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SMCP lowers annual guidance amid Europe and China slowdown

Luxury conglomerate SMCP has adjusted its 2023 annual guidance, lowering its forecasted sales growth from mid- to high- single digit to mid-single digit. Additionally, the group reported an adjusted EBIT margin, now expected to be in between 7 and 9 percent instead of its previously forecast 9.2 percent. The company, which owns the likes of...