Lanvin Group Posts Revenue of €171 million in H1 2024

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Global Challenges Impact First-Half Results

  • Group Revenue was €171 million for H1 2024, a 20% decrease over H1 2023

  • Group Gross profit margin remained steady, declining just 1% to 57.5%, and Lanvin, St. John and Caruso all showed marked gross profit margin improvement from better full-price sell-through and strategic inventory management

  • Global luxury market softness particularly impacted revenue in EMEA and Greater China; as did the Wholesale Channel; Lanvin brand showed strong growth in APAC, outside of Greater China, with 9% growth

  • Wolford revenue and margin was impacted by a significant shipping delay due to integration issues with a new logistics provider; and Sergio Rossi saw a planned rationalization of third-party production resulting in lower revenue

  • Strategic actions were taking in H1 2024 to ensure our brands' long-term competitiveness globally, including the appointment of Peter Copping as Lanvin's new Artistic Director; appointment of Regis Rimbert as Wolford's CEO; and the optimization of production and supply chain management for Sergio Rossi

  • Adjusted EBITDA held steady, decreasing only €1 million, period-over-period due to proactive cost management initiatives

  • All brands remained committed to improving cost structure while continuing to tactically invest in marketing for upcoming campaigns

NEW YORK, Aug. 26, 2024 /PRNewswire/ -- Lanvin Group (NYSE: LANV, the "Group"), a global luxury fashion group with Lanvin, Wolford, Sergio Rossi, St. John and Caruso in its portfolio of brands, today announced its results for the first half of 2024.   Despite facing macroeconomic pressures in the global luxury market, the Group continued to drive its innovative strategies and remained focused on the long-term development of its brands.

(PRNewsfoto/Lanvin Group)
(PRNewsfoto/Lanvin Group)

The Group achieved revenue of €171 million, a 20% decrease period-over-period versus 2023. Nonetheless, the Group continued to demonstrate operational stability and strong cost control through proactive strategic adjustments. With effective measures to improve cost efficiency across brands, Gross profit was at €98 million, maintaining a 57.5% gross profit margin, reflecting Lanvin Group's resilience and its potential for sustainable growth in a challenging environment.

Zhen Huang, Chairman of Lanvin Group, said: "We faced a tumultuous market in the first half of 2024. While we anticipate this will continue for the near-term, we remain committed to the long-term growth of our Group and our path to profitability."

Eric Chan, CEO of Lanvin Group, said: "Struggles in the wholesale channel compounded the issues of a softening global luxury market, in the first half of 2024. We spent much of the first half committed to our marketing plan, but also prioritized rationalizing our cost base to fit the current market environment. Furthermore, we are committed to our product strategy and investing in product development, which is why we are excited to have the new creative leaders who have joined our family. While we will be proactive in our approach to the near-term slowdown, we remain resolute in investing in our brands to forge our path forward, and to capitalize on our momentum as the markets improve."