SMCP, owner of brands including Sandro, said on Monday it would ramp up spending on advertising and focus store openings mainly on the Chinese market, pausing efforts elsewhere after years of rapid expansion.
Sandro and Maje owner SMCP's Q2 sales were “strongly impacted by Covid-19” but the company saw a “gradual sales improvement throughout quarter”. Digital boomed and Mainland China was even back to growth in June.
After banning the use of fur, the labels owned by the SMCP fashion group decided to also stop using reptile leather in their products, following the example of Chanel, Paul Smith and others, said the PETA association.
Sources have said that Chinese luxury clothing conglomerate Shandong Ruyi hasn't yet secured financing for its $600m purchase of Swiss luxury brand Bally, despite two years having passed since the deal was done.