“I have created this beautiful family history with my sister, Judith Milgrom, and I am pleased to embark on a new phase of our lives with KKR. Alongside Elie Kouby and Frédéric Biousse, Judith and I are reaffirming our full commitment to the business and have great ambitions for the group: building a global leader in the affordable luxury segment”, said Evelyne Chétrite, President of SMCP Group.
“We are excited to partner with KKR”, added Frédéric Biousse, the CEO of SMCP Group. “We are proud of the Company’s strong development over the recent years and would like to thank our shareholders L Capital and Florac for their support. We look forward to working with KKR as we accelerate the international expansion of our brands, particularly in the United States and Asia. KKR’s global presence and extensive experience and track-record in the international retail sector will be important assets in helping us continue our growth trajectory”.
Jacques Garaïalde, Partner and Managing Director in charge of KKR’s French operations, added, “SMCP is a remarkable business with an outstanding management team. The Company has developed strong French brands with international appeal, and high quality products at affordable prices that meet the needs of consumers around the world. We are pleased to support the team in their growth strategy”.
Over the past five years, the Company has experienced significant growth driven by a combination of like-for-like growth and new store openings across its four brands: Sandro, Sandro Men, Maje and Claudie Pierlot. Today, the Company has established a leading position in the French affordable luxury segment and a fast-growing international business with strong positions in Europe and a growing presence in the USA and more recently Asia. SMCP operates more than 570 points of sale, and generated a turnover of 350 million euros in 2012. Approximately 150 new store openings are planned for 2013, mainly outside France.
“We are delighted to have accompanied SMCP Group during the last couple of years of rapid development and we wish the managers, founders and KKR much success”, added Daniel Piette and Eduardo Velasco from L Capital and Léopold Meyer from Florac. KKR was advised by Rothschild & Cie and SMCP Group was advised by J.P. Morgan and Leonardo & Co.
About SMCP Group
SMCP Group is a leading apparel retailing group, operating in the attractive affordable luxury apparel segment across four brands: Sandro, Sandro Men, Maje and Claudie Pierlot. Sandro and Maje were founded by Evelyne and Didier Chétrite and Judith Milgrom and Alain Moyal in the late 1980s and 1990s, respectively.
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm with $75.5 billion in assets under management as of December 31st, 2012. With offices around the world, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes.
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