Lanvin Group’s Revenues Fall 23% in ‘A Transitional Year’
Lanvin Group’s revenues fell by 23 percent last year to 328 million euros as it struggled through changes both within and without.
The company called 2024 a “a transitional year marked by creative evolution and strategic realignment amid market headwinds.”
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Almost every part of the operation is on the move and during a time when the luxury world is struggling at large.
In January, Andy Lew stepped up to take charge of Lanvin Group as executive president while continuing to hold the reins at the St. John Knits brand.
Last year, Peter Copping was named artistic director at the Lanvin brand while Paul Andrew stepped in as creative director at Sergio Rossi.
The company’ store network is being consolidated.
And the New York-based firm is opening a second headquarters in Europe to optimize its decision-making locally.
Lew made brief remarks on a conference call going over revenues for the year, saying it was a “pivotal” time for the company, which is headed into 2025 focused on “driving growth and enhancing operational efficiency.”
To do that, he said the company was cultivating its leadership team, seeking revenue growth through “strategic partnerships and collaborative ecosystems” and looking for new creative leadership to deliver sales growth at Lanvin and Sergio Rossi.
At Lanvin, Copping had a strong start and staged his first show in late January, taking his cues from house founder Jeanne Lanvin’s personal style in the ‘20s and ’30s.
But there’s plenty of work to do at the brand, which saw sales fall 26 percent to 82.7 million euros, with Greater China down 40 percent and North America off 19 percent.
Sergio Rossi sales fell by 30 percent to 41.9 million euros while Wolford dropped 31 percent to 87.6 million euros, St. John was off 12 percent to 79.3 million euros and Caruso was down 7 percent to 37.1 million euros.
David Chan, executive president and chief financial officer of the group, said: “While these results reflect the broader industry trends and driven by a challenging macro backdrop that weighed on consumer sentiment, particularly in Greater China and the wholesale channel, Lanvin Group has laid the foundation for gradual return to growth. We remain optimistic about our future prospects.”
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