North America saw marginal growth, while the Europe, Middle East and Africa (EMEA) region saw a slight decline. However, the Asia-Pacific (APAC) region, particularly Greater China, emerged as a bright spot for the group, with 8 percent growth despite a difficult start to the year, the company said in a statement. press.
Lanvin Group reported revenue of €426 million for FY23, up 1 percent from FY22. With strong performance in Greater China and APAC, the group saw 8 percent growth despite reducing 12 stores. St. John and Sergio Rossi showed notable comparable growth. E-commerce revenue grew 3 percent, led by St. John's 14 percent increase.
In a bid to streamline its retail operations, Lanvin Group reduced its brick-and-mortar presence by 12 stores across its portfolio. Despite this reduction, direct-to-consumer (DTC) sales remained consistent on a comparable basis.
Among its brands, St. John and Sergio Rossi stood out, posting comparable store growth of 13 percent and 6 percent, respectively.
Digital initiatives and e-commerce also played a key role in Lanvin Group's strategy, with group-level e-commerce revenue increasing 3 percent year-on-year. St. John led the way with a 14 percent increase in its e-commerce revenue, followed by Sergio Rossi with 5 percent growth. Meanwhile, Lanvin and Wolford's digital revenues remained stable.
“2023 was a year filled with macroeconomic headwinds and global challenges. The Lanvin Group showed tremendous resilience and continued its growth trajectory. 2023 was also a year in which our group and our brands demonstrated their ability to manage adverse market conditions and execute its strategy. A weakened second half saw the luxury fashion industry in a position it had not been in for quite some time,” he said Eric Chan, CEO of the Lanvin group.
Fiber2Fashion News Desk (DP)
