SMCP, which is 51 percent owned by China's Shandong Ruyi, was trading at 21.80 euros by 0706 GMT - just below the IPO price of 22 euros.
SMCP, whose brands include Sandro, Maje and Claudie Pierot, is using the proceeds from its listing to pay down debt and fund its expansion. This includes plans to grow more in China, where a recovery in demand from middle-class consumers has been giving retailers a lift.
($1 = 0.8511 euros)
(Reporting by Sudip Kar-Gupta; editing by Alexander Smith)