The GLAS group of bondholders has taken a 29% equity holding in French fashion company SMCP S.A. (ENXTPA:SMCP), whose brands include Sandro and Maje, and it will then look to sell the stake, in a move that could result in an ownership change at SMCP. The ownership of SMCP has been the subject of speculation after a unit of its majority owner Shandong Ruyi defaulted on some bonds, which resulted in GLAS moving in. ?SMCP reminds that this situation does not affect its own financing and operations. Value creation for all of the group?s stakeholders (shareholders, employees and other partners) is at the heart of the company?s strategy. SMCP and its teams remain fully committed to the implementation of the One Journey strategic plan to 2025,? SMCP said in a statement on October 29, 2021.