On February 26, Paris-based accessible luxury group SMCP announced its full-year results for 2025. The company, which owns four global brands—Sandro, Maje, Claudie Pierlot, and Fursac—successfully returned to profitability despite facing headwinds from a year-end slowdown in the French market.
For the fiscal year 2025, sales reached €1,217.4 million, representing organic growth of +1.7% compared to €1,211.7 million in 2024. Growth was primarily driven by strong performance in EMEA (excluding France) and the Americas, while France experienced softer consumer demand in the second half amid political and social uncertainties.
The Group maintained a strict full-price strategy, reducing the average in-season discount rate by three percentage points to 20%. This reinforced pricing discipline and contributed to margin improvement.
Profitability Recovery and Financial Strengthening
Adjusted EBIT reached €95.2 million (7.8% of sales), marking an 80% increase compared to €53.0 million in 2024. Net income came in at €16.6 million, a significant turnaround from a net loss of €23.6 million the previous year.
Free cash flow hit a record €91.1 million. Net financial debt declined to €147.5 million, and the leverage ratio improved to 1.3x, halving from 2.6x in 2024. The strengthening of the Group’s financial structure is therefore evident.
Brand Performance
SMCP’s revenue structure continues to rely primarily on its two core brands, Sandro and Maje.
Sandro generated €608.8 million in sales in 2025, achieving organic growth of +2.0%. As the Group’s largest brand, it maintained a stable and resilient foundation.
Maje posted €464.9 million in sales, delivering the strongest organic growth among the four brands at +2.9%. Its performance in EMEA and the Americas notably supported this expansion.
Combined sales for Claudie Pierlot and Fursac totaled €143.7 million, reflecting organic decline of -3.1%. The impact of ongoing network optimization in Europe weighed on full-year performance.
In terms of revenue contribution, Sandro accounted for approximately 50% of total sales, Maje for around 38%, and the remaining brands for roughly 12%.
Regional Performance
The Americas recorded the strongest organic growth at +10.1%. EMEA (excluding France) followed with +6.8% growth, demonstrating solid momentum.
Asia Pacific declined by -8.8%, primarily due to continued network rationalization in China. However, like-for-like brick-and-mortar sales in China have shown signs of stabilization.
As of the end of 2025, the Group operated 1,630 points of sale globally, representing a net decrease of 32 compared to the previous year.
CEO Isabelle Guichot commented: “The Group delivered resilient sales growth in 2025, supported by a strong dynamic in EMEA and America. In a challenging environment marked by political uncertainty, retail like-for-like growth and wholesale partners substantially contributed to performance, offsetting the impact of our network optimisation plan and foreign exchange headwinds. Our action plan is delivering as expected, with a strong improvement of profitability, bringing us back to positive net income. We have also maintained strict financial discipline, resulting in record cash generation and continued deleveraging..”
Looking ahead to 2026, the Group aims to improve its adjusted EBIT margin to approximately 10% in the second half and expects to generate €50 million in free cash flow for the full year.
Even amid a slowdown in the French market, SMCP leveraged its geographic diversification and brand portfolio strength to return to profitability in 2025. The year marks a strategic turning point, underscoring the effectiveness of its disciplined and margin-focused approach.
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