The Chinese fashion group Lanvin Group Holdings Limited closed the 2023 financial year with a small increase in sales despite adverse conditions. This emerges from preliminary, unaudited results that the company published on Wednesday.
Accordingly, group sales reached 426.4 million euros last year. Compared to 2022, this meant an increase of one percent. In the face of “macroeconomic headwinds and global challenges,” the group has demonstrated “tremendous resilience,” CEO Eric Chan said in a statement. Revenues in the Asia-Pacific region developed at an above-average pace (+8 percent).
The individual Group brands recorded different business developments. The annual sales of the fashion house Lanvin fell by seven percent to 111.7 million euros. The Sergio Rossi brand’s revenue fell by four percent to 59.5 million euros.
The fashion group wants to exploit regional growth opportunities in 2024
However, things were looking up for the Austrian legwear specialist Wolford AG, which had already reported sales growth of one percent to 126.9 million euros on Tuesday. The St. John label, whose revenues increased by five percent to 90.4 million euros, and the Caruso brand also recorded growth. Your sales rose by 30 percent to 40.0 million euros.
The group expects “continued weakness” in the global market for 2024. However, individual regions are expected to “perform better” and “offer growth opportunities.” There is an opportunity to gain market share, particularly in the Asia-Pacific region. The group also said it plans to take advantage of “tactical growth opportunities”. Due to measures already introduced at the individual brands and at the group level, management also expects an “improved margin profile”. The Lanvin Group plans to present its full results for 2023 in April.