87 206
Fashion Jobs
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · CLERMONT
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · DACULA
KOHLS
Technical Project Manager, Remote
Permanent · MENOMONEE FALLS
NAVY EXCHANGE
Vending Operations Clerk PT
Permanent · FALLON
NAVY EXCHANGE
Director, Facility Design %26 Construction
Permanent · VIRGINIA BEACH
NAVY EXCHANGE
Buyer (Level i And Level II) - Various Categories
Permanent · VIRGINIA BEACH
SPECIALIZED
Brand Development Manager - Michigan
Permanent · LANSING
ECCO
Third Keyholder
Permanent · ELIZABETH
ECCO
Third Keyholder
Permanent · LAS VEGAS
ECCO
Sales Manager - National Accounts (Remote)
Permanent · LONDONDERRY
ECCO
Third Keyholder
Permanent · ROSEMONT
LULULEMON
Community Specialist | Summit, Springfield Ave
Permanent · SUMMIT
LULULEMON
Expeditor | Cherry Creek
Permanent · DENVER
LULULEMON
Community Specialist | Friendly Center
Permanent · GREENSBORO
NORDSTROM
Customer Service Representative - Hillsdale Shopping Center
Permanent · SAN MATEO
NORDSTROM
Retail Stock - Mercer Mall Rack
Permanent · LAWRENCE TOWNSHIP
NORDSTROM
Manager- Service Experience- Baton Rouge Mall Rack
Permanent · BATON ROUGE
NORDSTROM
Retail Stock - Sugar House Rack
Permanent · SALT LAKE CITY
NORDSTROM
Asset Protection - Agent - Aventura
Permanent · AVENTURA
NORDSTROM
Retail Stock - Northwoods Rack
Permanent · SAN ANTONIO
NEIMAN MARCUS
Business Manager Tom Ford, Beauty (PT, 35 Hours) - FT. Worth
Permanent · FORT WORTH
NEIMAN MARCUS
Sales Manager, Designer Rtw
Permanent · CORAL GABLES
By
Reuters
Published
Mar 30, 2016
Reading time
2 minutes
Download
Download the article
Print
Text size

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

By
Reuters
Published
Mar 30, 2016

China's Shandong Ruyi is set to buy control of SMCP, the French firm behind fashion brands SandroMaje and Claudie Pierlot, for 1.3 billion euros ($1.5 billion) including debt, two sources close to the deal said on Tuesday.

The deal, which as of early Tuesday evening had not yet been signed, was expected to be announced on Wednesday, they added.



Sandro, Maje and Claudie Pierlot, which sell dresses priced at around 200 euros, 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.

The company's preparations for a float had added pressure on the Chinese group to strike a deal, the sources said. One of the sources said that talks had accelerated in the past week.

The sources confirmed a report by the Financial Times.

KKR declined to comment and no-one at SMCP was immediately available for comment.

Talks with textile group Shandong Ruyi had been going on for at least six months, but had gone cold earlier in the year over price differences, sources close to the talks had told Reuters.

One of the sources said that founders Evelyne, Ylan Chetrite and Judith Milgrom, who together own 21.11 percent of the company were more in favor of an IPO but KKR, which has 70 percent, backed a deal with the Chinese group.

The founders, together with the company's management will retain a minority stake under the deal, the sources said.

SMCP plans to expand outside of France, where it makes just under half of its sales, particularly in China, the U.S., Britain, Spain and Italy. It also wants to develop digital sales, menswear and strengthen its leather goods offering.

The IPO was meant to pay down the company's high yield debt, which stood at around 290 million euros.

Last year, SMCP made earnings before interest, tax, depreciation and amortization (EBITDA) of 107 million euros on revenue of 675 million euros, up 33 percent and 11 percent, this did not include a boost from new stores.

$1 = 0.8870 euros


 

© Thomson Reuters 2024 All rights reserved.