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SMCP SA

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uuid0005bmy

Namestring
SMCP SA
Legal namestring
SMCP SA
Websiteurl
smcp.com
Company typeenum
Public
Founded yearint
1984
Descriptiontext

SMCP SA is a Paris-headquartered, publicly listed (Euronext Paris, 2016 IPO) French fashion group operating four complementary accessible-luxury brands — Sandro (women's and men's ready-to-wear, founded 1984), Maje (feminine fashion, founded 1998), Claudie Pierlot (women's prêt-à-porter, founded 1984), and Fursac (contemporary menswear, acquired 2019). The group serves consumers seeking contemporary French fashion design at accessible luxury price points, operating through a multi-channel model comprising 1,630 owned and partner points of sale across 59 countries and dedicated brand e-commerce platforms that together generate approximately 20% of sales. Brand websites, social media, influencer marketing, and press relations support the four brands under a unified corporate strategy and sustainability framework (SMCProduct, SMCPlanet, SMCPeople).

Short descriptiontext

SMCP SA is a Paris-listed French accessible-luxury fashion group operating four brands — Sandro, Maje, Claudie Pierlot, and Fursac — across 1,630 points of sale in 59 countries, serving consumers seeking contemporary French design at mid-premium price points.

Operating statusenum
Operating
Ownership categoryenum
Headcount rangeband
5,001–10,000
akta.pro rankint
HeadquartersParis, France
HQ citystring
Paris
HQ countrystring
France
HQ regionstring
Europe
Markets served

Serves global market

Offices3 records

Each record includes

City, Country, Type, Description, Source

Keyword5 values
accessible luxury fashion, apparel and accessories, fashion brand portfolio, ready-to-wear clothing, contemporary fashion retail
NAICS code1 code
  • Footwear Manufacturing31621
Product category
Accessible Luxury Fashion Apparel and Accessories
Social media profiles1 record
GTM motion2 records

Each record includes

Type, Description, Source

Revenue model3 records
1Retail Sales
TypeOne Time License
Description

Direct retail sales through owned and operated stores globally, including flagship boutiques and department store corners. Revenue from brick-and-mortar retail operations across 1,630 points of sale worldwide.

smcp.com
2Wholesale/Distribution Partnerships
TypeTransaction Fee
Description

Revenue from wholesale partnerships and distribution agreements with local operators in international markets including India, Philippines, Indonesia, Middle East, and other regions where SMCP brands are distributed through third-party retail partners.

globenewswire.com
3Digital/E-commerce Sales
TypeOne Time License
Description

Digital sales through brand e-commerce platforms, representing approximately 20% of total sales. Online retail operations across all four brands.

smcp.com
Marketing channels4 records

Each record includes

Title, Type, Stage, Description, Source

Distribution channels4 records

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components5 values
Personnel, Operations, Supply Chain, Marketing or Sales, Infrastructure
Pricing details1 tier
1Accessible luxury fashion pricing across multiple brands
ModelUnit PricingBilling cadencePay-as-you-go
Notes

SMCP positions its brands in the accessible luxury segment. The company maintains a full-price strategy with reduced promotional activity. Average in-season discount rate reached 20% in 2025.

smcp.com
GTM typeB2C
B2C
Offering typeServices
Services
Brand1 of 4 records shown
1Sandro
Description

Leading ready-to-wear brand created in 1984, with over 2800 employees across 41 countries. Offers modern, elegant Parisian style for men and women.

smcp.com
+3 more records
Core offering1 text field

SMCP SA is a French fashion group that designs, produces, and retails contemporary apparel and accessories under four owned brands: Sandro (ready-to-wear for men and women), Maje (feminine fashion), Claudie Pierlot (women's prêt-à-porter and accessories), and Fursac (men's fashion). Products are sold through a multi-channel network of owned boutiques, department store corners, brand e-commerce platforms, and international wholesale distribution partners across 59 countries.

Differentiator
Functional benefit
Problem solved
Quantifiable outcome1 of 3 values shown
  • Full-price strategy success: Average in-season discount rate reduced to 20% in 2025, down from higher levels
+2 more records
Product overview1 text field

SMCP SA is a fashion group operating four distinct luxury fashion brands—Sandro (men's and women's ready-to-wear, created 1984), Maje (feminine fashion, created 1998), Claudie Pierlot (women's prêt-à-porter and accessories, created 1984), and Fursac (contemporary menswear)—unified under a shared corporate strategy, sustainability framework (SMCProduct, SMCPlanet, SMCPeople), and operational infrastructure. The group generated €1.217 billion in revenue in 2025, operates 1,630 points of sale across 59 countries/regions, and employs approximately 6,600 people worldwide.

Product and service4 records
1Sandro
CategoryWomen's and men's ready-to-wear fashion
Description

French ready-to-wear fashion brand for men and women, created in 1984, offering elegant Parisian style silhouettes. The brand employs over 2,800 people across 41 countries and is the founding brand of the SMCP Group.

2Maje
CategoryWomen's fashion and accessories
Description

Parisian fashion house created in 1998, known for its feminine silhouette that is sober, glamorous, and audacious. The brand has over 600 points of sale and nearly 1,700 employees across 50 countries, with 2025 revenue exceeding €467 million.

3Claudie Pierlot
CategoryWomen's prêt-à-porter and accessories
Description

Parisian women's prêt-à-porter brand offering a mix of wardrobe staples and manifesto pieces including prêt-à-porter, leather goods, shoes, and accessories. The brand embodies values of ambition, audacity, passion, and responsibility.

4Fursac
CategoryMen's fashion and menswear
Description

Men's fashion brand under the SMCP group offering contemporary menswear and tailored clothing, representing the group's expansion into the menswear segment.

Scale indicator8 records

Each record includes

Type, Value, Description, Source

Partnership4 partners
1Distribution Partners in Philippines and Indonesia
Strategic tierCoreTypeChannel Partner/ Reseller/ DistributorAnnounced on2024-09-10
Description

SMCP established new distribution partnerships to enter the Philippines and Indonesia markets, continuing its international expansion strategy in Southeast Asia. These partnerships represent market entry through local retail partners who distribute SMCP brands in these countries.

smcp.com
Strategic tierCoreTypeChannel Partner/ Reseller/ Distributor
Description

SMCP expanded into India through a distribution partnership agreement. The company opened several key stores through this partnership as part of its international expansion into the Indian market.

Strategic tierMinorTypeStrategic or Co-development Partner
Description

SMCP joined Takeda's test voyage for wind-powered cargo trimaran between France and the United States, scheduled for fall 2026. SMCP is one of several companies (including Echosens and Arvitis) participating in the inaugural U.S. voyage to test sustainable shipping solutions.

4Distribution Partners in Middle East, Egypt, Balkans and Georgia
Strategic tierCoreTypeChannel Partner/ Reseller/ Distributor
Description

SMCP expanded its retail network in Q3 2025 through partnerships in the Middle East, Egypt, Balkans, and entered a new market (Georgia). These distribution partnerships support the company's international growth strategy.

smcp.com
Recent move8 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight4 records

Each record includes

Type, Description

Peers10 records
TypeDirect peer
Description

Owns Michael Kors, Versace and Jimmy Choo — directly comparable accessible luxury fashion platform with multi-brand portfolio, wholesale + DTC retail model and similar ASP positioning to SMCP's Sandro/Maje.

TypeDirect peer
Description

Owns Coach, Kate Spade and Stuart Weitzman — multi-brand accessible luxury group with global retail network and similar full-price DTC strategy as SMCP.

TypeDirect peer
Description

British heritage accessible luxury brand with global retail + wholesale footprint and direct-to-consumer e-commerce; competes with SMCP brands in department stores and standalone boutiques worldwide.

TypeDirect peer
Description

German accessible luxury fashion group with both menswear and womenswear, comparable ASP, global retail/wholesale model and a similar deleveraging and margin-expansion story.

TypeDirect peer
Description

Heritage accessible luxury brand with multi-channel global distribution (DTC + wholesale + department stores) and a comparable pricing band to SMCP brands, especially in Europe and North America.

TypeDirect peer
Description

Italian accessible luxury women's fashion house with similar ready-to-wear positioning to Sandro/Maje and a comparable global boutique + department store distribution strategy.

TypeEmerging player
Description

US-based accessible luxury womenswear brand with comparable ASP to Maje/Claudie Pierlot; multi-channel retail model with growth via own stores and digital — a partial overlap with SMCP's portfolio.

TypeBroad incumbent
Description

Largest accessible-to-high-luxury fashion conglomerate (Gucci, Saint Laurent, Bottega Veneta); broader portfolio than SMCP but operates in overlapping channels and competes for the same accessible-luxury consumer wallet share.

TypeBroad incumbent
Description

Global luxury conglomerate whose Fashion & Leather Goods division (Louis Vuitton, Dior, Loewe, Celine) anchors the accessible-to-high luxury category SMCP competes in; sets industry pricing and full-price discipline norms.

TypeOthers
Description

Eyewear and accessories platform with similar global retail/wholesale model and brand-portfolio approach; useful comparable for SMCP's accessory category economics and DTC distribution leverage.

Market position
Strengths5 records

Each record includes

Headline, Details, Source

Weaknesses5 records

Each record includes

Headline, Details, Source

Competitive moat4 records

Each record includes

Type, Details

Key risks5 records

Each record includes

Headline, Details, Source

Key highlights7 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Named customers1 record

Each record includes

Name, Industry, Type, Use case, Source, UUID

Segment2 records

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile2 records

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
No
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles5 records

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

Subsidiaries4 records

Each record includes

Name, Acquired on, Relationship type, Type, Business focus

No data
Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

SMCP SA

Accessible Luxury Fashion Apparel and Accessoriessmcp.com

SMCP SA is a Paris-listed French accessible-luxury fashion group operating four brands — Sandro, Maje, Claudie Pierlot, and Fursac — across 1,630 points of sale in 59 countries, serving consumers seeking contemporary French design at mid-premium price points.

What SMCP SA does

SMCP SA is a Paris-headquartered, publicly listed (Euronext Paris, 2016 IPO) French fashion group operating four complementary accessible-luxury brands — Sandro (women's and men's ready-to-wear, founded 1984), Maje (feminine fashion, founded 1998), Claudie Pierlot (women's prêt-à-porter, founded 1984), and Fursac (contemporary menswear, acquired 2019). The group serves consumers seeking contemporary French fashion design at accessible luxury price points, operating through a multi-channel model comprising 1,630 owned and partner points of sale across 59 countries and dedicated brand e-commerce platforms that together generate approximately 20% of sales. Brand websites, social media, influencer marketing, and press relations support the four brands under a unified corporate strategy and sustainability framework (SMCProduct, SMCPlanet, SMCPeople).

SMCP SA firmographics

Firmographics
Name
SMCP SA
Legal name
SMCP SA
Website
https://smcp.com
Company type
Public
Founded year
1984
Operating status
Operating
Headcount range
5,001–10,000 employees
Short description
SMCP SA is a Paris-listed French accessible-luxury fashion group operating four brands — Sandro, Maje, Claudie Pierlot, and Fursac — across 1,630 points of sale in 59 countries, serving consumers seeking contemporary French design at mid-premium price points.
Ownership category
akta.pro rank

Where SMCP SA is headquartered

Location

Headquarters

HQ city
Paris
HQ country
France
HQ region
Europe

Offices3 records

Markets served

SMCP SA business model

Business model
GTM type
B2C
Offering type
Services
Cost components
Personnel, Operations, Supply Chain, Marketing or Sales, Infrastructure

Revenue model

  1. Retail Sales: Direct retail sales through owned and operated stores globally, including flagship boutiques and department store corners. Revenue from brick-and-mortar retail operations across 1,630 points of sale worldwide.
  2. Wholesale/Distribution Partnerships: Revenue from wholesale partnerships and distribution agreements with local operators in international markets including India, Philippines, Indonesia, Middle East, and other regions where SMCP brands are distributed through third-party retail partners.
  3. Digital/E-commerce Sales: Digital sales through brand e-commerce platforms, representing approximately 20% of total sales. Online retail operations across all four brands.

Pricing tiers

ModelBillingPrice
Unit PricingPay-as-you-goAccessible luxury fashion pricing across multiple brands

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

SMCP SA product offering

Product offering

Core offering

SMCP SA is a French fashion group that designs, produces, and retails contemporary apparel and accessories under four owned brands: Sandro (ready-to-wear for men and women), Maje (feminine fashion), Claudie Pierlot (women's prêt-à-porter and accessories), and Fursac (men's fashion). Products are sold through a multi-channel network of owned boutiques, department store corners, brand e-commerce platforms, and international wholesale distribution partners across 59 countries.

Product overview

SMCP SA is a fashion group operating four distinct luxury fashion brands—Sandro (men's and women's ready-to-wear, created 1984), Maje (feminine fashion, created 1998), Claudie Pierlot (women's prêt-à-porter and accessories, created 1984), and Fursac (contemporary menswear)—unified under a shared corporate strategy, sustainability framework (SMCProduct, SMCPlanet, SMCPeople), and operational infrastructure. The group generated €1.217 billion in revenue in 2025, operates 1,630 points of sale across 59 countries/regions, and employs approximately 6,600 people worldwide.

Differentiator

Problem solved

Functional benefit

Brands

  • Sandro: Leading ready-to-wear brand created in 1984, with over 2800 employees across 41 countries. Offers modern, elegant Parisian style for men and women.
  • Maje
  • Claudie Pierlot
  • Fursac

Products and services

  • Sandro French ready-to-wear fashion brand for men and women, created in 1984, offering elegant Parisian style silhouettes. The brand employs over 2,800 people across 41 countries and is the founding brand of the SMCP Group.
  • Maje Parisian fashion house created in 1998, known for its feminine silhouette that is sober, glamorous, and audacious. The brand has over 600 points of sale and nearly 1,700 employees across 50 countries, with 2025 revenue exceeding €467 million.
  • Claudie Pierlot Parisian women's prêt-à-porter brand offering a mix of wardrobe staples and manifesto pieces including prêt-à-porter, leather goods, shoes, and accessories. The brand embodies values of ambition, audacity, passion, and responsibility.
  • Fursac Men's fashion brand under the SMCP group offering contemporary menswear and tailored clothing, representing the group's expansion into the menswear segment.

Quantifiable outcome

  • Full-price strategy success: Average in-season discount rate reduced to 20% in 2025, down from higher levels
  • +2 more outcomes

Companies that use SMCP SA

Customer profile

Named customers1 record

Segments2 records

Ideal customer profiles2 records

SMCP SA technology and API

Technology

Technology focussed No

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

SMCP SA partnerships and signals

Strategic signal

Partnerships

Four partnerships are on record, tiered core and minor.

  • Distribution Partners in Philippines and IndonesiacoreChannel Partner/ Reseller/ Distributor · 10 September 2024SMCP established new distribution partnerships to enter the Philippines and Indonesia markets, continuing its international expansion strategy in Southeast Asia. These partnerships represent market entry through local retail partners who distribute SMCP brands in these countries.
  • Distribution Partner in IndiacoreChannel Partner/ Reseller/ DistributorSMCP expanded into India through a distribution partnership agreement. The company opened several key stores through this partnership as part of its international expansion into the Indian market.
  • Vela (Shipping Startup)minorStrategic or Co-development PartnerSMCP joined Takeda's test voyage for wind-powered cargo trimaran between France and the United States, scheduled for fall 2026. SMCP is one of several companies (including Echosens and Arvitis) participating in the inaugural U.S. voyage to test sustainable shipping solutions.
  • Distribution Partners in Middle East, Egypt, Balkans and GeorgiacoreChannel Partner/ Reseller/ DistributorSMCP expanded its retail network in Q3 2025 through partnerships in the Middle East, Egypt, Balkans, and entered a new market (Georgia). These distribution partnerships support the company's international growth strategy.

Scale indicators8 records

Recent moves8 records

Expansion highlights4 records

SMCP SA competitors and assessment

Company assessment

Direct peers

  • Capri Holdings: Owns Michael Kors, Versace and Jimmy Choo — directly comparable accessible luxury fashion platform with multi-brand portfolio, wholesale + DTC retail model and similar ASP positioning to SMCP's Sandro/Maje.
  • Tapestry: Owns Coach, Kate Spade and Stuart Weitzman — multi-brand accessible luxury group with global retail network and similar full-price DTC strategy as SMCP.
  • Burberry: British heritage accessible luxury brand with global retail + wholesale footprint and direct-to-consumer e-commerce; competes with SMCP brands in department stores and standalone boutiques worldwide.
  • Hugo Boss: German accessible luxury fashion group with both menswear and womenswear, comparable ASP, global retail/wholesale model and a similar deleveraging and margin-expansion story.
  • Ralph Lauren: Heritage accessible luxury brand with multi-channel global distribution (DTC + wholesale + department stores) and a comparable pricing band to SMCP brands, especially in Europe and North America.
  • Max Mara: Italian accessible luxury women's fashion house with similar ready-to-wear positioning to Sandro/Maje and a comparable global boutique + department store distribution strategy.

Emerging players

  • Tory Burch: US-based accessible luxury womenswear brand with comparable ASP to Maje/Claudie Pierlot; multi-channel retail model with growth via own stores and digital — a partial overlap with SMCP's portfolio.

Broad incumbents

  • Kering: Largest accessible-to-high-luxury fashion conglomerate (Gucci, Saint Laurent, Bottega Veneta); broader portfolio than SMCP but operates in overlapping channels and competes for the same accessible-luxury consumer wallet share.
  • LVMH: Global luxury conglomerate whose Fashion & Leather Goods division (Louis Vuitton, Dior, Loewe, Celine) anchors the accessible-to-high luxury category SMCP competes in; sets industry pricing and full-price discipline norms.

Others

  • EssilorLuxottica: Eyewear and accessories platform with similar global retail/wholesale model and brand-portfolio approach; useful comparable for SMCP's accessory category economics and DTC distribution leverage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

SMCP SA social profiles

Digital presence

SMCP SA financial estimates

Financial estimate

Revenue estimate

Valuation estimate

SMCP SA leadership team

Management profile

Number of profiles

Profiles5 records

SMCP SA subsidiaries and ownership

Company hierarchy

Subsidiaries4 records

SMCP SA funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

SMCP SA M&A and investment

M&A and investment

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SMCP SA

What does SMCP SA do?

SMCP SA is a French fashion group that designs, produces, and retails contemporary apparel and accessories under four owned brands: Sandro (ready-to-wear for men and women), Maje (feminine fashion), Claudie Pierlot (women's prêt-à-porter and accessories), and Fursac (men's fashion). Products are sold through a multi-channel network of owned boutiques, department store corners, brand e-commerce platforms, and international wholesale distribution partners across 59 countries.

Is SMCP SA a public or private company?

SMCP SA is a public company. It is classified as public and is currently operating.

When was SMCP SA founded?

SMCP SA was founded in 1984. It employs 5,001 to 10,000 people.

Where is SMCP SA based?

SMCP SA is headquartered in Paris, France, in the Europe region.

How does SMCP SA make money?

Three revenue lines are on record. Retail Sales are the primary driver. The others are wholesale/Distribution Partnerships and digital/E-commerce Sales.

Who are SMCP SA's main competitors?

Direct peers on record are Capri Holdings, Tapestry, Burberry, Hugo Boss, Ralph Lauren and Max Mara. Tory Burch is listed as an emerging player. Broad incumbents are Kering and LVMH. EssilorLuxottica is listed as an others.

Does SMCP SA have an API?

No public API is recorded for SMCP SA.

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Live signals
Dagens industriModehuset ökade vinsten trots lägre omsättningFrench fashion house SMCP reported an increase in adjusted operating profit and net income for the first half of 2026, despite a decline in revenue. The article also mentions Electrolux facing significant results pressure amid a sharp market drop in South Korea. These financial updates were presented as part of a morning market briefing.AdvfnSMCP - Notification of availability of SMCP 2026 Interim financial report - ADVFNSMCP, a fashion group operating brands including Sandro, Maje, Claudie Pierlot, and Fursac, has announced that its interim financial report for the six-month period ending June 30, 2026, has been made publicly available and filed with the French financial markets regulator, the Autorité des marchés financiers. The report was released on July 28, 2026, and is available on the company's website. This is a routine regulatory disclosure announcing the availability of financial information rather than the disclosure of specific financial results or performance data.AdvfnSMCP - Mise à disposition du Rapport financier semestriel 2026 - ADVFNSMCP announced on July 28, 2026 that it has made its 2026 half-year financial report (covering the period ending June 30, 2026) available to the public and filed it with the French financial markets authority (AMF). The report can be accessed on the company's website in the Finance section under Publications & Events. SMCP is a fashion group operating four brands (Sandro, Maje, Claudie Pierlot, and Fursac) across 58 countries with approximately 1,600 points of sale, listed on Euronext Paris.GlobeNewswireSMCP - Mise à disposition du Rapport financier semestriel 2026SMCP reports sales growth driven by its America and EMEA regions, alongside improved profitability and confirmed full-year guidance. The company has appointed Linda Li as President and CEO for North America effective May 4th, 2026. These developments indicate positive momentum in both regional expansion and operational performance for the fashion group.YahooSMCP Q2 Sales Up 2% on U.S. Momentum and China RecoveryFrench fashion group SMCP reported second-quarter sales of 309.8 million euros, up 2% organically year-over-year, with improvement from the first quarter when organic sales dipped 0.8%. The Americas region was the strongest performer with 10.4% organic growth, driven by positive momentum in the U.S. and Canada and strong partner activity in Mexico. CEO Isabelle Guichot expressed confidence in the second half, noting progressive improvement in momentum, recovery in Asia-Pacific including China, and resilient demand in EMEA excluding France.AInvestSMCP H1 adjusted EBIT EUR 53.2 millionSMCP reported an adjusted EBIT of EUR 53.2 million for the first half of the year. This financial performance reflects the company's operational results amid market conditions. Further details regarding the implications of this financial result were not provided in the article.AInvestSMCP 2Q sales EUR309.8MIn the second quarter, SMCP reported sales of EUR 309.8 million. This figure reflects the company's performance during this period. The results suggest ongoing operational progress for SMCP in the market.GlobeNewswireSMCP - 2026 H1 ResultsSMCP SA reported H1 2026 sales of €597 million with 0.6% organic growth driven by strong performance in America (+11%) and EMEA (+7%), despite a 10.8% decline in France. The company achieved a 25% year-on-year increase in adjusted EBIT to €53.2 million and a 52% rise in net profit to €16.8 million, supported by a full-price strategy that reduced the average discount rate by two points.WikipediaSMCP GroupSMCP Group, a French accessible luxury holding company, was formed in 2010 from the merger of Sandro, Maje, and Claudie Pierlot. It was acquired by Shandong Ruyi in 2016 for 1.3 billion euros and went public in 2017. The group is now fur-free and reported a 31% revenue drop in 2020 due to COVID-19.WWDEXCLUSIVE: SMCP Names Linda Li North America CEO as Region Gains Sales MomentumSMCP appointed Linda Li as president and CEO of North America, succeeding Ida Simonsen. The Americas region grew 11.7% to 44 million euros in Q1 2026, despite closing Saks concessions. SMCP remains floated for a potential sale.