A Transition Year for the Brand, 2023 Saw Revenue Increase by One Percent
Lanvin Group has announced its preliminary annual revenue for last year, revealing a modest 1 percent increase to €426 million. However, the flagship brand, Lanvin, faced challenges, experiencing a 7 percent decline in revenue following the departure of former creative director Bruno Sialelli in April 2023.
CEO Eric Chan characterized 2023 as a year “full of macroeconomic headwinds and global challenges,” acknowledging a softening second half in the luxury fashion industry. Despite a sluggish start with an 11 percent revenue drop in the first six months, Lanvin saw improvement in the latter part of the year, ending with a 7 percent decline overall. Chan attributed the brand’s resilience partly to increased investments in leather goods and accessories, as well as the successful launch of Lanvin Lab in November 2023. Lanvin Lab, a capsule collection featuring a rotation of guest designers, debuted with rapper Future as its first collaborator, contributing to sales growth.
The wider Lanvin Group also experienced mixed results across its portfolio. While Wolford saw a 1 percent increase in revenue and Caruso surged by 30 percent, Sergio Rossi faced a 4 percent decline, and St John’s saw a modest 5 percent rise.
The group is currently undergoing a revamp, with Chan assuming the role of CEO in December, succeeding Joann Cheng. Amidst this transition, anticipation mounts for an imminent announcement regarding a new creative director for Lanvin, signaling the brand’s commitment to revitalizing its design direction.