Fashion
SMCP to sell 51.2% of its share capital
Published
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.”
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 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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Fashion
Milano Moda Uomo: Ralph Lauren, the coolest classicism
Published
January 16, 2026
The house of Ralph Lauren very rarely stages menswear runway shows in Milan, which is a pity as its catwalk display this Friday was the coolest and cleverest display of menswear classicism we’ve seen in many moons.
The smoothest of shows too. Presented with polish inside Ralph Lauren’s European headquarters, a geometric Rationalist era jewel of a building. Guests- from Tom Hiddleston and Colman Domingo to Nick Jonas- imbibing biscuity champagne as they took their places on leather bench seats.
Opening with a score of looks from Polo, a rich selection of kicky, preppy ideas: red flannel shirts with turkey prints; Navajo graphic wool sweaters; snow crystal pattern cardigans; and even a brown three-piece Prince of Wales suit. All anchored by Alpine hiking boots or hyped-up L.L. Bean style waders; or accessorised by Black Watch tartan carpet bags.
Plenty of Western looks, from urban cowboy brown suede fringed jackets, worn by a model with an acoustic guitar on his back, to lace ties, rancher hats, and riding boots. Very Yellowstone in Lombardy.

Backed up by a great soundtrack- where Nina Simone’s Sinnerman followed Texas Sun by Khruangbin and Leon Bridges. Ideal for some bold and colourful motor-bike jackets that read: Ralph Lauren Racing.
As day shifted to evening, Scottish baronial chic made an appearance: from Clan Stewart red plaid tuxedos worn under a Count Dracula cape to a great black Grenadier guards military tunic worn with a black silk stock– un petit merci to Dior. Albeit seen on models sporting New York Yankees baseball caps.
“We had so many looks and ideas in this collection that it just seemed right to stage a show this week in Milan,” explained Andrew Lauren, sitting among the movie stars in the villa’s covered courtyard.

All worn by a highly diverse cast, from all the world’s continents. And, one could not help noticing that when he came to the two chalk stripe impeccable bankers, these were worn by a South and an East Asian.
Though there was clearly no deliberate political message, the very heterogeneousness of the cast was a reminder of how Ralph has always celebrated the diversity of America. Which, at a moment when ICE are clearly racially profiling citizens in the United States, made this show feel very powerful.
This is the melting pot America that Europeans love. Not the white supremacism currently being rammed down people’s throats.
Copyright © 2026 FashionNetwork.com All rights reserved.
Fashion
UK GDP expected to grow 1.4% in 2026: Goldman Sachs Research
They predict that the labour market will keep weakening, but also anticipate a boost to the economy from a significant cooling of inflation and further rate cuts from the Bank of England (BoE).
Goldman Sachs Research expects ‘another mixed year’ for the UK economy, which is expected to grow at 1.4 per cent in 2026—up from around 1 per cent in 2025.
It expects the unemployment rate to rise to 5.3 per cent by March, and then stabilising.
Consumption is expected to grow at 1.3 per cent in 2026 versus 0.7 per cent in 2025.
The fiscal position looks less vulnerable than some other European nations.
The UK labour market weakened significantly in 2025 as slow economic growth and the increase in national insurance contributions weighed on employment. A recent rise in layoffs points to ‘further labour market softening ahead’, according to Moberly and Stehn.
Goldman Sachs Research expects the unemployment rate to rise to 5.3 per cent by March. But as growth picks up towards potential, it sees the unemployment rate stabilising for the remainder of this year, the report says.
Given rising slack in the job market, lower headline inflation, and a smaller increase in the national living wage, the company’s economists expect wage growth to normalise this year. Private sector regular pay growth slowed to 3.8 per cent from around 6 per cent over the last 12 months, and the team forecasts further cooling to 3.1 per cent by the end of 2026.
Consumer spending in the UK is low, and the household savings rate is elevated. “Real disposable income growth is likely to remain weak in coming quarters given wage growth moderation, elevated mortgage rates, and a larger fiscal drag on household incomes,” Moberly and Stehn write.
The team’s models suggest that the savings rate will likely decline this year as interest rates fall and consumption catches up with recent increases in real inflation-adjusted incomes.
Consumption is expected to grow at 1.3 per cent in 2026 versus 0.7 per cent last year.
The team anticipates further progress on inflation in the coming months given unwinding base effects. Goldman Sachs Research projects headline inflation to decelerate to 2.1 per cent in the second quarter this year.
The fiscal trajectory, political risk, and efforts to boost economic growth are likely to be key areas of focus this year, according to the company.
“Our analysis suggests that the UK’s fiscal position looks less vulnerable than some other European countries, notably France,” Moberly and Stehn add.
Fibre2Fashion News Desk (DS)
Fashion
Kanuk ventures beyond Québec, setting off from Italy to expand worldwide
Published
January 16, 2026
What an honour for Italy at Pitti Uomo 109! For the first time, Canadian clothing brand Kanuk is stepping beyond Québec to reach the rest of the world. President Elisa Dahan confirmed as much to FashionNetwork.com. “Yes, it’s true. If we exclude an episode in the United States a few years ago, this is the first time we are presenting ourselves outside our province. I mean truly outside Québec: we had never really begun to develop beyond Québec towards a global dimension- not even in the rest of Canada. And since we are a fashion brand rooted in outerwear, of course we’re starting with Italy.”
Kanuk, a play on the slang nickname for Canadians (Canucks), has the snowy owl as its emblem. “We chose it because it never migrates; it always stays in Québec, no matter the temperature. It feels tailor-made for the philosophy of comfortable, welcoming Canadian country living,” Dahan points out. “A bit like us so far: we were founded in 1974 in a small workshop in Montréal with the mission of creating outerwear suited to Québec’s particular climate and lifestyle, and today we offer a total look.”
With a lifestyle focus, Kanuk is inspired by the spirit of rural Canadian life- farm-to-table family traditions, a distinctive generational heritage, and outdoor pursuits- while applying uncompromising artisanal standards to production. In the Autumn/Winter 2026/27 Heritage Collection, featuring 30 men’s and 30 women’s styles in a range of colours, the brand expands its ready-to-wear with new jumpers, knit sets, wool pieces, corduroy outerwear, and increased use of Kanuk’s signature sherpa, designed to complement its parkas. The colour palette reflects the season’s defining landscapes: warm earth tones, leafy greens, deep browns, and the muted golds of Canada’s transforming trees.

With two mono-brand stores, one in Montréal and the second just opened in Québec City- “attracting strong tourist traffic,” according to the president- Kanuk sees e-commerce “performing very well and accounting for about a third of the business; but don’t forget that right now we are only distributed in about 30 major stores in Québec. The sky is the limit for what we can achieve from now on,” she smiles.
Elisa Dahan is very confident that Kanuk’s products will be highly appreciated in Europe, “because in Europe the weather starts one way during the day and can shift in the evening and at night- sometimes in the opposite direction- so you need functional versatility, style and lasting durability in what you wear: precisely Kanuk’s attributes, with its timeless pieces and 3-in-1 models with removable layers,” she says.

Kanuk is not only apparel but also accessories, including gloves, scarves, and a super-plush bag, once again featuring the snowy owl. These designs are intended especially for cold climates. Across both the product range and the Canadian brand’s revenue- which rose by double digits last fiscal year- menswear and womenswear are split evenly, 50/50. Accessories account for 10% of turnover.
After Pitti Uomo 109, where she forged many connections with buyers, agents, and distributors, Elisa Dahan aims over the next two to three years to expand the brand into a strong network of quality retailers across Europe. “I’m not interested in quantity; ours is a beautiful brand with a lot of potential, but it needs to be surrounded by the right brands; for me, location is the most important factor to get right, and the business results will follow,” says the Kanuk president, who is also open to launching pop-ups or temporary stores in winter resorts as well as summer destinations, in Italy and beyond.
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