×
176
Fashion Jobs
PHV
Human Resources Officer, Pvh Asia Pacific
Permanent · Hong Kong
PHV
Buyer, Calvin Klein, Seath
Permanent · Hong Kong
PUMA
Manager Fabric Development Apparel
Permanent · Hong Kong
SHISEIDO
Manager - Sales And Operations, Clé de Peau Beauté
Permanent · Hong Kong
SHISEIDO
Senior Manager - Sales And Operations, Shiseido And Drunk Elephant
Permanent · Hong Kong
SHISEIDO
Contract Accounting Officer, Finance & Accounts
Permanent · Hong Kong
PHV
Senior Analyst ii, Business Process, Asia Pacific
Permanent · HONG KONG
PHV
Senior Manager, Strategic Brand Planning & Integration, Tommy Hilfiger Asia Pacific
Permanent · Hong Kong
PHV
Vice President, Shopper Experience, Calvin Klein Asia Pacific
Permanent · Hong Kong
PHV
Marketing Executive, th Hkmo
Permanent · Hong Kong
PHV
Brand Manager, Calvin Klein Asia Pacific
Permanent · Hong Kong
PHV
CRM Executive
Permanent · Hung Hom
PHV
Marketing Executive, Brand Marketing, Tommy Hilfiger Asia Pacific
Permanent · HONG KONG
PHV
Vice President, Brand & Shopper Experience, Tommy Hilfiger Asia Pacific
Permanent · Hong Kong
PHV
Visual Merchandising Manager, Hong Kong & Macau
Permanent · Hong Kong
PHV
Manager, Merchandising, Tommy Hilfiger, Asia Pacific
Permanent · Hong Kong
L'OREAL GROUP
CRM Manager
Permanent · HONG KONG
COACH
Specialist, Human Resources
Permanent · HONG KONG
COTY
HR Manager, Hong Kong & Taiwan
Permanent · Hong Kong
PUMA
Senior Manager Fabric Development Apparel
Permanent · Hong Kong
SHISEIDO
Senior Manager - Financial Planning & Analysis, Finance And Accounts
Permanent · Hong Kong
SHISEIDO
Manager - Marketing (Social Media & Influencer Marketing), Shiseido And Drunk Elephant
Permanent · Hong Kong
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 2023 All rights reserved.