The SMCP Group, parent company of the Sandro, Maje, Claudie Pierlot, and Fursac brands, recorded sales of 601.1 million euros in the first half of 2025, up 3% organically compared to the same period in 2024. This momentum was reinforced in the second quarter, with organic growth of 3.3% to 304.5 million euros, confirming an acceleration compared with the first three months of the year.
Maje – Wertheim Village
Growth continued to be driven by the EMEA (excluding France) and Americas zones. In Europe, Middle East, and Africa, first-half sales totaled 204 million euros, up 5.9% organically. This performance was underpinned by like-for-like growth of 6%, rigorous execution of the full-price strategy, and expansion via partners, notably in the Balkans and Jordan.
In the Americas, six-month organic sales rose by 11.9% to 93.5 million euros. The increase even reached 21.6% in the second quarter, thanks to a combination of price effects in the United States, volume growth, and the success of the 2024 openings. Despite 25 net store closures in the region, momentum remains positive across all channels, including Mexico and Canada.
In France, sales remained stable, with a moderate increase of 2.3% over the half-year to 207 million euros. This performance is in line with a high basis of comparison and a sales policy focused on full price. The network was streamlined, with 16 net closures, mainly at Claudie Pierlot.
“This is our historic market; we’re still very strong, and there’s a competitive context that’s favorable to us, and we’re gaining market share,” explained the group’s CEO. “We’re very cautious, but we’re still the category leader in France.”
The Asia-Pacific region, on the other hand, posted an 8.0% organic decline to €96.6 million, impacted, according to the group, by the full-year effect of the network reduction in China implemented in 2024. On a like-for-like basis, however, the trend stabilized. Group management stressed that the zone benefited from good results in several Southeast Asian markets and the promising start-up of activities in India and Indonesia.
Sandro, the group’s leading brand, recorded organic growth of 3.7% over the half-year, to 302.2 million euros. Maje grew by 2.9% to 224.3 million euros. The portfolio’s “other brands”—Claudie Pierlot and Fursac—posted a slight increase of 0.5% to 74.6 million euros, despite ongoing rationalization of the network.
Enhanced profitability
Adjusted EBIT more than doubled to 42.6 million euros, compared with 18.8 million euros a year earlier. Margin rose from 3.2% to 7.1% of sales. This improvement was driven by lower operating expenses, better absorption of fixed costs, and a 3-point reduction in the average discount rate.
Net income was positive at 11 million euros, compared with a loss of 27.7 million euros for the same period in 2024. Free cash flow reached 33.1 million euros, an all-time high for a first half-year. Net debt was reduced to 205.6 million euros, versus 292.5 million euros at June 30, 2024, reducing leverage to 1.9 times adjusted Ebitda.
“We announced this and we’re delivering, even if some observers were skeptical. It’s a very good message for the financial community,” said Isabelle Guichot with satisfaction.
“This momentum rewards the work of our teams on the desirability of our brands and the pursuit of our full-price strategy. The initiatives launched in 2024 are now bearing fruit and have enabled us to more than double our adjusted EBIT margin. This financial discipline is also reflected in strong cash flow generation and a significant reduction in our net debt.”
In addition, SMCP said it had been informed of a Singapore High Court ruling on July 4, ordering Dynamic Treasure Group Ltd to return to European Topsoho S.à r.l. the 15.5% of SMCP’s share capital sold in 2021. The company points out that, as the restitution deadline had not been met, forced transfer proceedings have been initiated by the creditors under the GLAS umbrella. The order is subject to appeal. The resolution of this conflict would enable the Group to envisage a new phase.
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