Lanvin says “resiliency was key in 2023” as revenues flatline
The Lanvin Group, the luxury fashion group with Lanvin, Wolford, St. John, Sergio Rossi and Caruso in its portfolio of brands, has revealed its full-year results with revenues reaching £364 million (€426 million), up by 1% year-on-year versus 2022.
The Lanvin brand, the French luxury house founded in 1889, dropped by 7% year on year, causing a dip in the group's overall results. The flagship brand has been left bewildered without a designer since April 2023 when former creative director Bruno Sialelli departed. However, the group turned things around in the second half of 2023 with a creative transition of the Lanvin brand. While first-half revenue decreased by 11%, the brand ended the year down 7%.
Despite rocky revenues, the group’s digital sales saw growth with the group level posting a 3% year-on-year growth in e-commerce. Notably, St. John showed 14% growth in e-commerce revenue and Sergio Rossi showed 5% growth. Lanvin and Wolford remained flat for the year.
Eric Chan, CEO of Lanvin Group, said: "2023 was a year full of macroeconomic headwinds and global challenges. Lanvin Group showed tremendous resilience and continued on its growth trajectory. 2023 was also a year that our group and our brands proved their ability to manage through adverse market conditions and execute their strategy.
"A softening second half saw the luxury fashion industry in a position it has not been in, in quite some time. Therefore, I am pleased to report that Lanvin Group maintained growth for the year; and I am confident in our management's ability to continue to build upon the foundation we have built on our path to profitability."
Looking ahead, the group plans to focus on the APAC region, which shows "opportunities for market share gains" as well as plans to pursue tactical growth opportunities in 2024.
In December, the group appointed Huang Zhen as Chairman and Eric Chan as CEO, following the departure of Joann Cheng. The appointments came as "Lanvin Group embarks on an important next phase of growth", centred around retail expansion for all its brands in North America, Europe, Asia and the Middle East.
