SMCP shareholders vote for board reshuffle following ownership change (updated)
14/01/2022 15:27
(Adds details)
PARIS, Jan 14 (Reuters) - The shareholders of fashion group
SMCP SMCP.PA on Friday voted to dismiss five board members
associated with its former majority owner Shandong Ruyi,
including board president Yafu Qiu and his daughter Chenran Qiu,
and add three new independent members.
SMCP, the owner of contemporary French fashion labels Sandro
and Maje, said in a statement on Friday that the board would
meet in the coming days to appoint a new chairman.
The board reshuffle follows legal battles between
shareholders of the French fashion group dating back to last
autumn.
Tensions have been high between European TopSoho, a unit of
the conglomerate Shandong Ruyi 002193.SZ , and its former
debtholders since it defaulted on 250 million euros of bonds
exchangeable into SMCP shares in October.
(Reporting by Mimosa Spencer, Dominique Vidalon; Editing by
Kirsten Donovan)
((dominique.vidalon@thomsonreuters.com; +33149495432; Reuters
Messaging: dominique.vidalon.reuters.com@reuters.net))