Christophe Cuvillier is named SMCP chairman
SMCP has named Christophe Cuvillier as Chairman of its board of directors following the change in the composition of that board decided at a meeting late last week.
The owner of the Sandro, Maje, Claudie Pierlot and Fursac brands elevated the independent director to the position to replace the ousted Yafu Qiu.
“I am grateful for the confidence that the board of directors has placed in me and proud to continue my commitment to the group founded by Evelyne Chetrite and Judith Milgrom, and to all its shareholders,” he said. “SMCP's clear and ambitious strategic roadmap is bearing fruit and will help consolidate the group's position as a world leader in affordable luxury. I look forward to working closely with [CEO] Isabelle Guichot and her management team to meet the exciting challenges of the fashion and retail world together.”
Cuvillier was formerly chairman of the management board of retail property giant Unibail-Rodamco-Westfield. He joined the SMCP board last June as an independent.
SMCP has been through turbulent times of late linked to the problems at former majority owner European TopSoho (ES), which is part of struggling Chinese giant Shandong Ruyi. At the general shareholder meeting on Friday, five representatives of the Chinese firm were ousted — including Yafu Qiu — and three new directors were named.
Shandong Ruyi via ES had been the majority shareholder of SMCP since 2016 but lost control of the business to a group of investment funds after most of its stake was used as collateral for a €250 million bond loan.
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