French Luxury Fashion Group SMCP Reports Decline in Q1 FY24 Sales, Outlines Mid-term Action Plan for Recovery
- Details
- Published: Monday, 29 April 2024 05:10
SMCP, a renowned French luxury fashion group housing brands like Sandro and Maje, has announced a 5 percent decrease in organic sales for the first quarter of fiscal 2024 (Q1 FY24), amounting to €287 million (approximately $307.2 million). This dip is primarily attributed to challenging year-on-year comparisons. Despite the overall decline, SMCP highlighted strong performances in the American market and resilience across European regions, excluding France. However, subdued consumer spending in China contributed to the overall downturn.