Sandro owner closes 10 China stores amid sales decline
SMCP, the parent company of fashion brands Sandro, Maje, Claudie Pierlot, and Fursac, reported a 0.9% decline in Q3 sales, totaling 292.6 million euros ($316.2 million), largely due to weak performance in the Asia-Pacific region. Sales in this area fell 18.6% YoY to 47.7 million euros ($51.5 million), primarily driven by ongoing softness in the Chinese market. The company closed 10 stores in China during Q3. CEO Isabelle Guichot acknowledged gradual improvement but noted that the situation in China is still impacting growth. Despite the challenges, SMCP remains optimistic about the potential in the Chinese market and is preparing to capitalize on future opportunities.