Lanvin Group revenue hit by global luxury slowdown
Lanvin Group, the owner of brands such as Lanvin, Wolford and Sergio Rossi, has posted a 20% decrease in first half revenue to €171 million.
While direct-to-consumer revenue fell by 14% in the period. wholesale revenue dropped by 30%.
Lanvin Group said trading had been impacted by softness in the global luxury market, particularly in EMEA and Greater China.
In addition, Wolford was hit by a significant shipping delay due to integration issues with a new logistics provider while Sergio Rossi was impacted by a planned rationalisation of third-party production.
Meanwhile adjusted EBITDA came in at a negative €42 million.
Eric Chan, chief executive of Lanvin Group, said: “Struggles in the wholesale channel compounded the issues of a softening global luxury market, in the first half of 2024.
“We spent much of the first half committed to our marketing plan, but also prioritised rationalising our cost base to fit the current market environment.”
The group announced back in June that Peter Copping would be joining Lanvin as artistic director in the second half of the year. It also appointed Regis Rimbert as Wolford’s new chief executive.
Looking ahead, Chan added: “We are committed to our product strategy and investing in product development, which is why we are excited to have the new creative leaders who have joined our family.
“While we will be proactive in our approach to the near-term slowdown, we remain resolute in investing in our brands to forge our path forward, and to capitalise on our momentum as the markets improve.”
