Premium fashion group SMCP has reported a near 24 percent increase in Q1 sales but said APAC felt the impact of fresh Covid restrictions.
The French group, which owns brands Sandro, Maje, Claudie Pierlot and De Fursac, reported sales of 283 million euros in the first quarter, an increase of 23.7 percent on an organic basis compared to a year earlier.
The performance was driven by like-for-like growth thanks to strong local demand, as well as “outstanding” momentum in the Americas and EMEA, which were up 44.5 percent and 72.9 percent, respectively.
Sales in the group’s home market of France increased 22.7 percent.
APAC hit by Covid outbreaks
But despite a good start to the year, the group said it was “significantly” impacted by recent Covid restrictions in APAC, first in Hong-Kong and later in Mainland China. Sales in APAC dropped 13.9 percent in the quarter.
Breaking it down by brands, Sandro posted the strongest growth, up 25.9 percent, followed by Maje, up 22.1 percent, and ‘Other Brands’, up 21 percent.
Group CEO Isabelle Guichot said: “Globally, we continued to successfully follow our One Journey strategic plan, implementing initiatives to further increase the desirability of our brands, planning tailored openings in Europe and Asia, and achieving continuous significant progress in our full price strategy.”
Looking ahead, Guichot said the group will continue “closely monitoring the health situation in APAC” and will restate its financial targets “provided that the situation improves relatively quickly”.