Representatives of the Chinese group Shandong Ruyi removed from the SMCP board of directors


A page turns at SMCP. Mired for several months in a complex legal dispute with its former reference shareholder, the Chinese Shandong Ruyi, the French accessible luxury group can push a “phew” of relief on this Friday afternoon. At a general meeting, its shareholders, first and foremost the Glas trust, voted 80% in favor of the ousting of the five Chinese directors, including the chairman of the board and president of Shandong Ruyi, Yafu Qiu, and his daughter, Chenran Qiu. Neither had made the trip. We do not know if this absence is linked to health reasons, travel from China being complicated at the moment, or if it is due to requests for revocation.

Three new administrators

Four independent directors were to be appointed, there are ultimately only three. They are Christophe Chenut, chairman of the supervisory board of the communication agency Hopscotch, Xavier Veret, specialist in business turnarounds and crisis situations, and Natalia Nicolaidis, founder and director of Dynamic Counsel, a advice and governance. On the other hand, Christopher Zanardi-Landi, CEO of Louis Vuitton China, withdrew for personal reasons that he had notified the company in advance. ” The Board of Directors will meet in the coming days in order to appoint a new Chairman of the Board of Directors. “Said SMCP in its press release. On the stock market, the announcement is welcomed: the title gains 3%, to 7.75 euros.

The general meeting had almost not taken place, the Chinese group, via its subsidiary European TopSoho, having opposed it. It took a court decision, that of the Paris Commercial Court, for the GA to be held. There were no journalists, nor broadcast of the event on the Internet.

From now on, the owner of the Sandro, Maje, Claudie Pierlot and De Fursac brands will be able to move forward, in the course of its current business but also its change of ownership. The Glas trust, which brings together the BlackRock, Carlyle, Anchorage, Boussard and Gavaudan funds, does not intend to keep its shares. On the contrary, he intends to sell his 29% stake to a third party, with the 8% of shares pledged in an account. He also wants to recover the 16% of the capital sold to Chenran Qiu. This block, which represents 53% of the capital, will indeed be easier to sell than a minority share and, above all, Glas will be able to recover the 250 million euros owed to it following the default of European TopSoho on its loan. bond.


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