SMCP halts shipments of its fashion apparel to Russia

Smcp SA

09/03/2022 16:45

PARIS, March 9 (Reuters) - SMCP, the French group behind
contemporary fashion labels Sandro, Maje and Claudie Pierlot,
said Wednesday it would suspend deliveries to Russia, where a
local company operates around 40 stores under its brands.
    Western labels have been exiting Russia, where business has
become complex since the country's invasion of Ukraine, which
prompted sweeping sanctions from the United States, Britain and
the European Union.
    SMCP had already delivered most of the spring and summer
apparel and accessories collections, SMCP chief executive
officer Isabelle Guichot told reporters in a call. 
    Russia accounted for less than 1% of the group's total sales
of 1.04 billion euros ($1.15 billion) last year. 
    The group on Wednesday posted a 22.1% rise in fourth quarter
sales on an organic basis, with fast growth from Europe and the
United States offsetting a decline in Asia where intermittent
coronavirus flare ups dented business.
    Intermittent lockdowns in China, which has a zero-COVID
policy, are weighing on traffic in stores and malls, said
Guichot.
    ($1 = 0.9029 euros)

 (Reporting by Mimosa Spencer
Editing by Mark Potter)
 ((Mimosa.Spencer@thomsonreuters.com;))