SMCP: Stable sales over nine months, France declines by 10.4%
SMCP published on October 22, 2026 revenue of €888.4 million over the first nine months of the year, nearly stable on an organic basis (-0.2%). This total masks divergent regional trajectories: the Americas (+8.6%) and the EMEA zone excluding France (+5.5%) are growing, while France is declining by 10.4% on an organic basis.
The third quarter in isolation shows an organic decline of 2.0%. The group nevertheless confirmed its 2026 objectives, subject to an explicit condition: the absence of any significant further deterioration in market conditions in France.
€888.4M over nine months, organic decline of 2% in the third quarter
Over the first nine months, revenue for the owner of Sandro, Maje, Claudie Pierlot and Fursac stands at €888.4M, compared with €895.5M a year earlier. The change reaches -0.2% on an organic basis (at constant exchange rates and scope) and -0.8% in reported data. At comparable scope, sales grew 0.7%, with growth in all regions outside France.
In the third quarter alone, sales reached €291.4M, compared with €294.4M a year earlier, representing a decline of 2.0% on an organic basis and 1.0% in reported terms. Over this period, the EMEA zone excluding France grew 2.5% on an organic basis and the Americas 4.3%, while France declined by 9.7% and Asia-Pacific by 3.3% (+3.0% in reported terms).
By brand, Maje shows +2.6% on an organic basis over nine months and Sandro +0.5%. Other brands (Claudie Pierlot and Fursac) declined by 12.1%, to €94.7M.
France down 10.4%, Americas and Europe growing
In France, sales amounted to €272.4M over nine months. The group cited a degraded consumer environment in the third quarter, unusual weather conditions according to Chief Executive Officer Isabelle Guichot, and an unfavorable scope effect linked to the closure of BHV-SGM spaces in November 2025. Paris continues to perform better than the provinces, supported by tourist traffic. At the time of the half-yearly publication on July 28, 2026, the organic decline in France was 10.8% for the first half.
The Americas reached €147.3M, driven in the third quarter by comparable scope sales in the United States and by the digital channel, despite the closure of Saks corners. Partner-operated business was affected by delivery timing shifts between the first and third quarters. In the EMEA zone, Italy, Spain and the Benelux are cited as drivers, as well as the Middle East and Turkey via partners.
In Asia-Pacific, sales were stable over nine months (+0.2% on an organic basis), but declining by 3.3% in the third quarter. Hong Kong, Taiwan, Macau and Singapore partially offset a difficult environment in mainland China. At the time of the half-yearly publication, the group had highlighted a return to organic growth in this region.
2026 objectives confirmed subject to the absence of significant further deterioration in France
SMCP is pursuing its full-price selling strategy: the average discount rate declines by two percentage points compared with 2025, with improvement in all regions and a three-point decrease in the Americas. The network comprised 1,586 points of sale at the end of September, down 3 for the quarter and 44 since the end of 2025. The group opened a new country, Armenia, via its partners.
Isabelle Guichot indicates that unfavorable scope effects in France will ease in the fourth quarter. The 2026 full-year results will be published on February 18, 2027.
The structuring element of the publication remains the confirmation of 2026 objectives, while France, which is declining by 10.4% on an organic basis over nine months, explicitly conditions their achievement.
