French apparel and accessories retail company SMCP is in advanced talks to acquire men’s luxury clothing company De Fursac.

The transaction is expected to grow SMCP’s presence in the accessible luxury menswear market, as well as provide access to a new market segment. The company currently operates in the menswear category through its Sandro brand.

The company will also accelerate De Fursac’s growth by leveraging its international and digital expertise, in addition to its development platform.

SMCP CEO Daniel Lalonde said: “Today’s announcement is an exciting new chapter for SMCP. With De Fursac in our group, we have a unique opportunity to accelerate our strategy, by tapping into a new segment in the fast-growing men’s accessible luxury market.

“De Fursac is an outstanding brand, poised for growth through international expansion, with the support of our expertise.

“We look forward to working with the talented teams of De Fursac, on our journey to become the global leader of accessible luxury and to continuing to create value for our shareholders.”

In addition, SMCP’s board of directors has unanimously approved the acquisition.

The transaction is currently subject to completion of the information and consultation procedure of the works council, regulatory approval and customary conditions. It is expected to close before the end of this year’s third quarter.

Established in 1973, De Fursac currently operates 54 stores in premium locations across France and Switzerland.

Following the completion of the transaction, SMCP will accelerate De Fursac’s geographical expansion in Europe and Greater China as well as support the company’s digital journey.

SMCP operates 1,466 points of sale locations across 40 countries under various fashion brands such as Sandro, Maje and Claudie Pierlot.