NYSE-listed luxury fashion conglomerate Lanvin Group has reported a 23 per cent year-on-year decline in revenue to 328 million euros for FY24, marking what management described as a “transitional year” as the company strategically realigned its operations. The company said the performance reflects broader economic challenges facing the luxury sector, particularly in key markets such as Greater China and Europe. A year of declining sales across all brands All brands under Lanvin Group
Group experienced sales contractions in FY24, with flagship brand Lanvin witnessing a significant 26 per cent decline from 112 million euros in 2023 to 83 million euros last year. Other brands also faced double-digit downturns: Wolford saw a 31 per cent drop to 87.6 million euros, St. John declined by 12 per cent to 79.3 million euros, Sergio Rossi plunged 30 per cent to 41.9 million euros, and Caruso fell by 7 per cent to 37.1 million euros.
From a regional perspective, revenue in Greater China contracted sharply by 37 per cent, followed by a 28 per cent drop in EMEA, a 13 per cent decline in North America, and a 12% decrease in other regions.
Despite the overall weakness, the company noted that Japan and North America showed resilience compared to other markets, highlighting different consumer sentiment across different regions.
Strategic adjustments and leadership changes
A key development in Lanvin Group’s restructuring efforts is the appointment of Andy Lew as executive president in January 2025. Lew continues to hold the reins at the St. John Knits brand. David Chan, who is CFO, also holds the executive president position. Meanwhile, Eric Chan will transition from his role as CEO to join the board.
In addition to these changes, the board agreed to expand from eight to nine members and appointed Alan Liu, who will replace Grace Fang, alongside Eric Chan as directors.
The company also announced the establishment of a second headquarters in Europe to strengthen its local presence and optimise decision-making efficiency.
“Under the leadership of our new executive president, Andy, we’re building a dynamic and forward-thinking leadership team,” said David Chan, executive president and CFO of Lanvin Group. “This is crucial as we establish our second headquarters in Europe, which will not only strengthen our local presence but also optimise our decision-making efficiency.”
On the creative front, Lanvin Group is banking on fresh artistic direction to reignite brand appeal and sales momentum. The recent appointments of Alain Van as artistic director of Lanvin and a new creative director at Sergio Rossi signal a renewed focus on design innovation. Industry watchers have expressed optimism about Peter Copping’s debut collection for Lanvin in January.
The company has also begun consolidating its store network and optimising its retail footprint to streamline costs and enhance profitability.
“This strategic move ensures that we remain agile and efficient in a rapidly changing market,” Chan added.
Despite the revenue downturn, Lanvin Group’s stock saw a surprising 4.23 per cent uptick in premarket trading, rising to $1.97 last Friday. While the company did not release revenue projections for 2025, the company has signaled cautious optimism about the year ahead.
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