a longtime Fosun deputy, and then by Andy Lew, the former Brooks Brothers executive who now serves as executive chairman and oversees the Lanvin brand. The latest shake-up involves Siddhartha Shukla, the deputy CEO who joined Theory in 2022 and steered the IPO. Shukla departed after four years, with Lew stepping in to ensure continuity amid the flux. This follows David Chan’s exit as executive president and CFO last October. Recent appointments appear designed to restore operational focus at the brand level. Marco Pozzo was named CEO and chairman of Wolford AG’s management board, while St. John appointed Mandy West as CEO. At Lanvin, Barbara Werschine has taken on the role of deputy CEO. Yet the frequency of these resets has not yet explained whether leadership changes are enabling strategy or compensating for its absence. Financial freefall  To understand Lanvin Group’s current position, it is necessary to revisit its original premise. Lanvin Group was built on a classic luxury consolidation thesis: assemble heritage European brands, inject capital, and scale globally, particularly by leveraging Chinese ownership and demand. In theory, this mirrors the playbook of LVMH or Kering. In practice, however, Lanvin Group lacks the defining characteristic that makes such models work: portfolio economics. Lanvin itself, despite its heritage, continues to search for a consistent identity capable of translating creative renewal into sustained commercial momentum. Wolford has spent years attempting to stabilise operations, while Sergio Rossi is transitioning to a lighter operational model. St. John remains comparatively resilient but is geographically concentrated and limited in scale. Each brand requires sustained investment, yet none generates sufficient growth to fund the others. The result is a structurally constrained system in which resources are spread thinly across multiple recovery efforts. The financial trajectory unveiled this fragility. The group posted 0.9 per cent growth in 2023 but cratered 22.9 per cent in 2024, with first-half 2025 sales dropping 22 per cent to US$133 million. Preliminary FY2025 revenues from continuing operations hit €240.5 million, down 17.6 per cent year-over-year, excluding the divested Caruso, blamed on luxury headwinds and restructuring pains. At the brand level, sales of Lanvin and Sergio Rossi both dropped roughly 30 per cent, while Wolford fell 14 per cent. Geography has compounded the problem. The group’s strategy implicitly assumed that Chinese demand would serve as a growth multiplier. Instead, Greater China business reported sales falling 42 per cent last year, by far the steepest regional decline.  The pivot to discipline  Since 2025, Lanvin Group has shifted decisively from expansion to preservation. The sale of Caruso and the exploration of divesting factories and real estate indicate a move away from vertical integration toward an asset-light model. The company has also undertaken retail optimisation, including the closure of underperforming stores and tighter cost controls. These measures are explicitly referenced in its transformation plan, which emphasises “cost discipline,” “organisational adjustments,” and “portfolio optimisation.” “While market conditions were challenging, we made critical strides in strengthening our brands, optimising our operations, and laying the groundwork for future growth,” said Zhen Huang, chairman of Lanvin Group.  “With our renewed creative leadership and disciplined execution, we are confident in our ability to navigate the evolving luxury landscape and deliver long-term value.” Further reading: Retail’s year of change: How leaders are preparing for uncertainty.