Shares of French fashion firm SMCP rose on Tuesday as the company inched towards an ownership change, prompting an analyst upgrade on expectations its financially strapped majority shareholder Shandong Ruyi.
European Topsoho, owner of the SMCP group and a subsidiary of China's troubled Shandong Ruyi group, seems unable to repay its bond debt maturing on Tuesday, and its creditors might acquire a stake in the company.
Shandong Ruyi, the Chinese group that owns a raft of European brands, continued to struggle in H1. Turnover fell 20.43% with the clothing category down 44.67% and the share of revenue it accounted for dropping sharply.
Felipe Oliveira Baptista will quit his position as creative director of Kenzo this summer, not even two years after being appointed. The news also comes just three months after the death of founder Kenzo Takada.
54 fashion houses will show in Paris between 14 and 19 January. Although Celine may be sitting this one out, five new brands will be stopping by for the first time, while Jacquemus and Givenchy are making their return.
After Cerruti 1881’s owner Trinity was bought by Shandong Ruyi in 2017, the menswear label began an in-depth restructuring operation involving cuts to its staff and stores. It will not show in Paris in January 2020.
LVMH unveiled a major new plan on the environment Wednesday, guided by Antoine Arnault. Here, FashionNetwork.com discusses with Antoine all things LVMH, handling multiple jobs and his views on Greta Thunberg.