SMCP’s shareholders met in a general meeting on Friday and dismissed the Chinese group’s representatives from the board. Christophe Chenut, Xavier Veret and Natalia Nicolaidis have been named in their place.
An ownership battle at SMCP heated up on Wednesday as major shareholders claimed a 16% stake in the French fashion group had been illegally transferred to an offshore account, and a meeting to force a boardroom reshuf...
The Paris trade court has ruled in favour of the creditors of SMCP’s Chinese owners. The creditors hold a 29% stake in the fashion group and wanted to convene an AGM to solve the group's ownership issues.
A group of bondholders including asset manager BlackRock and an affiliate of private equity firm Carlyle has become the top shareholder in French fashion company SMCP, taking on a 29% equity stake it now wants to sell.
SMCP has had to deal with plenty of background ‘noise’ of late as issues around its parent company persist. But it’s remained laser-focused on driving sales back to more normal levels and saw some success in Q3.
Gieves & Hawkes, the bespoke tailoring business, could be a step nearer to closing down as the problems facing its parent company continue to weigh on its operations and a crunch creditor vote looms next week.