NYSE-listed Chinese-controlled fashion company Lanvin Group has reported an unaudited revenue of €426 million (US$461 million) for the full year 2023, up 1 per cent year on year.
The group, whose portfolio of brands consists of Lanvin, Wolford, St John, Sergio Rossi, and Caruso, posted 8 per cent revenue growth in both Greater China and Asia Pacific. While sales in North America surged marginally, sales in EMEA dropped “slightly”, according to the company’s statement.
“A softening second half saw the luxury fashion industry in a position it has not been in, in quite some time,” said Eric Chan, CEO of Lanvin Group.
E-commerce revenue jumped 3 per cent compared to the year before, with online sales of St John and Sergio Rossi up 14 per cent and 5 per cent, respectively. Meanwhile, online sales of Lanvin and Wolford remained flat for the year.
Sales of its flagship brand Lanvin fell 7 per cent on year to $129.7 million.
The group said the continued softness in the overall global market will impact the business, but regional economies will fare better and present growth opportunities.
In December, Lanvin Group named Huang Zhen and Eric Chan as its new chairman and CEO, respectively, after Joann Cheng departed the company to pursue “new endeavours outside the group”.
