Friday, September 29, 2023

The ready-to-wear crisis extends to the high-end

“In such a complicated macroeconomic context, we see every day the reluctance of consumers in our stores,” laments Isabelle Guichot, general director of the SMCP group. FRED DUFOUR/AFP

DECRIPTION – SMCP (Sandro, Maje, Claudie Pierlot, Fursac) says it is suffering from inflation and slowing growth.

The warning does not bode well. In turn, a victim of the slowdown in consumption, SMCP, parent company of Sandro, Maje, Claudie Pierlot and Fursac, revised downwards its annual results forecasts. This warning is as surprising as it is worrying. In late July, the group said they were taking advantage“a good dynamic”both in Asia and Europe.

Although the mid-range brands were going through hell, bankrupt (like Kookaï, Don’t call me Jennyfer or Naf Naf), or even liquidated (Camaïeu, Cop.Copine, etc.), the much more exclusive segment of the “Affordable luxury”, of which SMCP is a major player, was left in its boots. “Since late July, market conditions have deteriorated, with growth slowing in Europe in a long-standing inflationary environment like that of France. explains the group. The chinese consumption For its part, it has not followed the expected trajectory.”

Governance problem

These two markets are fundamental: France, the historical cradle…

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