SMCP expects initial bids for stake by mid-May

A Maje label is pictured on clothes inside a Maje luxury clothing store, operated by SMCP Group, in Paris. The 37% stake is worth around €227mil (US$251mil or RM1.1bil) based on SMCP’s market value. — Reuters

HONG KONG: Bondholders in French fashion group SMCP, the owner of labels such as Sandro and Maje, are expecting first-round, non-binding bids for their 37% stake in the company by mid-May, say two people with knowledge of the transaction.

The bondholders, which include asset manager BlackRock and private equity firm Carlyle, appointed investment bank Lazard Freres to advise on the sale that kicked off in March.