SMCP is expanding its presence in Asia with new distribution agreements in the Philippines and Indonesia, aiming to stabilize following declines in sales.
SMCP, the parent company of Sandro, Maje, and Claudie Pierlot, has taken a significant step in its global expansion strategy by signing distribution agreements in the Philippines and Indonesia. This move comes after its recent foray into India and at a time when the French company is looking to stabilize after several quarters of flat or declining sales.
The new agreements include partnerships with SSI Group in the Philippines, which operates 570 stores under luxury and prêt-à-porter brands, and Map Group in Indonesia, which manages nearly 3,000 stores across 80 cities. SMCP plans to open several stores in these countries, including the first Sandro store at Plaza Senayan in Jakarta and four new stores in Manila.
This move comes in response to a 19.9% decline in sales in the Asia-Pacific region, partly due to the closure of 30 stores in China. Isabelle Guichot, CEO of SMCP, highlighted that the company is refocusing on more dynamic markets in Southeast Asia to improve its growth prospects.
With an ambitious expansion strategy, SMCP aims to leverage the economic potential and the growing middle class in these new regions.
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