financial and business news

SMCP S A: – Signature of a loan guaranteed by the State

Press release – Paris, June 23, 2020

SMCP strengthens its liquidity and financial flexibility to support the resumption of its activities

  • State guaranteed loan of 140 million euros
  • Suspension of covenants for the financial year 2020 (covenant Holiday) and flexibility of covenants financial statements for 2021

In continuation of the first measures intended to mitigate the economic impact of the Covid-19 crisis, SMCP today announces new initiatives to strengthen its financial flexibility.

The Group announces that it has contracted a loan of 140 million euros guaranteed by the French State (PGE) up to 90%, with a maturity of one year and an extension option of up to 5 additional years. This operation brought together a pool 12 banks (BNP Paribas, Crédit Agricole CIB, Crédit Agricole IDF, LCL, HSBC, Caisse d´Epargne IDF, Commerzbank, Société Générale, Arkéa Banque, Bank of America, Bred and Crédit du Nord). SMCP has undertaken not to pay dividends for the years 2020 and 2021.

In addition, SMCP obtained from its banking partners a suspension of its covenants financial (covenant Holiday) for the 2020 financial year and a relaxation of its covenants for the financial year 2021 (debt leverage of 4.5x at June 30 and 4x at December 31). SMCP takes this opportunity to thank its banking partners for their renewed support, which shows their confidence in the Group.

While SMCP was able to reopen 96% of its wholly-owned stores, these new measures, combined with its action plan to reduce operating expenses, adjust its collection plans and promote the development of its e-commerce sales, will enable it to benefit from the financial flexibility necessary to support, in the best conditions, the resumption of activity.


This press release contains certain information that constitutes forward-looking statements. These forward-looking statements are based on the current expectations and beliefs of the management team and are subject to a number of risks and uncertainties, including those related to the current Covid-19 epidemic, as a result of which actual results may differ materially. of those set forth in these forward-looking statements. Consequently, no guarantee is given that these projections will be achieved or that the results objectives will be achieved.
These risks and uncertainties include those presented and detailed in Chapter 3 “Risk factors” of the Universal Registration Document of the Company filed with the Autorité des Marchés Financiers on April 30, 2020 and which is available on the SMCP website (
This press release has not been independently verified. SMCP makes no representations or warranties as to the accuracy or completeness of the information presented in this press release. Under no circumstances may SMCP, one of its affiliates or one of its representatives be held liable for any harmful consequences resulting from the use of this press release or any information contained therein.



SMCP is a world leader in the accessible luxury market with a portfolio of four unique Parisian brands Sandro, Maje, Claudie Pierlot and De Fursac. Present in 41 countries, SMCP is a high-growth Group which crossed the billion-dollar threshold in 2018. The group includes a network of more than 1,500 stores worldwide and a strong digital presence in all of its key markets. Evelyne Chetrite and Judith Milgrom founded Sandro and Maje respectively in Paris in 1984 and in 1998 and continue to provide artistic direction. Claudie Pierlot and De Fursac were acquired by SMCP in 2009 and 2019 respectively. SMCP is listed on the regulated market of Euronext (compartment A, ISIN FR0013214145, Mnemonic code: SMCP).




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