China's Lanvin Group's revenue at €426 mn in FY23
22 Feb 24 2 min read
Insights
- Lanvin Group reported a revenue of €426 million for FY23, a 1 per cent increase from FY22.
- With a strong performance in Greater China and APAC, the group saw an 8 per cent growth despite reducing 12 stores.
- St. John and Sergio Rossi showed notable like-for-like growth.
- E-commerce revenue grew by 3 per cent, led by St. John's 14 per cent increase.
North America experienced marginal growth, while the Europe, Middle East, and Africa (EMEA) region saw a slight decrease. However, the Asia-Pacific (APAC) region, particularly Greater China, emerged as a highlight for the group, with an 8 per cent growth despite a challenging start to the year, the company said in a press release.
In a move to optimise its retail operations, Lanvin Group reduced its physical store presence by 12 stores across its portfolio. Despite this reduction, direct-to-consumer (DTC) sales remained consistent on a like-for-like basis.
Among its brands, St. John and Sergio Rossi stood out, posting like-for-like store growth of 13 per cent and 6 per cent, respectively.
Digital initiatives and e-commerce also played a pivotal role in Lanvin Group's strategy, with a group-level e-commerce revenue increase of 3 per cent year-on-year. St. John led the way with a 14 per cent increase in its e-commerce revenue, followed by Sergio Rossi with a 5 per cent growth. Meanwhile, Lanvin and Wolford's digital revenues remained stable.
"2023 was a year full of macroeconomic headwinds and global challenges. Lanvin Group showed tremendous resilience and continued on its growth trajectory. 2023 was also a year that our group and our brands proved their ability to manage through adverse market conditions and execute their strategy. A softening second half saw the luxury fashion industry in a position it has not been in, in quite some time," said Eric Chan, CEO of Lanvin group.
Fibre2Fashion News Desk (DP)
Popular News
|
Giriraj Singh new Indian Minister of Textiles; Pabitra Margherita MoS |
|
Cotton yarn prices steady in south India as demand remains weak |
|
India's textile sector to soar under PM Modi's 3rd term: NITMA |
|
China's export container shipping price index rises 14.3% in May 2024 |
|
Vietnam to increase its share in New Zealand’s apparel imports |
|
Borealis to open recyclate polyolefins compounding line in Belgium |