Daniel Lalonde, CEO 2021 Q2 Sales Patricia Huyghues Despointes, CFO - July 27th, 2021
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2021 Q2 Sales
July 27th, 2021
Daniel Lalonde, CEO
Patricia Huyghues Despointes, CFO
Disclaimer
Certain information contained in this presentation includes projections and forecasts. These projections and forecasts are based on SMCP
management's current views and assumptions. Such forward-looking statements are not guarantees of future performance of the Group.
Actual results or performances may differ materially from those in such projections and forecasts as a result of numerous factors, risks and
uncertainties, including the impact of the current COVID-19 outbreak.
These risks and uncertainties include those discussed or identified under Chapter 3 “Risk factors and Internal Control” of the Company’s
Universal Registration Document filed with the French Financial Markets Authority (Autorité des Marchés Financiers - AMF) on April 30,
2021, and available on SMCP's website (www.smcp.com).
This presentation has not been independently verified. SMCP makes no representation or undertaking as to the accuracy or completeness of
such information. None of the SMCP or any of its affiliate’s representatives shall bear any liability (in negligence or otherwise) for any loss
arising from any use of this presentation or its contents or otherwise arising in connection with this presentation.
2
Daniel Lalonde, CEO
3
Strong momentum in all regions
SALES MAINLAND CHINA DIGITAL NETWORK
Adj. EBIT1 (∆ H1)
PENETRATION
+61.1%* +27.5%* -19 DOS
25% o/w -25 in France | +14 in APAC
€229.4m | -14% vs 2019 +22% vs 2019
#POS: 1,686
• Progressive catch up vs 2019: -17% in Q1, - 14% in Q2
• Mainland China remains strongly positive (both in Brick-and-Mortar and digital), double-digit growth vs 2019
• Confirmed momentum in the U.S., going from strength to strength: sales back to pre-pandemic level,
reaching +11.3%* vs 2019
• Very successful store reopening in France since May 19th, and strong EMEA performance despite store closures and
low tourism
• Solid progress on full price strategy, meaningful reduction in promotional sales’ share
(*) Organic Growth : at constant currency & scope 4
Sustainability: Successful launch of Maje rental service in France
A new way to consume fashion, change style, and indulge for every occasion
Strategic Offer 100% Maje Service 360° Activation
Dedicated website : Maje-location.com Phy-gital
100% Ceremony Press & Social Media
Old & New collections Personalized customer journey
Eco-responsible packaging Influencer & Live Shopping
POP UP @GALERIES LAFAYETTE HAUSSMANN
5
Sustainability: Other key initiatives
x
Yuko Nishikawa All the pieces made of
100% organic GOTS
certified cotton
High Summer
Exclusive capsule LET’S DREAM
TOMORROW
Artistic collaboration Denim that
consumes less
offering in
North America Over half of our water, organic
designs and cotton shirts,
sustainable mobile
sculptures for sales more than a third RWS certified
of our accessories wool etc
are marked
All profits donated to:
«Claudie Cares» YES, WE CARE.
CLAUDIE CARES
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Brand desirability: Innovative worldwide collaborations and capsules
x x Capsule
Smiley Voltaire French Riviera
@stefaniegiesinger @suechangg POP UP @HARRODS, LONDON @marcossoler
New-York Hong-Kong Spain
Instagram: M3,9 Instagram: K328 Instagram: K80
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Engaging millennials in China through digital
TMALL 6.18 Shopping Festival
TMALL Hey Box
The second biggest
x sales event on TMALL Jing Tian,
Ibiza Capsule A Chinese
actress as brand
ambassador
Product
short videos
(over 260) @ Jing Tian (景甜)
Weibo: M24.6
Wong Fei Fei,
a Chinese singer
Timeless and actress
Dress dressed in
Campaign
@白大飛(Cynthia)
Shanghai @Wong Fei Fei
Weibo: M1,93 Weibo: M8.8
Little Red Book: K242
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Q2 key openings: New flagships with unique in-store experience in Paris
New flagship concept
in Paris
Art exhibition and new
architectural concept
to reinvent client
experience
@PARIS, rue Montmartre
@PARIS, rue Saint Honoré
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Q2 key openings: Meaningful store openings in APAC
Kuala Lumpur Shanghai Hainan Shenzhen
First Stores in First Stores in
Malaysia Hainan Island
@SHANGHAI, Grand Gateway
New
concept
@SHENZHEN
flagship
@SANYA
@KUALA LUMPUR City Center
10Q2 key openings: Tailored expansion in key locations
First store
A new luxury
in Belgium La Samaritaine
shopping
experience reopening
@Los Angeles, The Grove
@BRUXELLES, Avenue Louise
@PARIS, La Samaritaine
11Digital: Continued rollout of roadmap
Ship from store expansion in Europe
France
totally
implemented
New European
countries in Q2:
UK
Germany
Italy
Spain
12Patricia Huyghues Despointes, CFO
13Solid H1 performance across all regions and brands
By region Sales +23.3%* By brand
13%
453.3
31% 31% 372.8
47%
H1 20 H1 21 40%
13% 25%
Sandro
France EMEA
Maje
Americas APAC Other brands
Digital penetration
27,5%
(*) Organic Growth : at constant currency & scope 14Q2 Sales performance by region
• Strong double-digit growth vs 2020, despite a similar basis of comparison in
terms of stores closures and restrictions +33.7%*
• Successful store reopening since May 19th, driven by a strong double-digit like- 63.2
for-like performance
FRANCE 47.3
• -28% vs Q2 2019 with 100% of the network closed during half of the quarter, a
less promotional environment, and very low tourism
• Strong delivery of our network optimization plan: - 25 DOS in H1 Q2 20 Q2 21
• Strong growth despite store closures, and restrictive measures in the first part +84.9%*
of the quarter
66.4
• Drop in tourist traffic partly offset by local demand
EMEA 35.8
• Limited decrease of -16% vs Q2 2019, despite temporary closures in key
countries such as the UK, Germany, Belgium or Italy, the voluntary cancellation
of promotional event, and the loss of tourism-related sales
Q2 20 Q2 21
(*) Organic Growth : at constant currency & scope 15Q2 Sales performance by region
• Very solid performance in APAC driven by a strong double-digit like-for-like
growth +33.2%*
• APAC revenue above 2019 despite pandemic headwinds in key cities, travel 65.5
restrictions and lack of tourists
APAC 49.8
• Mainland China’s remains strongly positive, +22% vs 2019, supported by a
double-digit like-for-like growth (both in B&M and digital)
• Continued network expansion: + 14 DOS in H1 (of which +11 in Mainland China) Q2 20 Q2 21
+225.3%*
• Sales tripling vs 2020, supported by a triple-digit like-for-like growth
34.2
• Confirmed momentum in the U.S: sales back to pre-pandemic level,
AMERICAS reaching + 11.3%* vs 2019
11.3
• Canada still impacted by store closures and measures to contain the pandemic
Q2 20 Q2 21
(*) Organic Growth : at constant currency & scope 16Summary
17Outlook
Summary2021
• Strong momentum in all regions in Q2 reaching +61.1%*
• APAC and the U.S. above pre-pandemic level
• Solid progress on full price strategy, meaningful reduction in
promotional sales’ share
• Pursued execution of our One Journey strategic roadmap:
− New strong, creative and disruptive brand initiatives
engaging millennials
− Successful implementation of ship-from-store across
Europe thanks to our unique retail pure player business
model
− Tailored openings in Europe and Americas
− Continued phygital expansion in APAC
(*) Organic Growth : at constant currency & scope 18Financial Agenda
19Next financial publications
September 3,
2021 o 2021 H1 Results
October 27,
2021 o 2021 Q3 Sales
20Appendix
Quarterly net sales by region and by brand
In €m Q1-20 Q1-21 Reported % Organic % Q2-20 Q2-21 Reported % Organic % H1-20 H1-21 Reported % Organic %
France 85,7 78,6 -8,3% -8,3% 47,3 63,2 +33,7% +33,7% 133,0 141,9 +6,7% +6,7%
EMEA 70,9 47,5 -32,9% -32,5% 35,8 66,4 +85,7% +84,9% 106,6 114,0 +6,9% +7,1%
Americas 26,9 24,9 -7,4% +0,4% 11,3 34,2 +201,8% +225,3% 38,3 59,1 +54,5% +67,2%
APAC 45,2 72,8 +61,3% +64,6% 49,8 65,5 +31,6% +33,2% 94,9 138,4 +45,7% +48,1%
Total 228,7 223,9 -2,1% -0,6% 144,1 229,4 +59,1% +61,1% 372,8 453,3 +21,6% +23,3%
Sandro 105,5 103,6 -1,8% -0,1% 71,5 108,4 +51,6% +53,7% 177,1 212,0 +19,7% +21,7%
Maje 85,7 89,3 +4,3% +6,1% 53,8 93,5 +73,9% +76,4% 139,5 182,9 +31,1% +33,3%
Other brands 37,5 31,0 -17,3% -17,0% 18,8 27,4 +45,6% +45,7% 56,3 58,4 +3,8% +4,0%
Total 228,7 223,9 -2,1% -0,6% 144,1 229,4 +59,1% +61,1% 372,8 453,3 +21,6% +23,3%
Organic sales growth: at constant currency & Scope
Other brands: Claudie Pierlot and De Fursac
22Breakdown of POS
Directly operated stores Number of DOS H1-20 2020 Q1-21 H1-21
Var H1 21 Var H1 21 Var H1 21
vs. Q1 21 vs. FY 20 vs. H1 20
By region
France 524 519 486 494 +8 -25 -30
EMEA 415 415 406 408 +2 -7 -7
Americas 164 169 165 168 +3 -1 +4
APAC 221 231 233 245 +12 +14 +24
By brand
Sandro 555 560 548 559 +11 -1 +4
Maje 448 452 440 453 +13 +1 +5
Claudie Pierlot 223 220 214 213 -1 -7 -10
Suite 341 38 38 25 24 -1 -14 -14
Fursac 60 64 63 66 +3 +2 +6
Total DOS 1 324 1 334 1 290 1 315 +25 -19 -9
Total points of sale Number of POS H1-20 2020 Q1-21 H1-21
Var H1 21 Var H1 21 Var H1 21
vs. Q1 21 vs. FY 20 vs. H1 20
By region
France 524 519 486 494 +8 -25 -30
EMEA 534 546 543 554 +11 +8 +20
Americas 193 193 191 193 +2 - -
APAC 399 419 424 445 +21 +26 +46
Total POS 1 650 1 677 1 644 1 686 +42 +9 +36
By brand
Sandro 716 730 722 740 +18 +10 +24
Maje 587 596 588 608 +20 +12 +21
Claudie Pierlot 249 249 246 248 +2 -1 -1
Suite 341 38 38 25 24 -1 -14 -14
Fursac 60 64 63 66 +3 +2 +6
Total POS 1 650 1 677 1 644 1 686 +42 +9 +36
o/w Pa rtners POS 326 343 354 371 +17 +28 +45
23Shareholding structure and voting rights as of June 30, 2021
Capital (%) Voting rights (%)
(Incl. double voting rights)
Ruyi & Co-investors Free float
Free float Ruyi & Co-investors
53.0% 25.4%
39.9% 66.6%
(51.2%) 1 (25.2%) 1
(38.9%) 1 (65.7%) 1
Founders,
Managers &
Treasury shares
8.0%
(9.2%) 1
Founders,
Managers &
Treasury shares
6.9%
(9.7%) 1
As of June 30, 2021, the share capital of the Company is composed of 75,697,640 shares (including 899,491 Free Preferred Shares)
Assuming conversion of all the Free Preferred Shares into ordinary shares, the share capital of the Company would be composed of up to 78,326,932 shares
(1) Post conversion of all the Free Preferred Shares and excluding LTIP 24Definitions of non-IFRS financial measures
o “Sales” consists of total sales (retail and wholesale sales) net of rebates, discounts, VAT and other sales taxes, but before the deduction of concession
fees paid to department stores and commissions paid to affiliates.
o “ Organic sales growth” corresponds to total sales in a given period compared with the same period in the previous year, expressed as a percentage
change between the two periods, and presented at constant exchange rates (sales for period N and period N-1 in foreign currencies are converted at
the average year N-1 rate) and excluding scope effects
o “Like-for-like sales growth” corresponds to retail sales from directly operated points of sale on a like-for-like basis in a given period compared with the
same period in the previous year, expressed as a percentage change between the two periods. Like-for-like points of sale for a given period include all
of the Group’s points of sale that were open during the previous period and exclude points of sale closed during the period, including points of sale
closed for renovation for more than one month, as well as points of sale that changed their activity (for example, Sandro points of sale changing from
Sandro Femme to Sandro Homme or to a mixed Sandro Femme and Sandro Homme store). Like-for-like sales growth percentage is presented at
constant exchange rates (sales for year N and year N-1 in foreign currencies are converted at the average N-1 rate, as presented in the annexes to the
Group's consolidated financial statements as at December 31 for the year N in question).
o “Adjusted EBITDA” is defined by the Group as operating income before depreciation, amortization, provisions and charges related to share-based
long-term incentive plans (LTIP). Consequently, Adjusted EBITDA corresponds to EBITDA before charges related to LTIP. Adjusted EBITDA is not a
standardized accounting measure that meets a single generally accepted definition. It must not be considered as a substitute for operating income,
net income, cash flow from operating activities, or as a measure of liquidity.
o “Adjusted EBITDA margin” corresponds to Adjusted EBITDA divided by net sales.
o “Adjusted EBIT is defined by the Group as earning before interests and taxes and charges related to share-based long-term incentive plans (LTIP).
Consequently, Adjusted EBIT corresponds to EBIT before charges related to LTIP. “Adjusted EBIT margin” corresponds to Adjusted EBIT divided by
net sales.
o “Gross margin” as reported in the financial statements corresponds to the net sales after deduction of cost of sales and commissions paid to the
department stores and affiliates. The company uses and monitors as an operational KPI the “management” gross margin before commissions and
refers to it in its management presentations rather than the gross margin after commission.
o “Retail margin” corresponds to the management gross margin after taking into account the points of sale’s direct expenses such as rent, personnel
costs, commissions paid to the department stores and other operating costs.
o “Selling, general and administrative expenses” are those incurred at the corporate level/central costs and not allocated to a point of sale or partner.
These elements are added to the retail margin to obtain EBITDA.
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