SMCP's Chinese owner defaulted, hid 15.5% in a trust — creditors now sell the group

SMCP — the Paris group behind Sandro, Maje, Claudie Pierlot and De Fursac, with 1,651 points of sale worldwide — was majority-owned by the Chinese conglomerate Shandong Ruyi through its Luxembourg vehicle European Topsoho (ETS). In 2021, heavily indebted, ETS defaulted, and its creditors — represented by the agent Glas, with BlackRock, Anchorage and Carlyle among them — took control of the pledged holding.

Before the default, ETS had moved roughly 16% of SMCP's capital into Dynamic Treasure Group, a trust in the British Virgin Islands. The creditors deemed the transfer irregular and spent four years litigating it in Paris, London and Singapore. On 4 July 2025 the Singapore High Court ordered the shares returned to the trustee acting for ETS's creditors; the restitution was completed in August 2025.

With the capital recovered, the exit began. On 21 November 2025 the Luxembourg district court authorised the sale, and on 27 November SMCP announced that up to 51.2% of its capital was being put up for sale — 28% held by Glas for the creditors, plus 8% and the restituted 15.5% from ETS. The process targets €390 to €479 million against a market capitalisation of more than €450 million, and any buyer crossing 30% may have to launch a full tender offer.

The business the creditors are selling is, on paper, repaired: in 2025 SMCP's revenue rose 1.7% organically to €1,217.4 million, net income returned to €16.6 million after a €23.6 million loss in 2024, and net debt fell to €147.5 million. The crisis was never the dresses — it was the shareholder.