To receive the Vogue Business newsletter, sign up here.

Lanvin Group said revenues rose 37 per cent to €422 million in 2022 and the company is pushing ahead with its plans to break even in 2024. It follows the group’s debut on the New York Stock Exchange in December through a SPAC deal with Primavera Capital Acquisition Corporation, when it was valued at $1.3 billion. 

Flagship brand Lanvin was the biggest sales driver in 2022, reporting a 64 per cent year-on-year increase to €120 million. Revenues at the luxury Italian footwear brand Sergio Rossi, which the group acquired in July 2021, increased 116 per cent to €62 million. All other brands in the portfolio saw double-digit sales growth. Revenues at Italian menswear tailoring brand Caruso grew 25 per cent to €31 million; American luxury knitwear brand St John reached €86 million, up 17 per cent; and Wolford, known for its tights, bodysuits and underwear, saw revenues reach €125 million, up 15 per cent from the previous year. 

Read More

Bruno Sialelli exits Lanvin

The French heritage brand has announced a new model that includes rotating partnerships with proven and rising design talents — and Sialelli, who has been creative director since early 2019, is out. 

Revenues in EMEA and North America grew by 39 per cent and 36 per cent respectively. In Greater China, Lanvin Group said revenues grew 15 per cent, despite the Covid restrictions impacting operations in the region. 

However, growth overall has slowed compared to the first half of 2022, when sales were up 73 per cent, and losses widened to €239.7 million, up from €135.6 million in 2021. Shares rose 2 per cent on Thursday, but have fallen 21 per cent this fiscal year.

“We are pleased with the progress we made in 2022,” Lanvin Group chairman and CEO Joann Cheng said in a statement. “Not only did we achieve record revenues, we also made great strides in improving our cost structure and streamlining our operations.” The house credits refocusing of brand strategies and optimisation of product categories as some of the main drivers of growth in 2022, alongside an emphasis on accessories and collaborations. 

Formerly Fosun Fashion Group, Lanvin Group is owned by Chinese holding company Fosun International. Post-SPAC plans included becoming profitable and expanding store count in the US and China, Cheng said in December on the heels of the public listing. At Lanvin, a restructuring has been underway since the ousting of late designer Alber Elbaz in 2015. Creative director Bruno Sialelli, who was brought in in 2019 to aid that turnaround, stepped down last week as the brand shifts direction. It’s separating the leather goods and accessories division, to be led by a new creative team, and also launching Lanvin Lab, a more experimental approach that will invite rising talents in for rotating creative partnerships. 

The group said it is on track to reach profitability in 2024 as it continues to invest in growing its retail network as well as seeking out potential acquisition opportunities. “Our progress in 2022 has laid a strong foundation for 2023, and notwithstanding current macroeconomic conditions, we remain optimistic for the current year, especially with the continued resurgence of Greater China,” Cheng said.

Comments, questions or feedback? Email us at feedback@voguebusiness.com.

More from this author:

Peruvian designers offer blueprint for sustainable supply chain

With creative director appointment, Dunhill enters next chapter

Gen Z will drive explosive growth in secondhand sales, says Thredup