BRIEF: Lanvin revenue falls 23% in ‘transitional’ 2024
Luxury brand owner Lanvin Group (LANV.US) on Friday said its revenue fell 23% in 2024 during “a transitional year marked by creative evolution and strategic realignment amid market headwinds,” and forecast more difficulties ahead due to a weak global luxury market.
The company, controlled by conglomerate Fosun, reported revenue of 328 million euros ($340 million) for 2024, down from 426 million euros in 2023, according to its announcement with some preliminary financial data for 2024. All of its brands saw double-digit declines, including a 26% drop for its signature Lanvin brand to 82.7 million euros; a 31% drop for its Wolford brand to 87.6 million euros; and a 12% drop for its St. John Knits brand to 79.3 million euros.
It said its business was steady in Japan and North America, but added that Greater China “continued to underperform.” Looking to 2025, the company described the current macroeconomic environment as “challenging,” and added it “proactively consolidated its store network” to focus on its core business units and optimize its retail footprint.
Lanvin’s shares rose 4.8% on Friday after the announcement, and are currently down about 5% over the last 52 weeks.
By Doug Young
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