SMCP sales near pre-Covid levels in third quarter

French premium fashion group SMCP has reported an uptick in Q3 sales compared to a year earlier as they neared pre-Covid levels.

The group, whose portfolio includes brands Sandro, Maje, Claudie Pierlot and De Fursac, reported sales of 271.7 million euros in the third quarter, an 8.4 percent increase on an organic basis compared to 2020 levels, and 1 percent below pre-Covid 2019 levels.

The Americas performed particularly well, with sales up 10.4 percent compared to two years ago - the first time sales in the region turned positive versus 2019 levels since the beginning of the pandemic.

In APAC, sales were up 7.3 percent compared to 2019 levels, with a strong trend in China, where sales were up 15.8 percent despite some Covid resurgences.

France and EMEA recovery

Meanwhile, in the group’s home market of France, and in the EMEA region, sales progressively caught up with 2019 levels, down 10.4 percent and 8.6 percent, respectively.

“We delivered a solid performance in Q3 allowing us to post sales close to their pre-pandemic level of 2019,” said SMCP chief executive Isabelle Guichot in a release.

She said the group is “particularly pleased” with the strong performance in the US, which continues to outperform thanks to strong demand.

“While our digital sales share stabilizes with the complete reopening of physical stores and the decline in liquidation operations, we have made significant progress on optimizing our network and our full price strategy, in line with the 'One Journey' strategic plan presented last year,” Guichot added.

The group said it continued to see “a positive dynamic across all our markets” in the first weeks of October.

Looking ahead, Guichot said the group is “confident” it can reach 1 billion euros in full-year 2021 sales.