September 18, 2017 / 6:24 AM / in 10 months

French fashion group SMCP moves step closer towards IPO

PARIS, Sept 18 (Reuters) - SMCP, the French fashion group behind brands such as Sandro, Maje and Claudie Pierlot, moved a step closer towards its stock market listing after filing its intentions for an initial public offering with French authorities.

SMCP said on Monday that it had filed its registration document with France’s AMF markets watchdog - a formal step towards its planned IPO.

SMCP, majority owned by China’s Shandong Ruyi, also reported higher 2017 first-half sales and earnings. Shandong Ruyi will keep a stake of around 51 percent following SMCP’s stock market listing.

It reported a 20 percent rise in earnings before interest, tax, depreciation and amortisation (EBITDA) to 73 million euros ($87 million) on sales up 16 percent at 439 million euros.

Sandro, Maje and Claudie Pierlot sell dresses priced at around 200 euros in France and operate in what is classified as the accessible luxury market.

Buoyant demand among the fast-growing middle classes, particularly in countries such as China, has boosted this segment.

$1 = 0.8374 euros Reporting by Sudip Kar-Gupta; editing by Jason Neely

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