Stock Groups

Unit of SMCP’s majority shareholder fails to redeem bonds By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO. A worker arranges a clothes display in a Sandro luxury fashion store. It is owned by SMCP Group and located in Paris. December 21, 2017. REUTERS/Benoit Tessier

PARIS (Reuters) – French fashion company SMCP, whose brands include Sandro and Maje, said on Thursday that European TopSoho – a unit of its majority shareholder – had failed to redeem 250 million euros ($293 million) of bonds exchangeable into SMCP shares.

“European TopSoho still has time to correct this default” SMCP said in a statement.

According to SMCP, 37% of SMCP’s capital is comprised of shares that are underlying these bonds.

SMCP stated that the circumstances did not put into doubt its operations and funding. SMCP shares rose 5.6% to 0855 GMT.

Shandong Ruyi owns 53% share of SMCP and European TopSoho, one of its units. Both companies did not respond to email requests for comment.

($1 = 0.8530 euros)

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