SMCP Dismisses Former Chinese Owners From Board – WWD

PARIS – SMCPThe company’s shareholders voted to dismiss five board members representing former owners European TopSoho, a division of ailing Chinese apparel company Shandong Ruyi, opening a potential avenue ability to sell a majority stake in the accessible French luxury company.

The owners of the Sandro, Maje, Claudie Pierlot and De Fursac labels said on Friday that they have approved the appointment of three new independent directors in their stead.

They are Christophe Chenut, a French businessman whose past roles include CEO of Lacoste; Xavier Véret, financial expert, and Natalia Nicolaidis, former managing director at Crédit Suisse.

The company had originally planned to appoint four directors, but former LVMH Moët Hennessy Louis Vuitton director Christopher Zanardi-Landi withdrew his application before the vote for personal reasons, SMCP speak.

According to the SMCP, a board meeting is scheduled “in the next few days” to appoint a new chairman.

The vote was provoked by GLAS, whose trust has owned a 29% stake in SMCP since European TopSoho, a subsidiary of Luxembourg-based Shandong Ruyi, defaulted on bonds worth 250 million euros last September, as reported.

GLAS and European TopSoho, which previously owned 53% of SMCP, have been caught up in a war of wills ever since. The Luxembourg-based company asked to postpone Friday’s shareholder meeting, but the Paris Commercial Court ruled against it earlier this week.

In November, European TopSoho sold its remaining 16% stake to a company called Dynamic Treasure Group Ltd., based in the British Virgin Islands.

GLAS is expected to sell off its stake in SMCP.

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