European TopSoho S.à r.l. : €250 million 4% secured guaranteed bonds due 2021 exchangeable into shares of SMCP S.A. (ISIN XS1882680645)

LUXEMBOURG - Media OutReach - 24 September 2021 - European TopSoho S.à r.l. (the "Company") hereby confirms that it did not redeem the €250 million 4% secured guaranteed bonds due 2021, exchangeable into share of SMCP S.A. issued by the Company (the "Bonds"), which matured on 21 September 2021, and that it has accordingly received a notification of breach from the Trustee.  The Bonds are secured by shares of SMCP S.A. representing 37% of the capital of SMCP S.A.

Further, if the Bonds are not redeemed by 30 September 2021, thus remedying this breach, an event of default under the Bonds will be deemed to occur.

The Company is actively considering its options in relation to the current situation and will keep the market informed.

About European TopSoho S.à r.l.

European TopSoho S.à r.l. is an investment holding company established in Luxembourg. The Company is the controlling shareholder of SMCP S.A. which is a leading accessible luxury fashion company listed on the regulated market of Euronext Paris.

European TopSoho S.àr.l. is a subsidiary of Shandong Ruyi Technology Group Company Limited, the leading apparel manufacturer and fashion brands operator headquartered in Shandong, China.