Chinese-controlled affordable luxury fashion group SMCP has agreed to buy French luxury menswear label De Fursac.
The deal – the value of which was not disclosed – gives SMCP an entry into the menswear category and will complement its existing labels Sandro, Maje and Claudie Pierlot.
In a regulatory filing, Shandong Ruyi said the deal would be financed from debt but would increase earnings-per-share immediately.
Last year, De Fursac’s sales reached €41.4 million last year and it achieved like-for-like sales growth of 5.4 per cent.
SMCP CEO Daniel Lalonde said De Fursac gives his company a unique opportunity to accelerate its strategy by tapping into a new segment in the fast-growing men’s accessible luxury market.
“De Fursac is an outstanding brand, poised for growth through international expansion, with the support of our expertise.”