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Introduction & Market Context
SMCP, the parent company of Sandro, Maje, Claudie Pierlot, and Fursac, presented its Q3 2025 sales results on October 23, showcasing steady growth despite regional challenges. The luxury fashion group’s stock price rose 1.36% following the announcement, reflecting investor confidence in its strategic direction.
The company reported nine-month sales of €896 million, representing a 2.8% organic growth and a 2.9% like-for-like (LFL) increase compared to the same period in 2024. This performance comes amid a challenging luxury market environment, particularly in Asia, where SMCP has been implementing network optimization initiatives.
Quarterly Performance Highlights
SMCP maintained consistent quarterly organic growth throughout 2025, with Q1 at +2.6%, Q2 at +3.3%, and Q3 at +2.5%. The third quarter showed particularly strong like-for-like sales growth of 3.2%, demonstrating healthy consumer demand for the company’s brands.
As shown in the following quarterly performance overview:
The company’s growth was supported by multiple factors, including a positive wholesale performance (+1.9% contribution) and a disciplined full-price strategy that reduced the discount rate by 3 percentage points compared to 2024. This strategic pricing approach has been particularly effective in China and for the Maje and Claudie Pierlot brands in Europe.
A detailed breakdown of the contribution to growth reveals how different factors influenced the overall sales performance:
While network optimization initiatives had a negative impact of -1.5% (-€13m) on sales growth, this was more than offset by the positive like-for-like performance and wholesale channel contribution. Currency exchange effects had a modest negative impact of -0.8% (-€7m).
Regional Performance Analysis
SMCP’s performance varied significantly across regions, highlighting the importance of its diversified geographical footprint. The Americas and EMEA regions showed particularly strong results, while Asia-Pacific continued to face challenges.
The following regional breakdown illustrates these disparities:
Europe remained SMCP’s largest market, with France accounting for 34% of sales and EMEA (excluding France) representing 35%. The Americas contributed 16% to total sales, while APAC accounted for 15%.
In terms of organic growth, the Americas led with an impressive +11.4% increase over the nine-month period, followed by EMEA at +6.7%. France showed modest growth of +1.3%, while APAC declined by -8.8%.
A closer look at the European performance reveals:
France’s performance was mixed across quarters, with Q1 showing strong organic growth of +4.0%, followed by a more modest +0.6% in Q2, and a slight decline of -0.8% in Q3. However, like-for-like growth remained positive at +0.5% in Q3, indicating that existing stores continued to perform well despite overall network adjustments.
The EMEA region demonstrated robust performance throughout the year, with particularly strong Q3 results showing +8.3% organic growth and +7.1% like-for-like growth.
Performance in the Americas and Asia-Pacific regions showed contrasting trends:
The Americas region maintained double-digit organic growth in both Q2 (+21.6%) and Q3 (+10.5%), with like-for-like performance improving significantly from -3.9% in Q1 to +14.9% in Q2 and +4.6% in Q3.
Conversely, APAC continued to face challenges, with organic growth declining by -10.7% in Q3. However, the company noted a return to positive like-for-like growth in brick-and-mortar stores in China, suggesting that its strategic adjustments in the region may be beginning to yield results.
Strategic Initiatives
SMCP continued to implement several strategic initiatives during Q3 2025, focusing on brand elevation, network optimization, and international expansion.
The company expanded its network by 9 points of sale in Q3, primarily through partnerships in key markets such as the Middle East, Egypt, and the Balkans. SMCP also entered a new market with its expansion into Georgia.
A significant focus has been placed on enhancing brand desirability through collaborations with key opinion leaders (KOLs) and the development of new store concepts. The new Maje store concept launched in London exemplifies this approach:
The company also continued to strengthen its brand animation through collaborations with influential personalities. Sandro partnered with Ludovica Frasca and Alvaro Morte, while Claudie Pierlot launched a pop-up for its new Swing shoes at Galeries Lafayette Hausmann in Paris.
SMCP’s strategic expansion through partnerships was highlighted by key openings in new markets:
Forward-Looking Statements
Based on its performance through the first nine months of 2025, SMCP expressed confidence in its strategic direction and ability to maintain growth momentum. The company highlighted several positive indicators in its conclusion:
The return to positive like-for-like growth in brick-and-mortar stores in China represents a particularly encouraging development, suggesting that SMCP’s strategic adjustments in this challenging market are beginning to yield results.
The company’s balanced geographical footprint has proven valuable in offsetting regional challenges, with strong performance in Europe and America compensating for the ongoing difficulties in Asia. Meanwhile, the flagship Sandro and Maje brands continue to gain market share, reinforcing SMCP’s competitive position in the accessible luxury segment.
Looking ahead, SMCP will continue to focus on its full-price strategy and brand elevation initiatives while optimizing its network and controlling costs. The company’s next financial publications are scheduled for February 26, 2026 (2025 full-year results) and April 28, 2026 (Q1 2026 sales).
Full presentation:
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