PARIS — SMCP, the parent company of Sandro, Maje, Claudie Pierlot, and Fursac, has regained control of a 15.5 percent stake of its capital as a result of a ruling by the Singapore High Court, following a lengthy legal battle.
The group said Monday after market close that the shares — previously transferred in 2021 to Dynamic Treasure Group, a trust registered in the British Virgin Islands — have officially been returned to European TopSoho, a Luxembourg-based holding entity and former majority shareholder of SMCP. The return of the shares follows a July 4 decision by the court in Singapore, where the shares were being held.
“The return of the shares clarifies SMCP’s shareholding situation,” the company said in a statement. “The group remains focused on executing its profitable growth strategy, leveraging the desirability of its brands, its operational agility, and ongoing efforts in cost management.”
The 15.5 percent stake has been at the center of a years-long shareholder dispute dating back to the financial collapse of Chinese conglomerate Shandong Ruyi, which had acquired a majority stake in SMCP in 2016 through European TopSoho ahead of the group’s 2017 initial public offering.
This is the latest twist of the “missing shares” case that began in 2021, when 15.5 percent of the share capital “disappeared” from Luxembourg and reappeared in the British Virgin Islands two-and-a-half months later.
They reappeared in the accounts of Dynamic Treasure Group, also controlled by European TopSoho director Chenran Qiu, the daughter of Shandong Ruyi’s founder. European TopSoho had sold them to Dynamic Treasure Group for a symbolic one euro.
In the interim, European TopSoho also issued a press release denying Qiu’s involvement in Dynamic Treasure Group, misleading the market.
The Singapore court ruling followed a similar decision by the English High Court in July 2024, which canceled the sale of the shares to Dynamic Treasure Group. Jurisdiction moved to Singapore, where the shares were being held in local accounts.
European TopSoho, which entered bankruptcy proceedings in February 2023, is now under the control of a court-appointed administrator in Luxembourg.
The return of the 15.5 percent stake won’t immediately change control of SMCP but does bring greater transparency to investors.
London-based GLAS currently acts as trustee for European TopSoho’s creditors, including BlackRock, Carlyle, Anchorage, Boussard and Gavaudan, who remain SMCP’s largest shareholders. Last year, GLAS revealed its intention to offload 37 percent of the group’s shares — a move that could trigger a mandatory takeover under French law if a single buyer snaps them up.
In its second-quarter financial results released July 29, SMCP posted 3.3 percent organic sales growth to 304.5 million euros, as the group doubled down on full-price sales and tighter inventory controls.
Chief executive officer Isabelle Guichot’s recovery strategy continues to focus on stabilizing the business following store closures in China, while expanding in new markets including India and the Philippines, and focusing investment on its core brands Sandro and Maje.
