86
Fashion Jobs
SHISEIDO
K-Key Account Lead
Permanent · HO CHI MINH CITY
ADIDAS
Senior Director Product Creation Ftw
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Corporate Affairs & Reputation Manager - Corporate Affairs & Engagement
Permanent · HO CHI MINH CITY
JO MALONE LONDON
Education Manager, Jml/lm
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Senior HR Operations Executive/ Assistant Manager
Permanent · HO CHI MINH CITY
ADIDAS
Key Account Manager (Franchise)
Permanent · HO CHI MINH CITY
ADIDAS
Senior Manager, Commercial, Adigolf, Vietnam 1
Permanent · HO CHI MINH CITY
ADIDAS
Key Account Manager 1 (Franchise)
Permanent · HO CHI MINH CITY
COLUMBIA
lo Costing & Engineering Manager
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Category Manager - Cpd
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Business Planning Manager - Cpd
Permanent · HO CHI MINH CITY
ADIDAS
Senior Manager Product Creation (Sportwear)
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Product Manager - Shu Uemura
Permanent · HO CHI MINH CITY
ADIDAS
Manager, Quality Product Integrity
Permanent · HO CHI MINH CITY
TAPESTRY
Manager, Manufacturing Engineer
Permanent · HO CHI MINH CITY
SPECIALIZED
Painting Quality Engineer - Bình Dương, Vietnam
Permanent ·
ON RUNNING
Social Compliance Specialist - Hcm Based
Permanent · HO CHI MINH CITY
ADIDAS
Senior Manager, Sourcing Operations
Permanent · HO CHI MINH CITY
WILLIAMS SONOMA
Wood Sustainability Specialist - (Global)
Permanent · THUẬN AN
PUMA
Manager Quality Apparel & Accessories
Permanent · HO CHI MINH CITY
PUMA
Senior Executive, Finance
Permanent · HO CHI MINH CITY
PUMA
Head of Quality Footwear
Permanent · HO CHI MINH CITY
By
Reuters
Published
Mar 21, 2019
Reading time
2 minutes
Download
Download the article
Print
Text size

Sandro-owner SMCP expects slower growth as French protests drag on

By
Reuters
Published
Mar 21, 2019

SMCP, the French fashion group behind Sandro, forecast sales would grow at a more moderate pace in 2019 as street protests rock its home market and Britain's messy EU exit spreads uncertainty, sending its shares lower on Wednesday.




The company, which also owns so-called "affordable luxury" brands Maje and Claudie Pierlot, said it expected sales to expand by 9 to 11 percent at constant currencies in 2019, after 13 percent growth in 2018.

"We're seeing a slightly uncertain macro-economic backdrop, especially in France, and also a little linked to the Brexit situation," Chief Executive Daniel Lalonde told reporters.

SMCP's adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) rose 11.6 percent to 171.5 million euros ($196 million) in 2018.

The shares were down 8 percent by 1135 GMT. Analysts at Jefferies said the group's guidance was "moderately disappointing."

SMCP is expanding rapidly across Asia and Europe with new stores but makes the bulk of its money in France, where "yellow vest" protests over the cost of living erupted last November and have led to rioting in Parisian shopping districts.

Last Saturday shops on the Champs Elysee avenue were looted as violence flared up, forcing some retailers to close shops.

The financial effect on SMCP has so far been muted, costing it 4 million euros in lost earnings last year, or under 1 percent of its 1 billion euro ($1.14 billion) turnover.

The company, controlled by Chinese retail group Shandong Ruyi, expects to add just over 100 points of sale to its 1,466-strong network this year, mainly across Asia and in Europe.

Greater China in particular was proving promising, Lalonde said, adding the year had got off to a "very, very good start" there - a reassuring signal for other high-end fashion brands concerned about the fallout from a U.S- China trade war.

But SMCP - whose labels like Sandro sell dresses around the 400 euro mark, on a par with French rivals like The Kooples or Britain's Ted Baker - also faces risks as it adds to fixed costs and competition rises in its market segment.

Ted Baker reported its first annual profit drop since 2008 on Wednesday.

SMCP's comparable sales, when not factoring in store openings, progressed by 3.7 percent in 2018.

The group is banking on a flat operating margin in 2019, after it reached 16.9 percent last year, as it invests in e-commerce globally and in logistics in Asia, Lalonde said.

 

© Thomson Reuters 2024 All rights reserved.