Latest news with #ChenranQiu
Fashion Network
05-07-2025
- Business
- Fashion Network
SMCP: Towards a resolution of the 15.5% capital dispute?
The incredible imbroglio surrounding the governance of French luxury brand group SMCP is drawing closer to a conclusion. On Friday, the group announced in a press release "that it has been informed that the Singapore High Court has today decided to order Dynamic Treasure Group Ltd (DTG) to return to European Topsoho S.à r.l. (ETS) the 15.5% stake in SMCP that was transferred to it in 2021". This restitution must be carried out within one week of the ruling. The wording may seem complex. But for SMCP's creditors, who have been united under the GLAS trustee since the beginning of this rocky affair pitting them against the family of the group's former Chinese owners, it could mean recovering the missing share of capital that "vanished" four years ago. At the time, European Topsoho, the 53% shareholder owned by Yafu Qiu, former chairman of SMCP's board of directors and head of the Chinese Shandong Ruyi group, had discreetly sold over 15% of the capital in the midst of a financial slump. An investigation revealed that these shares had become the property of a company called Dynamic Treasure Group, a holding company run by Chenran Qiu, daughter of Yafu Qiu. Since then, legal proceedings have multiplied. After a British High Court ruling on the case a year ago, followed by a victory for GLAS on appeal, the proceedings were transferred to Singapore, where the shares are held. This time, the Singapore decision is once again in favor of GLAS. However, DTG still has the option of appealing and thus postponing the return of these shares. Why are these legal issues important for a minority shareholding? Because GLAS brings together European Topsoho's creditors, who have been saying since the beginning of this affair that they don't want to be shareholders in a brand. They intend to sell their stake in the parent company of Sandro, Maje, Claudie Pierlot and Fursac, which generates annual sales of over €1 billion. The return of their 15.5% stake would enable them to move forward with a project to sell their 53% stake, while the group's market capitalization stands at 356 million euros, with a share price of 4.55 euros a few minutes before the close of trading on the Paris Bourse on July 4. While at its peak, the share price had flirted with 25 euros per share in 2019, it was recently closer to 2 euros and has rallied in recent months, up 23% since the start of the year. The end of the legal battle would therefore probably mean the start of a project to sell off the 53% stake. Financial backers, employees and partners of the French group are therefore keeping a close eye on the wording of DTG's potential appeal to Singapore. This article is an automatic translation. Click here to read the original article.
Fashion Network
05-07-2025
- Business
- Fashion Network
SMCP: Towards a resolution of the 15.5% capital dispute?
The incredible imbroglio surrounding the governance of French luxury brand group SMCP is drawing closer to a conclusion. On Friday, the group announced in a press release "that it has been informed that the Singapore High Court has today decided to order Dynamic Treasure Group Ltd (DTG) to return to European Topsoho S.à r.l. (ETS) the 15.5% stake in SMCP that was transferred to it in 2021". This restitution must be carried out within one week of the ruling. The wording may seem complex. But for SMCP's creditors, who have been united under the GLAS trustee since the beginning of this rocky affair pitting them against the family of the group's former Chinese owners, it could mean recovering the missing share of capital that "vanished" four years ago. At the time, European Topsoho, the 53% shareholder owned by Yafu Qiu, former chairman of SMCP's board of directors and head of the Chinese Shandong Ruyi group, had discreetly sold over 15% of the capital in the midst of a financial slump. An investigation revealed that these shares had become the property of a company called Dynamic Treasure Group, a holding company run by Chenran Qiu, daughter of Yafu Qiu. Since then, legal proceedings have multiplied. After a British High Court ruling on the case a year ago, followed by a victory for GLAS on appeal, the proceedings were transferred to Singapore, where the shares are held. This time, the Singapore decision is once again in favor of GLAS. However, DTG still has the option of appealing and thus postponing the return of these shares. Why are these legal issues important for a minority shareholding? Because GLAS brings together European Topsoho's creditors, who have been saying since the beginning of this affair that they don't want to be shareholders in a brand. They intend to sell their stake in the parent company of Sandro, Maje, Claudie Pierlot and Fursac, which generates annual sales of over €1 billion. The return of their 15.5% stake would enable them to move forward with a project to sell their 53% stake, while the group's market capitalization stands at 356 million euros, with a share price of 4.55 euros a few minutes before the close of trading on the Paris Bourse on July 4. While at its peak, the share price had flirted with 25 euros per share in 2019, it was recently closer to 2 euros and has rallied in recent months, up 23% since the start of the year. The end of the legal battle would therefore probably mean the start of a project to sell off the 53% stake. Financial backers, employees and partners of the French group are therefore keeping a close eye on the wording of DTG's potential appeal to Singapore.
Fashion Network
04-07-2025
- Business
- Fashion Network
SMCP: Towards a resolution of the 15.5% capital dispute?
The incredible imbroglio surrounding the governance of French luxury brand group SMCP is drawing closer to a conclusion. On Friday, the group announced in a press release "that it has been informed that the Singapore High Court has today decided to order Dynamic Treasure Group Ltd (DTG) to return to European Topsoho S.à r.l. (ETS) the 15.5% stake in SMCP that was transferred to it in 2021". This restitution must be carried out within one week of the ruling. The wording may seem complex. But for SMCP's creditors, who have been united under the GLAS trustee since the beginning of this rocky affair pitting them against the family of the group's former Chinese owners, it could mean recovering the missing share of capital that "vanished" four years ago. At the time, European Topsoho, the 53% shareholder owned by Yafu Qiu, former chairman of SMCP's board of directors and head of the Chinese Shandong Ruyi group, had discreetly sold over 15% of the capital in the midst of a financial slump. An investigation revealed that these shares had become the property of a company called Dynamic Treasure Group, a holding company run by Chenran Qiu, daughter of Yafu Qiu. Since then, legal proceedings have multiplied. After a British High Court ruling on the case a year ago, followed by a victory for GLAS on appeal, the proceedings were transferred to Singapore, where the shares are held. This time, the Singapore decision is once again in favor of GLAS. However, DTG still has the option of appealing and thus postponing the return of these shares. Why are these legal issues important for a minority shareholding? Because GLAS brings together European Topsoho's creditors, who have been saying since the beginning of this affair that they don't want to be shareholders in a brand. They intend to sell their stake in the parent company of Sandro, Maje, Claudie Pierlot and Fursac, which generates annual sales of over €1 billion. The return of their 15.5% stake would enable them to move forward with a project to sell their 53% stake, while the group's market capitalization stands at 356 million euros, with a share price of 4.55 euros a few minutes before the close of trading on the Paris Bourse on July 4. While at its peak, the share price had flirted with 25 euros per share in 2019, it was recently closer to 2 euros and has rallied in recent months, up 23% since the start of the year. The end of the legal battle would therefore probably mean the start of a project to sell off the 53% stake. Financial backers, employees and partners of the French group are therefore keeping a close eye on the wording of DTG's potential appeal to Singapore. This article is an automatic translation. Click here to read the original article.
Fashion Network
04-07-2025
- Business
- Fashion Network
SMCP: Towards a resolution of the 15.5% capital dispute?
The incredible imbroglio surrounding the governance of French luxury brand group SMCP is drawing closer to a conclusion. On Friday, the group announced in a press release "that it has been informed that the Singapore High Court has today decided to order Dynamic Treasure Group Ltd (DTG) to return to European Topsoho S.à r.l. (ETS) the 15.5% stake in SMCP that was transferred to it in 2021". This restitution must be carried out within one week of the ruling. The wording may seem complex. But for SMCP's creditors, who have been united under the GLAS trustee since the beginning of this rocky affair pitting them against the family of the group's former Chinese owners, it could mean recovering the missing share of capital that "vanished" four years ago. At the time, European Topsoho, the 53% shareholder owned by Yafu Qiu, former chairman of SMCP's board of directors and head of the Chinese Shandong Ruyi group, had discreetly sold over 15% of the capital in the midst of a financial slump. An investigation revealed that these shares had become the property of a company called Dynamic Treasure Group, a holding company run by Chenran Qiu, daughter of Yafu Qiu. Since then, legal proceedings have multiplied. After a British High Court ruling on the case a year ago, followed by a victory for GLAS on appeal, the proceedings were transferred to Singapore, where the shares are held. This time, the Singapore decision is once again in favor of GLAS. However, DTG still has the option of appealing and thus postponing the return of these shares. Why are these legal issues important for a minority shareholding? Because GLAS brings together European Topsoho's creditors, who have been saying since the beginning of this affair that they don't want to be shareholders in a brand. They intend to sell their stake in the parent company of Sandro, Maje, Claudie Pierlot and Fursac, which generates annual sales of over €1 billion. The return of their 15.5% stake would enable them to move forward with a project to sell their 53% stake, while the group's market capitalization stands at 356 million euros, with a share price of 4.55 euros a few minutes before the close of trading on the Paris Bourse on July 4. While at its peak, the share price had flirted with 25 euros per share in 2019, it was recently closer to 2 euros and has rallied in recent months, up 23% since the start of the year. The end of the legal battle would therefore probably mean the start of a project to sell off the 53% stake. Financial backers, employees and partners of the French group are therefore keeping a close eye on the wording of DTG's potential appeal to Singapore.
Yahoo
04-07-2025
- Business
- Yahoo
SMCP Secures Singapore Court Victory in Battle Over Disputed Share Transfer
PARIS – SMCP will get its shares back. The Singapore High Court has ruled that Dynamic Treasure Group must return the 15.5 percent stake it holds to European TopSoho, the parent company of SMCP, which had been transferred illegally. More from WWD Princess Beatrice Brings Understated Flair in Striped Sandro Look to First Day of Wimbledon 2025 SMCP Sales Gain 2.6% in Q1 Amid Strategic Shift Away From China EXCLUSIVE: SMCP Has a New CEO in Asia The court ordered that Dynamic Treasure Group has one week to return the shares, or appeal the decision. In a statement, the company said it will 'keep the market informed about the effective completion of the return of this stake.' This is the latest twist and turn in a case stemming from 2021, when 15.5 percent of the share capital of Sandro, Maje and Claudie Pierlot parent company SMCP 'disappeared' from France and reappeared in the British Virgin Islands two-and-a-half months later. This follows a similar decision by the English High Court in July 2024, which canceled the sale of the shares to Dynamic Treasure Group. It's also the second ruling in the case within a month as it winds through courts and regulators in multiple jurisdictions. In June, French regulatory body Autorieté des Marchés Financiers (AMF) fined the company and its shareholders for a series of irregularities. First, the regulatory body sanctioned former majority shareholder European TopSoho, director of European TopSoho Chenran Qiu and Dynamic Treasure Group, which received the shares, for disclosure violations and market manipulation. The shares were moved from Luxembourg to the British Virgin Islands without notifying the authorities. They effectively 'went missing' until they reappeared in the accounts of Dynamic Treasure Group, also controlled by Qiu, weeks later. European TopSoho had sold them to DTG for a symbolic one-euro price. In the interim, European TopSoho also issued a press release denying Qiu was involved in Dynamic Treasure Group, misleading the market. As a result, the AMF issued a series of fines. Qiu was sanctioned with 1 million euros, European TopSoho 400,000 euros, and Dynamic Treasure Group 300,000 for a total of 1.7 million euros. Separately, the AMF fined SMCP 20,000 euros for an unrelated leak of their financial information in 2021, when it accidentally published quarterly results on its website before market close. The London-based GLAS is the trustee for European TopSoho creditors including BlackRock, Carlyle, Anchorage, Boussard and Gavaudan that united to save the group with the issuance of bonds, and effectively SMCP's largest shareholder. They announced last year their intention to offload 37 percent of the group's shares. That move could trigger a mandatory takeover action under French law if a single purchaser snaps them up. SMCP has been on the road to recovery as it seeks to replace the market share it lost in China by expanding into new regions in Asia, including the Philippines, Indonesia and India. It recruited former Loewe executive Kleine Tan to take up the role of chief executive officer of SMCP Asia in April, tasked with implementing the company's 'strategic road map in the region, notably our network optimization in China,' she said in a statement shared first with WWD at the time. Best of WWD Harvey Nichols Sees Sales Dip, Losses Widen in Year Marred by Closures Nike Logs $1.3 Billion Profit, But Supply Chain Issues Persist Zegna Shares Start Trading on New York Stock Exchange Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
