Maje's parent company drastically cuts store layout in China
Closing 70 stores a year
Sandro and Maje parent SMCP Group are gradually implementing plans to reduce the number of stores in China, and expects to reduce the number of online and offline stores in the Chinese market by about 15% this year, has closed about 30 stores in China, and expects to close another 40 in the second half of the year.
Claudie Pierlot will gradually withdraw from the Asian market in order to concentrate on the development of the two main brands Sandro and Maje.
At present, Sandro and Maje have been reduced to 93 and 85 stores respectively, and Claudie Pierlot has only three stores left. By the end of 2023, the number of Sandro, Maje and Claudie Pierlot stores in China was 105, 101 and 9 respectively.
According to Fashion Business Express data, the group's global revenue in the first quarter of this year fell 5% to 287 million euros, the Asian market revenue fell 15.7%, the French market fell 7.4%, the U.S. market increased 8.9%.
Source: Multiple media
Photo: Screenshot of the report
European Chamber of Commerce:
The EVFTA agreement shows the confidence of European investors in Vietnam
The EVFTA agreement has enhanced Vietnam's attractiveness to European investors, and the European Union (EU) has invested 28 billion euros in 2,450 projects, showing its confidence in Vietnam's potential.
On July 31, as the fourth anniversary of the entry into force of the Vietnam-EU Free Trade Agreement (EVFTA) approaches, the European Chamber of Commerce in Vietnam (EuroCham) announced a survey on the impact of the agreement.
The results of the survey showed that the EVFTA agreement has enhanced Vietnam's attractiveness to European investors such as the EU, which has invested 28 billion euros in 2,450 projects, showing its confidence in Vietnam's potential. Notably, EU investors increased foreign direct investment (FDI) by €800 million between January and September 2023, bucking the global trend of declining FDI.
The EVFTA agreement has greatly boosted Vietnam's exports to Europe, soaring from 35 billion euros in 2019 to more than 48 billion euros in 2023, with significant growth in many sectors, including: electronics, textiles, footwear, agriculture and seafood. Meanwhile, EU exports to Vietnam increased from €11 billion to €11.4 billion over the same period.
The EVFTA agreement also opens doors for the European business community, but many challenges remain. Specifically, nearly two-thirds of survey participants reported varying degrees of benefits, such as simplified supply chains, increased business transparency, and a tighter legal framework.
The survey results also show that some of the obstacles European businesses face in taking full advantage of EVFTA agreements are complex legal requirements and a lack of local government endorsement of certain international standards. In addition, the unclear understanding of the EVFTA agreement by the parties concerned, as well as the problems of customs valuation, customs clearance procedures, technical barriers, especially in the field of product certification and testing, are also a big obstacle. This complicates trade.
Mr. Dominik Meichle, Chairman of the European Business Association in Vietnam, said the European Chamber survey showed that despite the progress made, many challenges remain. Therefore, as the EVFTA enters its fifth year, it is important to continue working to simplify procedures, harmonize standards, and ensure that everyone understands and effectively utilizes the benefits of the agreement.
The European Chamber of Commerce is committed to working with stakeholders to simplify regulatory compliance, make international standards more widely accepted, and develop various educational programs to increase overall awareness of EVFTA regulations. The European Chamber will also continue to push for further reduction of tariffs and simplification of customs procedures.
The European Business Association of Vietnam actively supports the full ratification of the Investment Protection Agreement (EVIPA) between Vietnam and the EU, which is an important step to "unlock" the full potential of the EU. The EVFTA agreement aims to attract foreign direct investment. Invest.
Currently, the EU organization has approved the EVIPA, but the EVIPA still needs individual approval from all 27 EU member states, so the European Business Association of Vietnam constantly lobbies European stakeholders to encourage the rest of the countries to follow suit.
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