SMCP's Controlling Shareholder Defaults on Bonds - NewsBreak

PARIS – SMCP's controlling shareholder has defaulted, potentially meaning the French accessible luxury player could fall into the hands of creditors. The owner of Sandro, Maje, Claudie Pierlot and De Fursac said on Thursday that it had received notification from trustee GLAS that its majority shareholder, European TopSoho – a Luxembourg-based subsidiary of ailing Chinese apparel company Shandong Ruyi Group – had failed to redeem bonds in the company, issued in September 2018, worth 250 million euros.