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Private equity in action - Case Study


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Country France
Region Île-de-France
Investor L Capital

Private equity backing transformed Paris-based SMCP fashion group into a global brand, doubling its store numbers in just three years. When L Capital invested in the business in 2010, the company was already known for its creative style through its three affordable luxury brands - Sandro, Maje and Claudie Pierlot - it was present in 9 European markets, employing 1,100 people.

Over the next three years, L Capital helped SMCP grow, taking it to the US and Asian markets and strengthening its European presence. It also improved brand awareness, assisted with the launch of a new accessories line and recruited vital staff. This remarkable growth story led to the creation of 1,700 jobs before L Capital sold SMCP in 2013.

Frédéric Biousse



We are proud of the company's strong development over the recent years and would like to thank our shareholders L Capital for their support. Quotation Marks Graphic

new shops opened in three years


new jobs created

What did the business need?

  • Financial, strategic and operational support for European, US and Asian expansion
  • Scale and organisational strength to support growth
  • Strategic and operational support for expanding into new product lines
  • Help to develop branding

How did private equity backing create lasting value?

  • Consolidated its French retail network
  • Strengthened its European presence (including the UK, Germany, Belgium and Spain)
  • Entered the US market, through both department stores and standalone stores
  • Launched Asian operations in Hong Kong and China through local distribution partnerships
  • Built the brand through press, public relations and advertising campaigns
  • Recruited key professionals to strengthen the organisation

What outcomes did private equity investment achieve?

  • Opened 342 shops in three years
  • Launched first point of sales in the US in 2011
  • Launched first point of sales in Asia in 2012
  • Created 1,700 new jobs
  • Increased revenues and EBITDA* by 222% and 245% between 2010 and 2013, respectively

More information


L Capital


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