SMCP’s Q1 looks solid, sees key openings in new market India

French premium fashion group SMCP saw continued growth in Q1 2025, driven by its performances in France, EMEA, and with its wholesale partners, the company said on Tuesday.

Q1 2025 sales were €297 million, up 2.6% on an organic basis, with France and EMEA rising in mid-to-high single digits. It remained positive in America too, despite a tough comparison with last year’s Q1. And while Asia “is still impacted by China network optimisation”, the continent as a whole saw a more stable like-for-like performance.

On the stores front, the quarter saw 22 net closings, notably for Claudie Pierlot in Europe, and also in Canada with the closure of Hudson’s Bay corners, which are expected to be replaced by a new local partnership. It also saw several key openings through partnerships in new markets such as India and the Balkans.

Diving more deeply into the numbers, the company said by brand, Sandro sales were up 4.2% organic at €147.5 million while Maje edged up just 0.8% to €110.7 million. The Other brands unit (Claudie Pierlot and Fursac) rose 2.6% to €296.6 million.

Company-wide sales in France were up by 4% to €102.1 million and in EMEA the 9.2% increase saw sales rising to €98 million. The 2% increase in America resulted in sales of €43.9 million but the 9.5% fall in APAC meant sales of €52.7 million.

In France, the group was driven by the strong momentum of Sandro and Maje, which continued to gain market share, “reflecting their desirability and the strength of their competitive positioning”. The strict full-price strategy “is accelerating, especially at Maje”. The network recorded nine net closings during the quarter, notably at Claudie Pierlot, in line with the network optimisation strategy of the brand. 

In EMEA, its sales rise reflected a good performance of all the brands in key countries, especially in retail markets such as the UK, Germany and Southern Europe. Activity with its partners, particularly in the Middle East and Turkey, continued to show “strong momentum” and contributed to the region’s growth. It added five additional points of sale during the quarter, with entries through partnerships in new markets in Eastern Europe (Croatia, Montenegro and Serbia). 

In America, the group “delivered a resilient performance” with US growth driven by recent store openings. However, activity was impacted by the wildfires in California. The average discount rate decreased by approximately three points, reflecting continued discipline and strong brand desirability. In addition, Mexico maintained its growth momentum. 

In APAC, the 65 net closures in 2024 in China had a big impact but the action plan implemented last year “is starting to bear fruit”. The sales stabilisation in China is being driven by “stronger retail indicators, notably a continued increase in conversion rate”. In the rest of Asia, sales remained resilient, with a positive trend in Malaysia and Thailand, and a slightly negative trend in South Korea and Singapore. The region added two points of sale during the quarter, including a first entry into India, with a partner.

CEO Isabelle Guichot said of all this: “We recorded a solid performance with sales growth across all our key markets, except Asia. In a complex and volatile macroeconomic environment, we approach the coming months with cautious confidence, continuing to focus on cost control, operational agility, and sustainability to maintain our trajectory of profitable growth.”