Lazard Frères to Lead Sales Process for SMCP

Core Viewpoint - Three key shareholders of French fashion group SMCP have engaged Lazard Frères to sell up to 51.2% of its share capital, aiming to stabilize the shareholder structure and focus on development strategy [1][2]. Group 1: Sale Process - The sale process is expected to last several months, with the potential for a public tender offer if the stake acquired exceeds 30% of the company's share capital [2]. - The final decision on the sale remains with the current shareholders, and there is no certainty regarding the success of the process [2]. Group 2: Shareholder Background - SMCP regained control of a 15.5% stake last August due to a ruling by the Singapore High Court, following a legal dispute related to the financial collapse of Chinese conglomerate Shandong Ruyi [3]. - The stake has been involved in a long-standing shareholder dispute since Shandong Ruyi acquired a majority stake in SMCP in 2016 [3]. Group 3: Stake Distribution - The shares up for sale include 28% held by GLAS, trustee for bonds issued in 2018 by European TopSoho S.à.r.l., and a 15.5% stake now held by ETS, which is under bankruptcy proceedings [5]. - Additionally, there is a 7.7% stake held by ETS, managed by receivers from Alix Partners LLP [5].