Lanvin Group said sales inched forward just 1 percent to EUR 426 million (USD 461 million) in 2023, with growth hindered by a softerning in sales in the second half.
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By brand, Lanvin sales fell 7 percent to EUR 111.7 million during the 12 months, while sales were up single digits at sister brands Wolford (1 percent) and St. John (5 percent), respectively. Luxury footwear brand Sergio Rossi fell 5 percent, while Caruso rallied during the year, up 30 percent.
By region, Greater China sales grew 8 percent to EUR 52.8 million, with Asia-Pacific also up 8 percent. Elsewhere, North America grew slightly, while EMEA decreased slightly, said the Shanghai-headquartered company.
“2023 was a year full of macroeconomic headwinds and global challenges. Lanvin Group showed tremendous resilience and continued on its growth trajectory,” said Eric Chan, CEO of Lanvin Group, who was appointed to role in December last year.
“2023 was also a year that our group and our brands proved their ability to manage through adverse market conditions and execute their strategy. A softening second half saw the luxury fashion industry in a position it has not been in, in quite some time. Therefore, I am pleased to report that Lanvin Group maintained growth for the year; and I am confident in our management’s ability to continue to build upon the foundation we have built on our path to profitability.”
Looking ahead, Lanvin Group said it expects to see continued softness in the overall global market and consequential effects on its business, but said it expects “regional economies will fare better and present opportunities for growth.”
It also said the APAC region shows “opportunities for market share gains,” adding it plans to pursue “tactical growth opportunities” in 2024, without elaborating further.