French fashion group SMCP celebrated a sales record in the first half of the year, thanks to strong momentum in Europe and the Americas. While China faced challenges due to Covid restrictions, sales in the US remained robust, and Europe showed signs of recovery.
SMCP’s flagship brand, Sandro, experienced an impressive 21.7% increase in organic sales in the first half of the year, with a 17.7% rise in the second quarter. Maje, another brand under SMCP, also saw growth of 18.5% and 15.1% respectively. SMCP’s other brands, including Claudie Pierlot and Fursac, contributed to the company’s success with increases of 29.6% and 39.2%.
Despite facing difficulties in the Asia-Pacific region, SMCP’s overall sales saw a significant boost. The strong performance in Europe can be attributed to local demand and the gradual recovery of tourism, surpassing 2019 levels in the second quarter. Sales growth in the Americas was also substantial, with a 28.1% increase compared to the previous year and a 16.3% increase compared to the first half of 2019, pre-pandemic.
CEO Isabelle Guichot expressed her satisfaction with SMCP’s performance, acknowledging the temporary closure of stores in Asia due to Covid restrictions. Guichot highlighted the success of SMCP’s strategy, focusing on brand desirability and local marketing to engage customers. The company also prioritized increasing full-price sales to improve profitability.
Moreover, SMCP has made strides in implementing its Corporate Social Responsibility (CSR) policy, including the introduction of a traceability program and advancing its omnichannel ambitions. Looking ahead, SMCP expects to meet its full-year guidance for 2022, assuming a stable geopolitical and macro-economic environment without further deterioration.
Useful links:
1. Corporate Social Responsibility (CSR) policy: https://www.smcp.com/en/sustainability
2. Omnichannel strategy: https://www.smcp.com/en/newsroom/2021/faq-everything-you-need-to-know-about-our-omnichannel-approach
