PARIS — Following the failure of SMCP’s controlling shareholder to redeem bonds by Sept. 30, a 29 percent share has been taken over and will be sold by its creditors.
The owner of Sandro, Maje, Claudie Pierlot and De Fursac stated on Friday that it had taken note of trustee GLAS’ declaration of crossing of threshold filed with the French Financial Market Authority, or AMF. In its declaration to the AMF, GLAS indicated they had appointed a receiver to sell the shares, amounting to 29 percent of the capital and 22.3 percent of voting rights.
European TopSoho, which owned 53 percent of SMCP’s share capital, failed to redeem the bonds on Sept. 21.
In the statement, SMCP also indicated that GLAS asked its board of directors to call a general meeting of shareholders, with the purpose of dismissing all board members representing European TopSoho — the Luxembourg-based subsidiary of ailing Chinese apparel company Shandong Ruyi Group — and its parent company, and appointing four new independent ones.
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The French accessible luxury labels group said it would examine the request and reaffirmed the situation does not affect its own financing and operations.
Announcing its third-quarter results last Wednesday, the company was confident in its ability to reach 1 billion euros in sales. In the three months to Sept. 30, its revenue rose 8.4 percent year-over-year to 271.1 million euros, with its third-quarter sales coming close to their pre-pandemic level.
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