Lanvin Group said it achieved revenue of EUR 215 million (USD 234 million) for the first half of 2023, a 6.4 percent increase on last year, thanks to surging Asia revenues across its brand portfolio.
SEE ALSO: Lanvin Group 2022 sales ‘hampered’ by Greater China
The owner of Lanvin, Sergio Rossi, St. John, and Caruso brands said first-half revenue grew across all regions and channels. In particular, Greater China grew 13.9 percent, while revenues in Asia outside of Greater China surged 27.1 percent.
By brand, Lanvin revenue decreased 10.8 percent to EUR 57 million. The group also said it will announce a new Lanvin artistic director in the coming months who will work alongside Lanvin Lab. In June, Lanvin announced its Lanvin Lab project, which will entrust capsule collections to various creatives. The first guest is American rapper Future, which is set to debut in the second half of 2023.
In the first half, Wolford revenue grew 8.4 percent to EUR 59 million, Sergio Rossi revenue surged 22.4 percent to EUR 33 million, and St. John revenue was up 11.3 percent to EUR 47 million.
During the six months, Caruso saw the biggest growth, with revenue up 33.6 percent to EUR 20 million.
“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,” said Joann Cheng, chairman and CEO of Lanvin Group.
“At the top line, we grew group revenues across all our key markets with Sergio Rossi growing sales by 22.4 percent and Wolford growing 8.4 percent, especially after the hiring of Nao Takekoshi as its creative director. We also made several strategic reorganization 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.”