresses priced at around EUR200, operate in the so-called accessible segment of the luxury market, enjoying solid demand among fast-growing middle classes, particularly in countries such as China.

SMCP, which is controlled by private equity firm KKR, had filed documents this month to launch an initial public offering in Paris as early as April. It also plans to expand outside of France, where it makes just under half of its sales, particularly in China, the US, Britain, Spain and Italy. It also wants to develop digital sales, menswear and strengthen its leather goods offering.

(Source: CNBC)