SMCP - 2020 Q4 Sales

2020 full year sales
Press release - Paris, January 29, 2021

Full year sales impacted by COVID-19 pandemic
Partially offset by China recovery and Digital growth
Strong management of costs and cash

  • 2020 FY Sales: €873.0m, down -23.9% on an organic basis
  • Strong recovery in Mainland China since June; +3.4%1 in 2020 (o/w +24.5%1 in H2 2020)
  • Strong performance in Digital2: +27.6%, including +43.1% in Q4 2020
  • Selective store openings: +12 net DOS openings (vs.+90 DOS in 2019)
  • Strong management of costs and cash

Commenting on the report, Daniel Lalonde, SMCP’s CEO, stated: “As expected, our sales were impacted by the lockdown measures over the fourth quarter. Nevertheless, the recovery in China since June and the strong management of our costs and cash enabled us to limit the impact of the crisis. I would like to express my gratitude to all our teams that have been fully mobilized and have done amazing work this year. They have implemented multiple initiatives to bring our new strategic plan to life. Notably, during the last quarter, we made solid progress towards our digital roadmap with the launch of new omni-channel services and in our approach to millennials, particularly in China. I am confident that our plan will shape SMCP to the new world.”

€m except %
Unaudited figures
Q4 2019Q4 2020Organic
sales change
sales change
 FY 2019FY 2020Organic
sales change
Reported sales change
Sales by region    
Sales by Brand    
Other brands543.632.3-25.8%-26.0%142.1121.9-25.9%-14.2%
TOTAL317.0251.9-19.4%-20.5%1 131.9873.0-23.9%-22.9%


In 2020, consolidated sales reached €873.0 million, down -23.9% on an organic basis. Reported sales were down -22.9%, including a negative currency impact of -0.4% and De Fursac’s contribution of +1.5%. This performance included -28.6% of like-for-like sales performance.

Over the last twelve months, SMCP’s net openings amounted to +12 directly operated stores. This includes +12 net openings in APAC, +2 in EMEA and +7 in the Americas. Meanwhile, in France, the Group has pursued the optimization of its network with -9 net closings (DOS).

2020 also showed a strong acceleration in digital (+27.6% of sales growth), which partially offset the impact of the crisis. During this period, the Group continued to innovate and test new formats to boost the digital channel such as live streaming or Virtual shopping and made progress towards its “one Journey” ambition with the launch of new omni-channel services such as ship from store in France for Sandro and Maje or Call & collect in Europe.


In the fourth quarter of 2020, consolidated sales reached €251.9 million, down -19.4% on an organic basis, notably impacted by further stores closures in November and December in Europe. Reported sales were down -20.5%, including a negative currency impact of -1.1%. Over the quarter the Group generated +43.1% of digital sales growth, boosted by several new initiatives. In parallel, the accessories category recorded a high penetration rate of 11.4% of sales, notably driven by successful initiatives, such as promoting a dedicated range of small leather goods for Christmas, the success of the M Bag for Maje or the Yza bag for Sandro.

Sales breakdown by region and by brand

In France, sales were down -18.6% on an organic basis, impacted by a one-month lockdown in November as well as a continued low traffic in December affected by further restrictive measures and weak tourism. In the meantime, e-commerce recorded an outstanding performance at +78.4%, supported by a solid activity during Black Friday and some off-price sales on old collections. Over the quarter, the Group pursued its network optimization plan with an additional net closure.

In Europe, sales were down -33.3% on an organic basis impacted by several store-lockdowns in key countries from November including the UK, Germany, the Netherlands as well as a continued sharp drop in tourism. The Group recorded contrasted trends in the region: while Switzerland and Germany showed a better resilience, Italy, the UK and Spain continued to remain the most affected markets by the pandemic. In parallel, the Group recorded a strong double-digit sales growth in e-commerce (+26.4%). Over the quarter, Sandro, Maje and Claudie Pierlot opened in Porto (Portugal) while De Fursac opened in Luxembourg.

In the Americas, sales were down -27.0% on an organic basis, impacted by further restrictive store measures in Canada and in key US regions such as California. Meanwhile, e-commerce displayed a strong double-digit sales growth6 (+39.6%).

In APAC, sales were up +1.9% on an organic basis and +9.2% excluding 2019 Q4 positive one-off. This performance was mainly driven by Mainland China (+21.0% excluding this one-off). It was mostly fuelled by the Brick & Mortar channel and included +12.6% of like-for-like sales growth. Meanwhile, Digital was stable, reflecting a high base of comparison as well as a strong markdown reduction decided by the Group despite an increasingly promotional market. In parallel, the rest of Asia was impacted by new restrictive measures in December in several countries such as South Korea, Singapore and Australia. Hong-Kong SAR and Macau SAR remained challenging while restrictive measures continued to weigh on tourism. Taiwan continued to generate a strong performance. Over the quarter, SMCP entered a new country (Vietnam) with the opening of Sandro and Maje in Ho Chi Minh city.

A conference call to investors and analysts will be held today by Daniel Lalonde, CEO and Patrica Huyghues Despointes, CFO from 9.00 a.m. (Paris time).

Related slides will also be available on the website (, in the Finance section.


      ·March 24, 2021 – 2020 FY Results


Breakdown of DOS

Number of DOS2019 Q1-20 Q2-20 Q3-202020 Full year variationQ4-20 variation
By region        
France 528522524520519 -9-1
EMEA413413415414415 +2 +1
Americas162164164167169 +7 +2
APAC219217221229231 +12 +2
By brand        
Sandro550554555559560 +10 +1
Maje444443448451452 +8 +1
Claudie Pierlot224222223219220 -4+1
Suite 3414438383838 -6-
De Fursac6059606364 +4 +1
Total DOS1 3221 3161 3241 3301 334 +12 +4

Breakdown of POS

Number of POS2019 Q1-20 Q2-20 Q3-202020 Full year variationQ4-20 variation
By region        
France530522524520519 -11-1
EMEA535531534531546 +11 +15
Americas189191193187193 +4 +6
APAC386388399406419 +33 +13
By brand        
Sandro707711716714730 +23 +16
Maje577576587584596 +19 +12
Claudie Pierlot250248249245249 -1+4
Suite 3414438383838 -6-
De Fursac6259606364 +2 +1
Total POS1 6401 6321 6501 6441 677 +37 +33
o/w Partners POS318316326314343 +25 +29


The Group uses certain key financial and non-financial measures to analyse the performance of its business. The principal performance indicators used include the number of its points of sale, like-for-like sales growth, Adjusted EBIT and Adjusted EBIT margin.

Number of points of sale

The number of the Group’s points of sale comprises total retail points of sale open at the relevant date, which includes (i) directly-operated stores, including free-standing stores, concessions in department stores, affiliate-operated stores, factory outlets and online stores, and (ii) partnered retail points of sale.

Like-for-like sales growth

Like-for-like sales growth corresponds to retail sales from directly operated points of sale on a like-for-like basis in a given period compared with the same period in the previous year, expressed as a percentage change between the two periods. Like-for-like points of sale for a given period include all of the Group’s points of sale that were open during the same period of the previous year and exclude points of sale closed during the period, including points of sale closed for renovation for more than one month, as well as points of sale that changed their activity (for example, Sandro points of sale changing from Sandro Femme to Sandro Homme or to a mixed Sandro Femme and Sandro Homme store).
Like-for-like sales growth percentage is presented at constant exchange rates (sales for year N and year N-1 in foreign currencies are converted at the average N-1 rate, as presented in the annexes to the Group's consolidated financial statements as of December 31 for the year N in question).

Organic sales growth

Organic sales growth corresponds to total sales in a given period compared with the same period in the previous year, expressed as a percentage change between the two periods, and presented at constant exchange rates (sales for period N and period N-1 in foreign currencies are converted at the average year N-1 rate) excluding scope effects, i.e. excluding the acquisition of De Fursac



Unless otherwise indicated, amounts are expressed in millions of euros and rounded to the nearest million. In general, figures presented in this press release are rounded to the nearest full unit. As a result, the sum of rounded amounts may show non-material differences with the total as reported. Note that ratios and differences are calculated based on underlying amounts and not on the basis of rounded amounts.



Certain information contained in this document includes projections and forecasts. These projections and forecasts are based on SMCP management's current views and assumptions. Such forward-looking statements are not guarantees of future performance of the Group. Actual results or performances may differ materially from those in such projections and forecasts as a result of numerous factors, risks and uncertainties. These risks and uncertainties include those discussed or identified under Chapter 3 “Risk factors” of the Company’s Universal Registration Document filed with the French Financial Markets Authority (Autorité des Marchés Financiers - AMF) on 30 April 2020 and available on SMCP's website (
This document has not been independently verified. SMCP makes no representation or undertaking as to the accuracy or completeness of such information. None of the SMCP or any of its affiliate’s representatives shall bear any liability (in negligence or otherwise) for any loss arising from any use of this document or its contents or otherwise arising in connection with this document.



SMCP is a global leader in the accessible luxury market with four unique Parisian brands: Sandro, Maje, Claudie Pierlot and De Fursac. Present in 41 countries, SMCP generated nearly 900 million of sales in 2020. The Group comprises a network of over 1,600 stores globally plus 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 De 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).


INVESTORS/PRESS                                         PRESS

SMCP                                                                                      BRUNSWICK

Célia d’Everlange                                                                  Hugues Boëton
                                                                                                Tristan Roquet Montegon

+33 (0) 1 55 80 51 00                                                         +33 (0) 1 53 96 83 83                                                                                                               

1 Organic sales growth excluding 2019 Q4 one-off impacts related to off-price sales (c.€5m)

2 Taking into account new accounting method in the US on returns

3 EMEA covers the Group's activities in European countries excluding France (mainly the United Kingdom, Spain, Germany, Switzerland, Italy and Russia) as well as the Middle East (including the United Arab Emirates).

4 APAC includes the Group's Asia-Pacific operations (mainly Mainland China, Hong Kong SAR, South Korea, Singapore, Thailand and Australia).

5 Claudie Pierlot and De Fursac brands

6 Taking into account new accounting method in the US on returns



Press Release - SMCP - 2020 Q4 Sales