SMCP returns to growth as US momentum and China recovery kick in

SMCP, the Paris-based group behind Sandro, Maje, Claudie Pierlot and Fursac, reported second-quarter sales up 2%, a notable turn after several difficult years for the contemporary fashion group. The improvement was driven chiefly by the United States, where the brands have been building wholesale and retail presence, and by early signs of recovery in China, a market that has weighed heavily on European fashion groups' results over the past two years.

The read here is as much about strategy as top line. SMCP has spent recent seasons closing weaker doors and concentrating investment in fewer, larger and more productive stores, alongside a push to sell more product at full price rather than relying on markdowns. That combination has supported margins even as revenue growth remains modest, a playbook other mid-sized fashion groups under margin pressure are likely to watch closely.

SMCP's fortunes matter beyond its own results because it is a bellwether for the affordable-luxury and contemporary segment that sits just below the major houses. A genuine China recovery, even a partial one, would be read by the wider industry as an early signal that Chinese consumer spending on fashion is stabilising after a prolonged slowdown. The next quarters will show whether the US momentum can be sustained as the discretionary spending backdrop there softens, and whether the China uptick has real legs or reflects a low prior-year base.

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