PARIS (Reuters) – Representatives of the Chinese group Shandong Ruyi, former majority shareholder of SMCP, have been removed from the board of directors of the ready-to-wear group after a general meeting of shareholders which was held Friday.
SMCP shareholders approved the removal of five board members representing European TopSoho, a subsidiary of Shandong Ruyi, and gave the green light to the appointment of three new independent directors, the group said in a statement.
The board of directors will meet in the next few days in order to appoint a new chairman of the board, a position that has been held so far by the leader of Shandong Ruyi, Yafu Qiu.
European TopSoho has been engaged in a conflict with its creditors since it defaulted in September on a bond issue exchangeable into SMCP shares for an amount of 250 million euros.
This default led to a de facto change in the capital of the SMCP group, owner of the brands Sandro, Maje, Claudie Pierlot and Fursac, the creditors of European TopSoho, united in a company called Glas, now holding 29% of the capital.
The latter have since been demanding changes to the board of directors, including the departure of Yafu Qiu and his daughter Chenran Qiu.
(Written by Jean-Stéphane Brosse and Blandine Hénault, edited by Sophie Louet)
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