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China's Lanvin Group's revenue up 6.4% in H1

01 Sep '23
2 min read
Pic: yu_photo / Shutterstock
Pic: yu_photo / Shutterstock

Insights

  • Lanvin Group has reported a 6.4 per cent increase in H1 revenue to €215 million, with a gross profit margin of 58.5 per cent.
  • Growth was driven by Greater China (13.9 per cent), other regions, and strategic decisions for brands like Sergio Rossi and Wolford.
  • The company aims to maintain momentum in H2 2023 through marketing initiatives and collection launches.
Lanvin Group, a global luxury fashion group with Lanvin, Wolford, Sergio Rossi, St. John and Caruso in its portfolio of brands, has announced its results for the first half (H1) of 2023. The group achieved revenue of €215 million, a 6.4 per cent increase period-over-period versus 2022; and gross profit of €125 million, representing a 58.5 per cent gross profit margin, up from €113 million, and 55.9 per cent gross profit margin in the first half of 2022.

Other revenue growth was driven by royalty income, from the reacquisition of the Lanvin Japan trademarks, and clearance income. Regional revenue also increased across the board with Greater China growing at 13.9 per cent (Asia excluding Greater China grew by 27.1 per cent), EMEA growing at 5.3 per cent, and North America increasing by 2.6 per cent, the company said in a press release.

"We continue our track record of global growth while we make progress on our path to profitability. Our improvement in gross profit and contribution profit are evidence of our commitment to securing profitable growth. We have done the groundwork for our brands to accelerate their growth and are excited about our prospects for the remainder of 2023,” Joann Cheng, chairman and CEO of Lanvin Group, said.

"At the top line, we grew group revenues across all our key markets with Sergio Rossi growing sales by 22.4 per cent and Wolford growing 8.4 per cent, especially after the hiring of Nao Takekoshi as its creative director. We also made several strategic reorganisation decisions with respect to Lanvin which had an expected short-term impact in the first half of 2023. We believe we have now placed Lanvin in a much stronger position and look forward to seeing the results of these decisions, such as a new collection from our first Lanvin Lab guest designer, the Grammy-winning artist, Future,” Cheng continued.

The group expects to maintain momentum into the second half of 2023 and continue its margin improvement. With exciting marketing initiatives, design collaborations, and collection launches planned, the group anticipates a strong second half. It continues to focus on topline revenue, and with its store network rationalised and operating expenses stabilised, the group expects to drive its operating leverage to achieve breakeven Adjusted EBITDA in 2024.

Fibre2Fashion News Desk (RR)

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