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Press release - Paris, 23 September 2021
Bonds exchangeable into SMCP shares issued by European TopSoho
SMCP has been informed by official mail that GLAS, in its capacity as Trustee under the bonds exchangeable into SMCP shares issued in September 2018 by European TopSoho S.à r.l., has notified European TopSoho S.à r.l., the majority shareholder of SMCP with 53% of the share capital, of the failure to redeem at their maturity date on September 21, 2021 the EUR 250 million bonds exchangeable into SMCP shares and that European TopSoho S.à r.l. has until September 30, 2021 (inclusive) to remedy this default. To SMCP's knowledge, the shares underlying the bonds and pledged in this context represent 37% of the share capital of SMCP.
SMCP recalls that this situation does not question its own financings and operations. Value creation for all of the Group's stakeholders (shareholders, employees and other partners) is at the heart of the company's strategy. SMCP and its teams remain fully committed to the implementation of the One Journey strategic plan to 2025.
SMCP is a global leader in the accessible luxury market with four unique Parisian brands: Sandro, Maje, Claudie Pierlot and Fursac. Present in 43 countries, the Group comprises a network of over 1,600 stores globally and a strong digital presence in all its key markets. Evelyne Chetrite and Judith Milgrom founded Sandro and Maje in Paris, in 1984 and 1998 respectively, and continue to provide creative direction for the brands. Claudie Pierlot and Fursac were respectively acquired by SMCP in 2009 and 2019. SMCP is listed on the Euronext Paris regulated market (compartment A, ISIN Code FR0013214145, ticker: SMCP).
Tristan Roquet Montegon
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