SMCP opens first stores in Mexico
Following their arrival in the US and Canada, Maje and Sandro are moving their transatlantic expansion into a third a country. Having opened its first concessions in Mexico in 2015, Paris-based SMCP is kicking off the next phase of its development on the market with the opening of its first two stores in the country, one each for Sandro and Maje.
The two debut locations have been opened in the luxury Artz Pedregal mall through a partnership with Retail Fashion Group, a subsidiary of Grupo Sordo Madaleno.
"With a young population, a fast-moving fashion industry and a growing demand, Mexico offers a promising growth potential for SMCP," explains the company in a press release. It seems then that SMCP is rolling out a real development plan in the country with the support of its local partner, with upcoming openings slated to focus on strategic cities such as Polanco (Mexico City), Monterrey, Puebla and Guadalajara.
At Sandro, Maje, Claudie Pierlot, whose international strategy involves only opening two debut locations first on new markets, the company's performance in Mexico is reported as part of the group's Americas region. Year to date, this region has generated 92.7 million euros in revenue so far in 2018, accounting for 12.5% of the company's total sales. Furthermore, growth in the region has been picking up the pace of late, increasing 32% during this period thanks to investments made in the US, Canada and now Mexico.
The country is a much coveted market for high-end brands such as those owned by SMCP, but also for the luxury houses that the French group follows closely. Both Hermès and Moncler, for example, recently opened stores in the country. Mexico has also been identified by Business France as a "challenger" country, which companies operating in the fashion industry should take into consideration when defining their export strategy.
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