Lanvin Group Shows Resiliency in Sales and On-Track Margin Improvement in 2023

In This Article:

Revenue Continues Year-over-Year Growth Trend

  • Revenue of €426 million for FY2023, a 1% increase over FY2022 despite macroeconomic headwinds

  • Continued margin improvement with Group gross profit margin increasing to 59% and both contribution profit(1) and adjusted EBITDA margins steadily improving

  • Resilient performance of the brands through challenging market environment; Lanvin brand showed improving trend in the second half of the year while overall industry faced strong headwinds

  • Steady regional performance highlighted by nearly 8% growth in APAC

  • Improving store metrics with steady DTC revenue on a lower base of stores showed footprint rationalization strategy on track; first Middle East Lanvin location opened in Riyadh with two more anticipated in the coming months

  • On track for cashflow breakeven in 2025 with Caruso achieving breakeven Adjusted EBITDA in 2023 and two additional brands expected to achieve Adjusted EBITDA breakeven in 2024

NEW YORK, April 30, 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 full-year 2023.  The Group achieved revenue of €426 million, a 1% increase year-over-year versus 2022; and gross profit of €251 million, representing a 59% gross margin and a 250bps increase versus 2022.

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

Zhen Huang, Chairman of Lanvin Group, said: "I'm honored to have become the Chairman of Lanvin Group in 2023. The Group has made significant progress since its inception in 2018. In reviewing our 2023, I thought back to the resiliency we showed during the pandemic, posting growth every year, and I see the same resilience and our ability to thrive in any environment, this past year. I believe we are on the right track and am optimistic we will reach our growth and profitability goals."

Eric Chan, CEO of Lanvin Group, said: "Managers drive companies, and their teams drive results. I am thoroughly impressed by the efforts of our managers and our teams to maintain growth and continue to forge the path to profitability in a challenging market environment. My team, along with our brand managers remain resolute in our mission to grow our brands and drive profitability.

We are a group of brands with a provenance and heritage second-to-none, and I am proud of what we have accomplished in 2023. We are collectively on a journey, and I am very optimistic about our future."

Review of the Full-Year 2023 Results

Lanvin Group Revenue by Segment

(€ in Thousands, unless otherwise noted)

Lanvin Group

by Brand

Revenue

Growth %

2020A

2021A

2022A

2023A

2021A v

2022 A v

2023 A v

20-23

FY

FY

FY

FY

2020A

2021 A

2022 A

CAGR










Lanvin

34,989

72,872

119,847

111,740

108 %

64 %

-7 %

47 %

Wolford

95,384

109,332

125,514

126,280

15 %

15 %

1 %

10 %

St. John

66,512

73,094

85,884

90,398

10 %

17 %

5 %

11 %

Sergio Rossi

0

28,737

61,929

59,518


116 %

-4 %


Caruso

26,351

24,695

30,819

40,011

-6 %

25 %

30 %

15 %

Total Brand

223,236

308,730

423,993

427,947

38 %

37 %

1 %

24 %










Eliminations

-624

92

-1,681

-1,769

-115 %

-1927 %

5 %

42 %

Total Group

222,612

308,822

422,312

426,178

39 %

37 %

1 %

24 %