Report
Geoffroy Michalet

SMCP : Nothing really new – the operating challenges and share ownership issues are still the same

>Sales: China and digital (partly) save the performance - 2020 sales were down -23.9% on an organic basis with the decline partly offset by the strong recovery in China (+3.4% in 2020 and +24.5% in H2 2020 organic). The management’s goal is to reduce the number of discounted products and the amounts of the markdowns. As expected, online sales grew strongly, by +28%, and represented 26% of total sales (15% in 2019). The goal of generating 25% of sales via digital chann...
Underlying
SMCP SA

SMCP is engaged in the apparel and accessories retail market. Co.'s products are sold through a network of points of sale and websites. Co.'s product range is composed of on-trend and quality womenswear, menswear and accessories. Co.'s three brands can be characterized as follows: Sandro, targeted at sophisticated and self-confident women with a sleek, cool sense of style and a Parisian nonchalance; Maje, a bohemian chic positioning, targeting a feminine and young-at-heart and joie de vivre clientele and Claudie Pierlot, characterized as Parisian-preppy, wise and with a rebel touch. Claudie Pierlot is focused on a timeless, effortless style.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Geoffroy Michalet

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