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Shandong Ruyi acquires luxury brands marketer SMCP
02
Apr '16
Courtesy: SMCP
Courtesy: SMCP
Shandong Ruyi Technology Group has signed an agreement to acquire a controlling stake in SMCP, a French luxury brands marketer and which owns brands like Sandro, Maje and Claudie Pierlot.

“SMCP's founders and management will stay as minority shareholders, while KKR, a global investment firm, would retain a minority interest in the group,” a Shandong Ruyi press release informed.

Shandong Ruyi said it will invest in SMCP to drive further growth and support the company's global development, including in Asia where it benefits from unique experience and track-record.

Shandong Ruyi Group intends to maintain the DNA and unique identity of the SMCP brands, with SMCP's design and creative teams continuing to operate from its headquarters in Paris.

“SMCP would retain its current strategy and organisational structure, while benefitting from the global retailing expertise of its new shareholder,” the press release added.

Yafu Qiu, chairman of Shandong Ruyi Group said, "We have been highly impressed by the success of Sandro, Maje, and Claudie Pierlot and hold great respect for the founders and management of SMCP.”

“This would be a significant step for Shandong Ruyi Group in our continued endeavour to become a leader in the fully-integrated textiles and fashion business both in China and globally,” he added.

Evelyne Chetrite, founder of SMCP too said, "My sister, Judith Milgrom, and I are delighted to embark on the next phase in the journey of our company alongside Shandong Ruyi Group.”

“Judith and I reaffirm our full commitment to the business and remain focused on our goal of continuing to build the Sandro, Maje and Claudie Pierlot brands and further extending their reach,” Chetrite noted.

Founded in 1972, Shandong Ruyi Technology Group Co. Ltd is one of the largest textile manufacturers in China and ranks among the top 100 Chinese multi-national enterprises.

The group predominately engages in textile offerings and owns a fully-integrated value chain with operations spanning across raw materials cultivation, textiles processing, and design and sale of apparel.

Headquartered in Jining, Shandong, Shandong Ruyi Group operates 13 domestic industrial parks and boasts some of the largest production lines and advanced technology in China.

Shandong Ruyi Group also has a significant distribution and point of sales (POS) network that services a global customer base spread across six different continents.

In Asia Pacific alone, the group operates over 3,000 POS and has over 20 subsidiaries, with two listed subsidiaries in China and Japan. (AR)

Fibre2Fashion News Desk – India

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