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UPDATE 1-French fashion group SMCP to price IPO at 20-25 euros/share

* Majority owned by China's Shandong Ruyi

* Shandong Ruyi to keep a stake of around 51 pct

* SMCP enterprise value of 1.9-2.2 bln euros (Adds detail and background)

PARIS, Oct 9 (Reuters) - SMCP, the French fashion group behind labels Sandro, Maje and Claudie Pierlot, said on Monday it would price its looming flotation at between 20 to 25 euros per share, giving the company an enterprise value of up to 2.2 billion euros.

SMCP, majority owned by China's Shandong Ruyi, said the initial public offering would raise about 121 million euros ($142 million) in net proceeds from issuing new shares.

The group will also issue existing shares, raising between 390 million and 479 million euros in gross proceeds, excluding any options to sell more stock if demand is strong.

Investors in SMCP also include including private equity firm KKR, with about 10 percent, while the company's founders and managers also hold around 8 percent.

Formal trading of SMCP's shares is due to begin on Oct. 24, and Shandong Ruyi will keep a stake of around 51 percent following the IPO. KKR will exit its previous holding.

"This IPO marks an important milestone in the development of SMCP," said SMCP chief executive Daniel Lalonde in a statement.

Sandro, Maje and Claudie Pierlot operate in what is described as the accessible luxury market, their dresses typically priced at around 200 euros in France. Buoyant demand among fast-growing middle classes in countries such as China has boosted this segment.

Financial advisors involved in SMCP's flotation include JP Morgan, Bank of America Merrill Lynch, KKR Capital Markets, BNP Paribas, HSBC, Societe Generale, Industrial & Commercial Bank of China (ICBC) and Mizuho International.

($1 = 0.8522 euros) (Reporting by Sudip Kar-Gupta; Editing by Laurence Frost/Sarah White)