Latest Developments on SMCP's Shareholder Proceedings
Update on SMCP's Shareholder Proceedings
SMCP, a notable player in the accessible luxury sector, is currently facing significant developments related to a forced proceeding concerning a 15.9% stake sold in 2021. This stake, previously sold to Dynamic Treasure Group by European TopSoho, has been declared invalid by the English courts. Following this ruling, these shares are now under a freezing order from the Singaporean courts, originally set in December 2021 at the request of GLAS SAS.
Recent Court Developments
Recently, SMCP has been made aware of an upcoming hearing set for February in the Singaporean courts where GLAS SAS will further pursue the forced return of the disputed stake back to European TopSoho. This case underscores the complexity of shareholder rights and the ongoing legal battles that can emerge in international finance.
Wuhu Ruyi Xinbo Investment Partnership's Appeal
Compounding the complexity of this situation, in December, Singaporean courts dismissed claims from Wuhu Ruyi Xinbo Investment Partnership, a company associated with Shandong Ruyi, which asserted that it had rights over this 15.9% share. Xinbo has appealed against this dismissal, indicating that the legal discourse surrounding this issue is far from concluded.
About SMCP
SMCP stands out as a global leader within the accessible luxury market, featuring four distinctive Parisian brands: Sandro, Maje, Claudie Pierlot, and Fursac. With a presence across 48 countries and a network of over 1,600 stores globally, SMCP is well positioned in the fashion industry. The brands were founded by Evelyne Chetrite and Judith Milgrom, with the earliest establishment dating back to 1984. Claudie Pierlot and Fursac have joined the family more recently in 2009 and 2019 respectively. As a listed entity on the Euronext Paris regulated market, SMCP (ticker: SMCP) continues to innovate and redefine luxury fashion.
Investor Relations
For those interested in communicating with SMCP regarding investor relations or press inquiries, direct contact can be made through the following representatives: Amélie Dernis from SMCP is reachable at +33 (0) 1 55 80 51 00 or via email at amelie.dernis@smcp.com. For inquiries related to the Brunswick Group, contact Hugues Boëton at +33 6 79 99 27 15 or Tristan Roquet Montegon at +33 6 37 00 52 57. Alternatively, you can reach out to them via email: smcp@brunswickgroup.com.
Frequently Asked Questions
What is the current status of SMCP's proceedings regarding the shares?
The shares are subject to a freezing order, and a hearing regarding their forced return is scheduled, indicating ongoing legal complexities.
Who are the parties involved in the legal proceedings?
The main parties are European TopSoho, Dynamic Treasure Group, and GLAS SAS, along with Wuhu Ruyi Xinbo Investment Partnership, which has appealed a court decision.
What brands does SMCP own?
SMCP owns several notable brands, including Sandro, Maje, Claudie Pierlot, and Fursac, which contribute to its luxury fashion offerings.
Where is SMCP listed?
SMCP is listed on the Euronext Paris regulated market under the ticker symbol SMCP.
How can I contact SMCP for more information?
For inquiries, you can reach out via their investor relations contact, Amélie Dernis, or through the Brunswick Group contacts provided earlier.
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