Lanvin Groupâs revenue decreased 20 percent year over year to â¬171 million ($191 million) in the first half of 2024. The company, like many operators in the luxury sector, attributed its slowdown to lagging demand in China and Europe and disappointing sales with retail partners.
The group â which owns its flagship brand Lanvin, along with shoe maker Sergio Rossi, knitwear seller St. John and intimates brand Wolford â also generated a â¬42 million loss during the period as a result of the dip in sales. Lanvinâs revenue dropped 15 percent to â¬48 million, and Sergio Rossiâs revenue fell 38 percent percent to â¬20 million. It expects the slowdown to continue this year.
But Lavin Group is in the middle of a turnaround plan, starting with a creative overhaul. The company hired designer Peter Copping, who worked at Balenciaga, as artistic director at Lanvin starting in September, as well as Paul Andrew, former creative director at Ferragamo, as creative director at Sergio Rossi. The company also increased brand marketing to drum up excitement for its portfolio and drive sales in the coming months.
The group has already seen some improvements in the business. It said several of its brands, including Lanvin and St. John, generated more full price sales in the first half of the year. The companyâs stock rose nearly 13 percent following its earnings release.
Learn more:
Lanvin Names Peter Copping Its New Artistic Director
Copping, who most recently worked behind the scenes at Balenciaga, will join Franceâs oldest couture house from September. The designer previously served as creative director of Oscar de la Renta and Nina Ricci.
