×
99 263
Fashion Jobs
MACY'S
Colleague, Visual Security Officer, Baldwin Hills Crenshaw Plaza - Flex
Permanent · Los Angeles
MACY'S
Asset Protection Detective, Ala Moana - Full Time
Permanent · Honolulu
MACY'S
Colleague, Visual Security Officer, Lakewood Center - Flex
Permanent · Lakewood
ULTA BEAUTY, INC.
Retail Sales Manager
Permanent · Fresno
L'OREAL GROUP
Vice President, Creative - Kiehl's Dmi (Global Creative)
Permanent · New York
KOHLS
Full-Time Loss Prevention Officer
Permanent · City of Industry
KOHLS
Full-Time Loss Prevention Officer
Permanent · Vacaville
MICHAEL KORS STORES LLC
Full Time Sales Supervisor, Brookfield Place Nyc
Permanent · Rochester Metropolitan Area
ROSS STORES
Store Protection Specialist
Permanent · Houston
TJ MAXX
lp Detective
Permanent · Homestead
TJ MAXX
70118-Loss Prevention Detective, Newbury st, Boston, ma
Permanent · Boston
HOMEGOODS
lp Detective
Permanent · Frederick
TJ MAXX
70118-Loss Preventon Detective, Downtown Boston, ma
Permanent · Boston
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Chattanooga
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Norman
MACY'S
Asset Protection Detective, Bridgewater Commons - Full Time
Permanent · Bridgewater Township
MACY'S
Asset Protection Security Guard, Presidential Markets - Full Time
Permanent · Snellville
MACY'S
Asset Protection Detective, Santa Ana Mainplace - Part Time
Permanent · Santa Ana
MACY'S
Asset Protection Detective, Reno Meadowwood - Full Time
Permanent · Reno
MACY'S
Asset Protection Detective, Topanga - Part Time
Permanent · Los Angeles
BLOOMINGDALE'S
Asset Protection Outlet Supervisor, Outlets at Orange - Full Time
Permanent · Orange
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Roosevelt Field - Part Time
Permanent · Garden City
By
Reuters API
Published
Oct 5, 2021
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

SMCP shares rise on prospect of ownership change

By
Reuters API
Published
Oct 5, 2021

Shares of French fashion firm SMCP (SMCP.PA) rose on Tuesday as the company inched towards an ownership change, prompting an analyst upgrade on expectations its financially strapped majority shareholder Shandong Ruyi (002193.SZ) will soon exit.


Photo: SMCP's Sandro brand



Shandong Ruyi confirmed on Tuesday that its unit European TopSoho, had failed to redeem 250 million euros ($293.35 million) of bonds exchangeable into SMCP shares.

"The expected impending exit of embattled shareholder Shandong Ruyi removes a headwind which has raised the risk profile of SMCP since its IPO, hence we eliminate our shareholder discount," said Jefferies in a research note, upgrading the share to "buy".

SMCP's labels, which include Sandro and Maje, are outperforming according to social media data, added the analysts.
Shares rose by around 10%, hitting their highest level in around four months.

The ownership change could be a drawn-out process, added Jefferies analysts, noting private equity players and U.S. affordable luxury groups will likely be interested in acquiring the group.

Ruyi embarked on a buying spree in 2015, snapping up labels including Aquascutum, Cerruti 1881 and Savile Row tailor Gieves & Hawkes with ambitions of building an empire to rival that of luxury behemoth LVMH but has struggled under the weight of debt from acquisitions.

The sprawling Chinese conglomerate’s financial difficulties worsened with the outbreak of the coronavirus in China and it failed to secure financing for a $600 million deal to purchase Bally last year.

SMCP recently bounced back from the coronavirus crisis, with sales up 54.6% on an organic basis, fuelled by appetite in China for its contemporary French fashion, following a drop in sales of 24% last year.
 

© Thomson Reuters 2021 All rights reserved.