SMCP was informed today of the initiation of a process to sell SMCP shares representing up to 51.2%
of its share capital. This process will be managed by Lazard Frères. The affected SMCP shares include:
• a 28.0% stake held by GLAS, trustee for the bonds issued in 2018 by European TopSoho S.à.r.l.
(“ETS”), which GLAS took temporary possession of in 2021 following ETS’s default;
• a 15.5% stake, returned in August 2025, held and managed by ETS(1); the curator having
obtained an authorization from the Luxembourg Court on November 21s t , 2025; and
• a 7.7% stake held by ETS, which is being managed by Alastair Beveridge and Daniel Imison from Alix Partners LLP, appointed as Receivers by GLAS
SMCP welcomes this potential sale, which would enable the Group to stabilize its shareholder structure
and focus on pursuing its development strategy.
This sale process is expected to last several months. It should be noted that if the stake acquired in this
context were to exceed 30% of the company’s share capital, the purchaser of this stake (acting alone
or in concert) may be required to initiate a public tender offer for all SMCP shares. At this stage,
however, there is no certainty that the process will be successful, and the final decision on the sale
remains with the holders of the aforementioned shareholdings.
(1) ETS is subject to bankruptcy proceedings in Luxembourg and represented by a curator
