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SMCP to sell 51.2% of its share capital

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SMCP to sell 51.2% of its share capital


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November 28, 2025

For SMCP and its creditors, the long-running economic and legal saga of recent years appears to be drawing to a close. The group, which owns the Sandro, Maje, Claudie Pierlot and Fursac brands, announced on Thursday that it was putting up for sale up to 51.2% of its share capital, a process expected to take “several months” and which could enable it to “stabilise its shareholding structure.”

Sandro boutique in New York – Sandro

This is the expected outcome following the forced return, in August 2025, to a Luxembourg holding company of the 15.5% of SMCP’s capital that had been improperly transferred to a trust based in the British Virgin Islands by its Chinese shareholder, which defaulted in 2021.

It was confirmed in a separate press release by the court-appointed liquidator representing the holding company European Topsoho (ETS) and the administrators overseeing the process.

In 2017, at the time of its IPO, SMCP’s majority shareholder was the Chinese conglomerate Shandong Ruyi, via ETS, an investment vehicle registered in Luxembourg.

However, burdened with heavy debt, it defaulted and in 2021 lost most of its stake to its creditors, grouped within the Glas entity.

Before that, ETS had sold a stake of around 16% to the daughter of Shandong Ruyi’s founder, Chenran Qiu, held in the Dynamic Treasure Group (DTG) trust in the British Virgin Islands.

Having sought for several years to recover this stake and judging the transfer procedure irregular, Glas launched legal action in Europe and then in Asia, and ultimately prevailed.

Thus, in August, the 15.5% stake in SMCP was returned to ETS. And on 21 November, the Luxembourg District Court authorised its sale, SMCP stated in a press release. In addition to the shares returned in August, the sale concerns the 28% stake held by Glas, as well as the 8% stake held by ETS.

The new Maje boutique in London
The new Maje boutique in London – Maje

The remainder of the capital comprises 40.4% free float (i.e. the portion of shares freely traded on the stock exchange; the share price stood at €5.95 at 6:00pm on November 27), 7.7% held by the founders and employees, and 0.6% held as treasury shares.

A buyer of the 51.2% offered for sale would also hold 50.7% of the group’s voting rights, and would therefore effectively be in control.

SMCP says it “welcomes this project, which would enable it to stabilise its shareholding structure and focus on pursuing its development strategy”.

Should the sale represent “more than 30% of the company’s share capital, the purchaser of this block (acting alone or in concert) could be required to file a draft public tender offer for all SMCP shares”, the group said in its press release.

“At this stage, however, there is no certainty that this process will be successful and the final decision on disposal rests with the holders of the aforementioned stakes,” it added.

In 2024, the group, led by Isabelle Guichot, generated revenue of €1.212 billion, with a presence in 49 countries. Over the first nine months of its 2025 financial year, the group recorded a 2.8% increase in sales to €896 million, alongside improved profitability, a higher share of full-price sales in recent years, and a marked reduction in its debt burden. Its business, 65% of which is now generated outside France, is driven 88% by its flagship brands Sandro and Maje.

The stock market valuation of the ready-to-wear group, which has 1,651 points of sale worldwide, exceeded €450 million on Thursday evening. It remains to be seen who will come forward to acquire this leading name in French accessible luxury.

With AFP

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US brand Calvin Klein unveils Spring 2026 denim with Jung Kook

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US brand Calvin Klein unveils Spring 2026 denim with Jung Kook



Calvin Klein Inc., which is part of PVH Corp. [NYSE:PVH], announces the launch of its Spring 2026 denim campaign starring global brand ambassador Jung Kook of renowned boy band BTS.

Directed and shot by Mert Alas, the new chapter sharpens the focus on denim as the ultimate expression of personal style through icon Jung Kook’s distinctive and influential point of view as he lives in the moment.

Calvin Klein, owned by PVH Corp., has unveiled its Spring 2026 denim campaign fronted by BTS icon Jung Kook.
Directed and photographed by Mert Alas, the cinematic film fuses music, movement and city energy, highlighting 90s Straight, Baggy and reworked Trucker silhouettes.
A special appearance by Rosie Perez amplifies the brand’s signature visual storytelling.

The campaign unfolds across a series of immersive worlds, unified and guided by Jung Kook’s style, attitude and way of living. The high-impact film fuses fashion and entertainment, moving to an instantly recognizable soundtrack and brought to life through the artist’s signature choreography and commanding presence. The interplay of music and movement – complete with a cameo from New York City legend Rosie Perez – captures the impact synonymous with Calvin Klein’s iconic visual storytelling.

Calvin Klein jeans are at the center of the wardrobe with hero silhouettes leading the narrative: the effortless attitude of the 90s Straight; the relaxed and nostalgic proportions of the Baggy; and new interpretations of the iconic Trucker jacket — all reimagined with elevated washes and designed for versatility. Casual logo tees and oversized bombers complete the looks, reinforcing denim as both uniform and statement.

“I love Calvin Klein jeans because they’re designed to be lived in,” said Jung Kook. “The looks I wore for this campaign nod to ‘90s style while feeling completely modern. It was exciting to bring together my love of music, dance and fashion against the energy of the city.”

Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.

Fibre2Fashion News Desk (RM)



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China targets 4.5 to 5% GDP growth for 2026

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China targets 4.5 to 5% GDP growth for 2026



China is aiming for a GDP growth rate of at least 4.5 to 5 per cent in 2026, according to a government work report submitted on March 05, 2026 to the national legislature for deliberation.

Premier Li Qiang, who delivered the report at the opening of the fourth session of the 14th National People’s Congress in Beijing, said the growth target is “well aligned with the country’s long-range objectives through the year 2035 and is broadly in line with the long-term growth potential of China’s economy, with favorable conditions in place for achieving this target.”

China has set a GDP growth target of 4.5–5 per cent for 2026, alongside goals to stabilise employment, manage inflation, maintain grain output and cut emissions.
The plan also preserves flexibility for structural reforms under the 15th Five-Year Plan, aiming to balance steady economic expansion with long-term, high-quality and sustainable development.

Main development targets for 2026 also include a surveyed urban unemployment rate of around 5.5 per cent, creation of over 12 million new urban jobs, a rise in the consumer price index of around 2 per cent, personal income growth in step with economic growth, a basic equilibrium in the balance of payments, grain output of around 700 million tonnes, and a drop of around 3.8 per cent in carbon dioxide emissions per unit of GDP.

Qiang said the targets took into account the need to leave room for structural adjustments, risk prevention and reform in the opening year of the 15th Five-Year Plan (2026–30) period, to lay a solid foundation for improved performance in the coming years. Government at local level should, taking into account their own conditions, make solid efforts to deliver positive outcomes, he added.

Analysts said the 2026 target reflects a pragmatic approach in recognising structural and cyclical challenges facing the world’s second-largest economy, while pursuing reasonable growth in line with high-quality development.

Fibre2Fashion News Desk (JP)



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Switzerland’s Calida narrows sales decline, lifts profit in 2025

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Switzerland’s Calida narrows sales decline, lifts profit in 2025



Swiss premium bodywear group Calida Group has reported improved profitability and a strengthened financial position in 2025, posting net sales from continuing operations of CHF 215.9 million (~$278.5 million), down 5 per cent year on year (YoY) on a currency-adjusted basis, with the rate of decline easing in the second half of the year. Core brands Calida and Aubade demonstrated positive operational progress supported by premium positioning and disciplined execution of the group’s Operational Excellence strategy.

The group recorded an operating result (EBIT) of CHF 9 million (~$11.6 million) compared with CHF 4 million in the previous year, lifting the EBIT margin to 4.2 per cent from 1.7 per cent. Excluding Cosabella, the combined EBIT margin of Calida and Aubade reached 6.7 per cent, approaching the company’s medium-term target range. Operating net profit improved significantly to CHF 7.6 million (~$9.8 million) from CHF 0.5 million a year earlier, Calida Group said in a press release.

Calida Group has reported net sales of CHF 215.9 million (~$278.5 million) in 2025, down 5 per cent YoY.
EBIT rose to CHF 9 million (~$11.6 million) and net profit to CHF 7.6 million (~$9.8 million), supported by strong Calida and Aubade performance.
The group maintained solid liquidity and continued Cosabella repositioning while targeting future profitability improvement.

The group maintained a solid financial base with net liquidity of CHF 25.1 million and an adjusted equity ratio of 67.9 per cent, while free cash flow reached CHF 9.8 million. The board proposed a cash dividend of CHF 0.25 per share, corresponding to a payout ratio of 23 per cent in line with its long-term dividend policy.

“After a challenging first half of 2025, the Calida Group developed positively in the second half and achieved operational improvements on sales and profitability. By deliberately and systematically forgoing discount-driven growth and strategically positioning Calida and Aubade in the premium segment, the brands were strengthened in the long-term. Overall, 2025 was another year defined by a persistently challenging market environment,” said Thomas Stocklin, CEO of the Calida Group.

“Geopolitical uncertainty, US trade and tariff policies, and muted consumer sentiment in our core markets impacted the entire industry. In this environment, the Calida Group has demonstrated strategic discipline and, step by step, is evolving in the desired direction. Today, our group is more agile and efficient. Combined with our financial strength, this positions the Calida Group to pursue well-considered organic as well as external growth opportunities, allowing us to look to the future with confidence,” added Stocklin.

Operationally, the company continued implementing its efficiency-focused strategy by reintegrating functions into individual brands, streamlining group management structures and strengthening capabilities across product management, marketing, operations and sales.

Brand-wise, Calida generated sales of CHF 145.1 million, declining modestly as store traffic softened, although e-commerce growth and a strong Christmas season supported second-half performance. The brand improved its operating contribution margin through higher gross margins and ongoing cost optimisation while reinforcing its premium market positioning.

Aubade recorded sales of CHF 58 million amid weak consumer sentiment in France and the strategic withdrawal from unprofitable channels following the pandemic-driven demand surge. Nevertheless, margin performance strengthened through strict cost management, ongoing rebranding initiatives and progress in expanding export markets, particularly in the United States.

Cosabella reported sales of CHF 12.8 million, extending its negative growth trajectory and contributing higher losses as the brand remains in an intensive repositioning phase under strategic review. The group is targeting a turnaround towards operational break-even in 2026.

Overall, the group indicated that organisational restructuring, inventory optimisation and disciplined channel management enhanced agility and cost efficiency, positioning the company for future growth while aiming to improve group profitability further as Cosabella’s performance stabilises.

Fibre2Fashion News Desk (SG)



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