China's Lanvin Group's revenue up 6.4% in H1

Other revenue growth was driven by royalty income, from the reacquisition of the Lanvin Japan trademarks, and clearance income. Regional revenue also increased across the board with Greater China growing at 13.9 per cent (Asia excluding Greater China grew by 27.1 per cent), EMEA growing at 5.3 per cent, and North America increasing by 2.6 per cent, the company said in a press release.

"We continue our track record of global growth while we make progress on our path to profitability. Our improvement in gross profit and contribution profit are evidence of our commitment to securing profitable growth. We have done the groundwork for our brands to accelerate their growth and are excited about our prospects for the remainder of 2023,” Joann Cheng, chairman and CEO of Lanvin Group, said.

"At the top line, we grew group revenues across all our key markets with Sergio Rossi growing sales by 22.4 per cent and Wolford growing 8.4 per cent, especially after the hiring of Nao Takekoshi as its creative director. We also made several strategic reorganisation decisions with respect to Lanvin which had an expected short-term impact in the first half of 2023. 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,” Cheng continued.

The group expects to maintain momentum into the second half of 2023 and continue its margin improvement. With exciting marketing initiatives, design collaborations, and collection launches planned, the group anticipates a strong second half. It continues to focus on topline revenue, and with its store network rationalised and operating expenses stabilised, the group expects to drive its operating leverage to achieve breakeven Adjusted EBITDA in 2024.

Fibre2Fashion News Desk (RR)