Retail in Asia


Lanvin Group reports resilient performance, APAC growth in 2023

Lanvin Group, the luxury fashion conglomerate encompassing Lanvin, Wolford, Sergio Rossi, St. John, and Caruso, has released its full-year 2023 results, highlighting a ‘resilient’ performance despite formidable macroeconomic headwinds. The group achieved a revenue of EUR426 million, displaying a modest 1 percent year-over-year increase compared to 2022.

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While the high-end fashion industry continues to face challenges, Lanvin Group’s brands exhibited resilience throughout the year, with the Lanvin brand in particular displaying an improving trend in the latter half of 2023.

Sergio Rossi’s growth was propelled by the strengthening of direct-to-consumer (DTC) revenue, notably in Greater China, fuelled by post-pandemic momentum. Source: Sergio Rossi

The Asia Pacific (APAC) region emerged as a strong performer for the Group, with a remarkable growth rate of nearly 8 percent. This robust regional performance, coupled with steady revenue in Europe, the Middle East, and Africa (EMEA) and North America, contributed to the group’s results.

By segment in 2023, Lanvin experienced a decrease in revenue, but the brand showed improvement in the second half of the year, reducing the decline to 7 percent for the full year with revenue of EUR112 million. Wolford saw slight revenue growth of 1 percent, while Sergio Rossi’s revenue decreased by 4 percent. St. John experienced a 5 percent increase in revenue, and Caruso achieved significant revenue growth of 30 percent.

A Lanvin store in Tokyo’s Ginza district. Source: Shutterstock

The group’s strategic store optimisation efforts yielded positive results, as evidenced by improved store metrics and steady direct-to-consumer (DTC) revenue despite a reduction in the number of retail outlets.

The group has also executed its planned expansion strategy, opening 24 new retail doors while closing 36 stores.

Lanvin Group said it is tapping into future growth opportunities by launching its first-ever Middle East location in Riyadh, with two more openings in the coming months.

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Its commitment to e-commerce also proved fruitful, with a 3 percent growth in online sales.

The Group’s accomplishments in 2023 can be attributed to its refocused brand and product strategies, which played a pivotal role in driving growth. Notably, the Lanvin brand underwent a creative transition during the year, solidifying the group’s vision to leverage each brand’s heritage and tap into its archives to fuel the evolution of product offerings.