The Luxury Group Struggles Amidst a Year of Transition
Lanvin Group witnessed its revenues diminish by 23% in 2024, as it grappled with internal and external changes. The brand’s revenues tanked to 328 million euros last year, reflecting a troubling period for the company.
The group referred to 2024 as a period of “creative evolution and strategic realignment amid market headwinds” marking it as a transitional year. The drastic shifts within the luxurious world, in general, contributed to almost every sector of the company’s operation in transit.
In January, Andy Lew took over as executive president of Lanvin Group while simultaneously maintaining control at St. John Knits brand. Last year also saw Peter Copping step in as the artistic director of the Lanvin brand while Paul Andrew assumed the role of creative director at Sergio Rossi.
The Lanvin Group is also pursuing the consolidation of its store network. The New York-based company plans to launch a second headquarters in Europe to optimize local decision-making.
Lew, during a conference call reviewing the annual revenues, labelled the period as a “pivotal” time for the company. “Lanvin is heading into 2025 aiming at driving growth and enhancing operational efficiency”, Lew said.
He pointed out that Lanvin is cultivating its leadership team, forming potential revenue avenues through strategic partnerships and collaborative ecosystems. They are also scouting for new creative leadership to uplift sales growth at Lanvin and Sergio Rossi.
Copping had an encouraging start at Lanvin creating an impression at his debut show in late January. The show was inspired by the personal style of Jeanne Lanvin, the house founder, during the 1920s and 1930s. However, the brand still struggles as its sales plunged 26% to 82.7 million euros. Sales in Greater China dwindled 40% while North America depreciated by 19%.
Sales at Sergio Rossi nose-dived 30% to 41.9 million euros and Wolford plummeted 31% to 87.6 million euros while St. John saw a 12% decrease to 79.3 million euros. Caruso followed a similar path with a 7% drop to 37.1 million euros.
David Chan, Lanvin Group’s executive president and chief financial officer, reflected optimism amidst these dismal statistics. He stated, “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 a gradual return to growth. We remain optimistic about our future prospects.”