The Italian label has confided the North American market to luxury industry veteran Daniella Vitale and the EMEA region (Europe, the Middle East and Africa) to Vincenzo Equestre, who joins the brand from Chaumet.
The owner of SMCP said on Wednesday it had started legal proceedings against companies serving bondholders it alleged were seeking to take control of the Sandro, Maje and Claudie Pierlot owner at a low price.
Shares of French fashion firm SMCP rose on Tuesday as the company inched towards an ownership change, prompting an analyst upgrade on expectations its financially strapped majority shareholder Shandong Ruyi.
The co-founder of the Experienced Capital fund and ex-SMCP director has joined the board of the Florentine label, currently in the midst of a transition phase. Future CEO Marco Gobbetti will start in January 2022.
With Topsoho likely unable to repay the €250 million bond debt that matured on Tuesday, its creditors could acquire a 53% stake in Topsoho-owned SMCP, only to perhaps decide to sell it, as FashionNetwork.com has learned.
European Topsoho, owner of the SMCP group and a subsidiary of China's troubled Shandong Ruyi group, seems unable to repay its bond debt maturing on Tuesday, and its creditors might acquire a stake in the company.
Shandong Ruyi, the Chinese group that owns a raft of European brands, continued to struggle in H1. Turnover fell 20.43% with the clothing category down 44.67% and the share of revenue it accounted for dropping sharply.