Shandong Ruyi Group finalizes purchase of SMCP
After signing the majority shareholding agreement this March, the Chinese Shandong Ruyi Group is now officially the largest shareholder of French company SMCP. The acquisition was finalized last week on October 11.
The French brands Sandro, Maje and Claudie Pierlot are now officially part of the Chinese textile group’s portfolio, adding a new dimension to its business activity. The size of the group's stake was not announced, but is estimated to be at 80% in SMCP. The funds selling the French clothing company, the American fund KKR, still retains 10%, as do the founding executives, Evelyne Chétrite, Judith Milgrom and current management.
Established in 1972, Shandong Ruyi Group claims to be one of the hundred largest Chinese multinationals. Today its portfolio includes all aspects of the textile business, from materials to manufacturing to apparel manufacture and brand distribution. Ruyi reports it operates 3,000 stores in the Asia Pacific region. The group has now added the three SMCP international brands, all based in Paris, which is on track to surpass 700 million euros in sales.
This acquisition closed on October 11 is estimated to give SMCP a value of nearly 1.3 billion euros.
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