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SMCP details new ownership structure after former Chinese owner cuts stake

FILE PHOTO: A Maje label is pictured on clothes inside a Maje luxury clothing store, operated by SMCP Group, in Paris, France, December 21, 2017. REUTERS/Benoit Tessier/File Photo

PARIS (Reuters) - French fashion company SMCP, whose brands include Sandro and Maje, detailed its new ownership structure on Thursday after a group of bondholders became its top shareholder last month following the default on a bond of its previous Chinese owner.

SMCP said on its website the bondholders, which include asset manager BlackRock and an affiliate of private equity firm Carlyle, now held a 29% stake in the company and 25% of its voting rights.

European TopSoho, a unit of Chinese conglomerate Shandong Ruyi which defaulted on 250 million euros of bonds exchangeable in SMCP shares and also recently sold some of its holding, is left with an 8% stake and 14% of voting rights.

The bondholders, represented by a company called GLAS, have called for changes on the board of SMCP and said they want to sell their stake to a third party.

Reporting by Silvia Aloisi; Editing by Edmund Blair

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