A Sandro store. Shutterstock.
The French contemporary fashion group known as SMCP’s fourth-quarter sales fell 19 percent on an organic basis as coronavirus restrictions tightened in Europe, including a shut-down of non-essential retail in its key home market.
For the full-year, sales fell 24 percent, SMCP said in a statement Friday.
The Paris-based company, controlled by Chinese firm Shandong Ruyi, has slowed its retail expansion, adding just a dozen stores last year compared to 90 in 2019. Instead, it’s ramping up digital services like click-and-collect in its existing locations.
“I am confident that our plan will shape SMCP to the new world,” chief executive Daniel Lalonde said.