Company News

Fashion group SMCP's Q2 sales hit by impact of COVID-19 pandemic

PARIS, July 29 (Reuters) - French fashion group SMCP , whose brands include Sandro and Maje, reported on Wednesday a slump in second-quarter sales as the COVID-19 pandemic led to closures of stores and fewer shoppers out on the streets.

SMCP, which is majority-owned by Chinese company Shandong Ruyi, said group sales had fallen by 45.8% from a year ago to 144.1 million euros ($169 million).

SMCP said it won’t be giving any outlook regarding its 2020 sales and profits, given the uncertainty over the COVID-19 crisis.

“Despite the persistent market uncertainties, I remain confident in our ability to get through this unprecedented crisis thanks to the strength of our business model, the attractiveness of our brands and the impressive commitment of our teams,” said SMCP CEO Daniel Lalonde.

$1 = 0.8525 euros Reporting by Sudip Kar-Gupta Editing by Shri Navaratnam