SMCP Group
French accessible-luxury fashion group behind Sandro, Maje, Claudie Pierlot, and De Fursac.
Last updated October 17, 2026
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Overview
SMCP Group is a French fashion holding company focused on accessible luxury ready-to-wear. Its portfolio comprises Sandro, Maje, Claudie Pierlot, and De Fursac, spanning womenswear, menswear, accessories, footwear, and related lifestyle products. The group is headquartered in Paris and distributes its brands through directly operated boutiques, flagship stores, selected department-store concessions, wholesale partners, and digital channels. SMCP was created in 2010 by bringing together Sandro, Maje, and Claudie Pierlot. Sandro and Maje had been developed independently by Évelyne Chetrite and Judith Milgrom, while Claudie Pierlot was acquired by the two entrepreneurs in 2009. The combination created a multi-brand platform in a segment positioned between mass-market fashion and traditional high luxury: products generally emphasize Parisian design, seasonal collections, recognizable brand codes, and relatively accessible price points compared with major luxury houses. The group’s ownership changed several times during its expansion. L Capital, the private-equity arm associated with LVMH, acquired a controlling stake in 2010. KKR subsequently became the majority investor in 2013, supporting further international development. Shandong Ruyi acquired control in 2016, during a period in which SMCP was expanding rapidly, particularly in China and other international markets. SMCP completed an initial public offering on Euronext Paris in October 2017 at €22 per share. International retail development has been central to SMCP’s strategy. A Maje store opened in New York in October 2011, marking the group’s first store in the United States and the beginning of a broader international rollout. The group later expanded across Europe, North America, Greater China, and other regions. Reference material describes a network of more than 1,600 points of sale in 43 countries, while later reporting cited presence in 47 countries; the precise current footprint should therefore be verified against the company’s latest disclosures. SMCP expanded its menswear exposure by acquiring French luxury menswear label De Fursac in 2019. The group also adopted a fur-free policy after Claudie Pierlot became the final SMCP brand to prohibit fur in its collections in spring 2020. Like many fashion retailers, SMCP experienced a severe pandemic-related contraction in 2020, followed by a return to profit in the first half of 2021 according to the cited reference material. The group’s recent corporate history has also been shaped by financial stress at European TopSoho, a Luxembourg vehicle linked to Shandong Ruyi. European TopSoho defaulted on €250 million of bonds in 2021, leading creditors to take control of a significant SMCP shareholding and to challenge board representation associated with the former majority owner. Isabelle Guichot became chief executive in August 2021, succeeding Daniel Lalonde. In 2023, SMCP announced plans to enter India through a partnership with Reliance Brands Limited, with initial stores planned for 2024. In 2024, Maje partnered with repair-services company Save Your Wardrobe to develop clothing-repair capabilities. SMCP’s overall positioning remains that of a global, multi-brand accessible-luxury platform combining French fashion identity with an increasingly international retail and digital footprint.
History
SMCP emerged from the consolidation of three French fashion labels that had developed independently in the accessible-luxury segment. Sandro and Maje were led by Évelyne Chetrite and Judith Milgrom, respectively. In 2009, the two entrepreneurs acquired Claudie Pierlot’s label, bringing a third Parisian brand into the developing portfolio. SMCP S.A. was established in 2010 through the merger of Sandro, Maje, and Claudie Pierlot. The company’s first major phase was private-equity-supported expansion. L Capital acquired 51% of SMCP in September 2010. The investment connected the group with resources and expertise associated with LVMH’s investment activities and helped professionalize the development of brands that had originated as largely entrepreneurial or family-led businesses. In October 2011, Maje opened a New York boutique, giving SMCP a direct presence in the United States and demonstrating the group’s intention to move beyond France through owned retail. KKR became the next major shareholder in March 2013, acquiring a 65% stake from L Capital and Florac. During this period, SMCP benefited from strong demand for accessible luxury and continued to develop its store network and international sales. The group’s growth accelerated further after Shandong Ruyi acquired control in April 2016. The Chinese textile conglomerate viewed SMCP as a platform for participating in the development of global fashion and the expanding Chinese middle-class consumer market. Reference material reports particularly strong growth in Greater China during the first half of 2016. SMCP became a publicly traded company in October 2017, listing on Euronext Paris at €22 per share. The IPO created a public-market structure while allowing the group to continue investing in international stores, brand development, and digital distribution. In June 2019, SMCP acquired De Fursac, a French luxury menswear label. The transaction added a more explicitly menswear-oriented brand to a portfolio previously identified primarily with Sandro, Maje, and Claudie Pierlot. The group’s sustainability-related brand policy changed in stages. Claudie Pierlot was the last of the SMCP brands to ban fur from its collections, doing so in spring 2020. SMCP thereafter described itself as fur-free. The same year brought major operational disruption from the COVID-19 pandemic. Store closures and reduced traffic contributed to a reported 31% first-half revenue decline and an €88.5 million loss. The group’s first-half 2021 results showed a return to profit, although the recovery occurred alongside continuing uncertainty in international retail. SMCP’s ownership structure became a significant corporate issue in 2021 and 2022. European TopSoho, a Luxembourg entity linked to Shandong Ruyi, defaulted in October 2021 on €250 million of bonds. Creditors consequently took control of a 29% SMCP shareholding and sold or transferred that interest through the debt-recovery process. Institutional investors, including BlackRock and Carlyle-related interests, opposed the former majority owner’s continued board representation. In January 2022, investors acting through GLAS voted to remove five directors representing European TopSoho. This episode materially changed SMCP’s governance and shareholder balance without ending the company’s public listing. Isabelle Guichot became SMCP’s chief executive in August 2021, succeeding Daniel Lalonde. Guichot had previously held senior leadership roles connected with fashion brands including Balenciaga and Maje. Under the continuing multi-brand strategy, SMCP sought additional geographic growth. In 2023, it announced an Indian market-entry partnership with Reliance Brands Limited, with first stores planned for 2024. In April 2024, Maje partnered with Save Your Wardrobe to develop repair services, extending the brand relationship beyond the initial sale and adding a circularity-oriented after-sales initiative. SMCP currently operates as a Paris-based international fashion group with a large network of boutiques, flagships, department-store locations, wholesale accounts, and online channels. Its core proposition remains French-designed accessible luxury: more premium and brand-led than mass-market fast fashion, but generally more attainable and broadly distributed than traditional haute couture or top-tier luxury houses.
- 2024
Maje develops repair services
[1]Maje partnered with Save Your Wardrobe on clothing-repair services.
- 2023
India market-entry partnership announced
[1]SMCP announced a partnership with Reliance Brands Limited for expansion in India.
- 2022
Board changes follow ownership dispute
[1]Creditors and institutional investors voted to remove five directors representing European TopSoho.
- 2021
Isabelle Guichot becomes CEO
[1]Guichot replaced Daniel Lalonde as chief executive in August.
- 2020
Group becomes fur-free
[1]Claudie Pierlot’s fur ban completed the group-wide move to a fur-free policy.
- 2019
De Fursac acquisition
[1]SMCP acquired French luxury menswear brand De Fursac.
- 2017
Euronext Paris IPO
[1]SMCP went public at €22 per share in October.
- 2016
Shandong Ruyi acquires control
[1]Shandong Ruyi acquired a controlling interest in SMCP.
- 2013
KKR becomes majority investor
[1]KKR acquired a 65% stake from L Capital and Florac.
- 2011
First United States store opens
[1]Maje opened a New York boutique, beginning SMCP’s direct retail presence in the United States.
Products and positioning
Accessible luxury and Parisian fashion with international multi-brand distribution.
Accessible-luxury ready-to-wear
Sandro
Sandro is one of SMCP’s founding labels and offers Parisian-inspired womenswear and menswear, including tailoring, dresses, knitwear, outerwear, footwear, bags, and accessories. The brand is positioned around refined but contemporary styling and provides a major part of the group’s international retail identity.
Accessible-luxury womenswear
Maje
Maje is a Paris-based womenswear label known for contemporary clothing, dresses, tailoring, knitwear, outerwear, footwear, handbags, and accessories. It was the first SMCP brand to open a United States store, with a New York boutique in 2011, and remains one of the group’s principal international brands.
Accessible-luxury womenswear
Claudie Pierlot
Claudie Pierlot is the third founding label in SMCP’s portfolio. Its collections focus on Parisian womenswear and accessories with a youthful, urban character. The brand completed SMCP’s fur-free policy in spring 2020 when it became the final group label to prohibit fur in its collections.
Luxury menswear
De Fursac
De Fursac is a French luxury menswear label acquired by SMCP in 2019. Its addition broadened the group beyond its founding fashion houses and strengthened the portfolio’s exposure to men’s tailoring, formalwear, and premium wardrobe essentials.
Controversies
2022
Removal of directors linked to former majority owner
Investors acting through GLAS voted to dismiss five board members representing European TopSoho after the bond default and related ownership conflict.
2021
European TopSoho bond default and SMCP ownership dispute
European TopSoho, a Luxembourg entity associated with SMCP’s former majority owner Shandong Ruyi, defaulted on €250 million of bonds. Creditors subsequently took control of a 29% SMCP shareholding, producing a contested change in shareholder influence and board representation.
Brand decisions
2024
Develop Maje clothing-repair servicesStrategyBackground
SMCP sought to strengthen after-sales services and support more circular product use.
Action taken
Maje partnered with Save Your Wardrobe to develop a repair service.
Aftermath
The partnership extended the customer relationship beyond purchase and introduced a repair-oriented service capability.
2023
Enter India through Reliance BrandsStrategyBackground
SMCP was seeking further international growth in a large developing consumer market.
Action taken
The group announced a partnership with Reliance Brands Limited, with initial store openings planned for 2024.
Aftermath
The partnership created a route for Sandro, Maje, Claudie Pierlot, and related SMCP brands to enter the Indian market.
2020
Adopt a fur-free group policyStrategyBackground
The group progressively moved its brands away from fur use.
Action taken
Claudie Pierlot became the final SMCP brand to ban fur in its collections in spring 2020.
Aftermath
SMCP described itself as a fur-free fashion group.
2019
Acquire De FursacM&ABackground
SMCP sought to broaden its multi-brand portfolio and increase its presence in menswear.
Action taken
The group acquired French luxury menswear label De Fursac.
Aftermath
De Fursac became an additional subsidiary and expanded SMCP’s menswear offering.
2017
List the group on Euronext ParisOtherBackground
After several rounds of private-equity ownership and international growth, SMCP pursued access to public capital markets.
Action taken
SMCP completed its initial public offering in October at €22 per share.
Aftermath
The group became a publicly traded French fashion company.
IPO price per share. €22 (October 2017 IPO)
2010
Combine Sandro, Maje, and Claudie PierlotM&ABackground
The three labels operated independently before SMCP was created as a multi-brand platform in accessible luxury.
Action taken
SMCP S.A. was formed through their combination.
Aftermath
The transaction established the group’s core portfolio and supported coordinated international expansion.
Sources2 sources
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