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Shanghai-headquartered Lanvin Group grew revenue 6.4 percent to €215 million ($235 million) in the first half of the year, dragged down by the performance at its namesake brand Lanvin. Its loss for the period was €61.5 million.
The top line at its flagship brand Lanvin dipped 10.8 percent from a year ago to €57 million, although its other brands fared better. Compared to the same time last year, Wolford rose 8.4 percent, St. John 11.3 percent, Sergio Rossi 22.4 percent, and Caruso 33.6 percent.
In April, Lanvin designer Bruno Sialelli stepped down after four years at the Parisian brand’s helm. His replacement has yet to be named. However, the group said it was pursuing a new strategy that would put into place a program of revolving collaborations with various performers and artists called Lanvin Lab, the first being with the rapper Future, that would sit alongside a designer for its main collection.
Lanvin Group chairwoman Joann Cheng said the company’s strategic organisations had an “expected short-term impact in the first half of 2023.”
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She added, “We believe we have now placed Lanvin in a much stronger position and look forward to seeing the results of these decisions, such as a new collection from our first Lanvin Lab guest designer, the Grammy-winning artist, Future.”
The group also installed a new creative director at Wolford, appointing Nao Takekoshi who has worked at Issey Miyake, Gucci and Donna Karan, to lead the Austrian hosiery brand.
Lanvin Group is focused on growing the US and Chinese market, management said, despite increasing headwinds in the latter which has disappointed investors with a slower than expected recovery post-Covid 19. Europe and the Middle East accounted for over half of Lanvin Group’s revenue in the first half of this year, with North America contributing 23 percent, and Greater China nearly 20 percent.
