Lanvin Group Demonstrates Strategic Resilience in Challenging Luxury Market, Lays Foundation for Future Growth
PR Newswire
NEW YORK, April 30, 2025
-- The Group reported revenue of EUR329 million in FY2024, down 23% over
FY2023, reflecting a transitional year marked by creative evolution and
strategic realignment amid market headwinds
-- Gross profit margin remained stable at 56%, supported by disciplined
pricing, a higher mix of DTC sales, and improved inventory management
-- Operational efficiency improved, with G&A expenses reduced by 15% and
working capital turnover showing steady progress
-- Strategic store optimization continued, with disciplined new retail
openings and underperforming locations consolidation, reinforcing the
Group's focus on core and high-potential markets
-- Sustained performance in Japan and North America contrasts with EMEA and
Greater China, where proactive adjustments made to address dynamic market
shifts
-- 2025 stands as a pivotal milestone, where the Group's sharpened
leadership and visionary creativity unlock fresh momentum across its
portfolio, setting the stage for dynamic renewal and long-term growth
NEW YORK, April 30, 2025 /PRNewswire/ -- Lanvin Group (NYSE: LANV, the "Group"), a global luxury fashion group with Lanvin, Wolford, Sergio Rossi, St. John and Caruso in its portfolio of brands, today announced its results for the full-year 2024. The Group achieved revenue of EUR329 million, a 23% decrease year-over-year versus 2023; and gross profit of EUR183 million, representing a relatively stable gross margin of 56%.
Zhen Huang, Chairman of Lanvin Group, said: "2024 was a year of transformation for Lanvin Group. While market conditions were challenging, we made critical strides in strengthening our brands, optimizing our operations, and laying the groundwork for future growth. With our renewed creative leadership and disciplined execution, we are confident in our ability to navigate the evolving luxury landscape and deliver long-term value."
Review of the Full-Year 2024 Results
Lanvin Group Revenue by Segment
(EUR in Thousands, unless otherwise noted)
Revenue Growth %
------------- ---------------------------------- ---------------------------
2022 A
2021A 2022A 2023A 2024A v 2023 A v 2024 A v
------- ------- ------- -------
Lanvin Group
by Brand FY FY FY FY 2021 A 2022 A 2023 A
------------- ------- ------- ------- ------- ------- -------- --------
Lanvin 72,872 119,847 111,740 82,720 64 % -7 % -26 %
Wolford 109,332 125,514 126,280 87,891 15 % 1 % -30 %
St. John 73,094 85,884 90,398 79,267 17 % 5 % -12 %
Sergio Rossi 28,737 61,929 59,518 41,910 116 % -4 % -30 %
Caruso 24,695 30,819 40,011 37,107 25 % 30 % -7 %
------------- ------- ------- ------- -------
Total Brand 308,730 423,993 427,947 328,895 37 % 1 % -23 %
Eliminations 92 -1,681 -1,769 -285 -1927 % 5 % -84 %
------- ------- ------- -------
Total Group 308,822 422,312 426,178 328,610 37 % 1 % -23 %
Lanvin Group Key Financials
(EUR in Thousands, unless otherwise noted)
2021A 2022A 2023A 2024A
-------------- -------------- -------------- -------------- --------------
Lanvin Group
Key
Financials FY % FY % FY % FY %
-------------- ------- ----- ------- ----- ------- ----- ------- -----
Revenue 308,822 100 % 422,312 100 % 426,178 100 % 328,610 100 %
Gross profit 169,902 55 % 237,944 56 % 250,942 59 % 182,763 56 %
Contribution
profit(1) 4,400 1 % 13,211 3 % 24,192 6 % -26,040 -8 %
Adjusted
EBITDA -58,945 -19 % -71,958 -17 % -64,173 -15 % -92,320 -28 %
Selected Highlights
Resilient in key regions and key channels: North America and Japan outperformed other regions, contributed by the strong presence of St. John and Sergio Rossi. EMEA and Greater China experienced declines due to challenges within the luxury industry. Despite the Group's focus on optimizing its retail footprint and concentrating on core business units, DTC channels remained resilient, accounting for 61% of total sales, highlighting the effectiveness of the store optimization and market-focused strategy by the Group.
Strong improvement in working capital: Effective management of working capital in FY2024. G&A expenses were reduced by 15%, while improvements in receivables turnover and inventory management contributed to a stronger cash flow position and enhanced operational efficiency. Meanwhile, marketing and selling expenses saw a slight decrease of 8%, as targeted marketing activities were implemented.
Retail network optimization: Lanvin Group continued to optimize its retail footprint by optimizing underperforming stores and selectively opening new retail locations. Lanvin and Sergio Rossi successfully expanded their presence in the Middle East.
Brands with strategic adaptation: The Group's diversified brand portfolio exhibited varying levels of resilience in 2024. St. John and Caruso remained stable, underscoring the strength of their loyal customer bases and distinct market positions. Despite facing industry-wide challenges, Lanvin and Sergio Rossi embraced bold creative renewal, positioning themselves to redefine their artistic visions and pave the way for future growth.
Discussion of FY2024 Financials
Revenue
For FY2024, the Group generated revenue of EUR329 million, a 23% decrease year-over-year. Specifically, EMEA wholesale and Greater China retail market experienced softer demand, in line with the market trend since first half of 2024. This decline was driven by a combination of macroeconomic headwinds, shifts in consumer behavior, and strategic realignments. Full details of the Group's revenue can be found in our Annual Report on Form 20-F for the year ended December 31, 2024.
Gross Profit
Gross profit decreased to EUR183 million, reflecting a margin of 56%, compared to EUR251 million in 2023 with a margin of 59%. The decline in gross profit is primarily attributed to a drop in gross profit from Wolford with increased costs related to the new logistics provider. Overall, the Group has managed to maintain a relatively stable gross margin, which indicates effective cost control and inventory management.
Contribution Profit(1)
Contribution profit, defined internally as gross profit less selling and marketing expenses, was used to understand the variable profitability performance and analyze performance across our brands. In FY2024, contribution profit amounted to negative EUR26 million, representing a margin of -8%, a drop from the EUR24 million contribution profit in 2023. The decline was primarily driven by lower gross profit due to reduced sales volumes, especially in Wolford. Despite this, the Group has shown steady progress in managing its fixed expenses over the past few years.
Adjusted EBITDA
Adjusted EBITDA remained at loss for FY2024, reaching EUR-92 million, compared to EUR-64 million in 2023. While the Group has made significant efforts to optimize the cost structure and enhance operational efficiency in FY2024, the increase in Adjusted EBITDA loss was primarily driven by a decline in gross profit, which was only partially mitigated by the reduction in operational expenses.
Results by Segment
Lanvin: Revenue was down by 26%, with revenue of EUR83 million. Gross profit decreased to EUR48 million, at a margin of 59%, from EUR65 million, at a margin of 58%, in 2023. Gross profit declined due to lower sales volumes, while the margin remained stable. Contribution profit decreased to a loss of EUR24 million in 2024, with margin declining to negative 29% from negative 11% in 2023. Despite the reduction in retail traffic, effective cost controls are in place and inventory management showed steady improvement.
Wolford: Revenue decreased by 30%, decreasing from EUR126 million in 2023 to EUR88 million in 2024, a result of multiple challenges faced in 2024 such as macroeconomic uncertainties, organizational changes, and disruptions in logistics. Gross profit decreased to EUR51 million from EUR83 million in 2023, and margin declined from 66% to 58% due to increased costs caused by delays in integrating with the new logistics provider. Contribution profit turned negative, reaching EUR-19 million in 2024, with the margin falling to negative 21% from 3%.
Sergio Rossi: Revenue was down by 30%, decreasing from EUR60 million in 2023 to EUR42 million in 2024. Gross profit margin decreased from 51% to 43% in 2024, due to fixed production costs on lower revenues. Contribution profit margin dropped to negative 3% in 2024, compared to 12% in 2023. Marketing and selling expenses decreased EUR4 million as a result of cost control and the implementation of efficiency improvement measures, partially offsetting the loss in gross profit.
St. John: Driven by the decline in luxury demand in North America and the strategic contraction in Greater China, St. John's revenue in 2024 decreased by 12%, from EUR90 million in 2023 to EUR79 million. Gross profit decreased to EUR54 million, with the margin improving to 69% from 63% in 2023, due to improved full-price sell-through and reduction in production costs. Contribution profit decreased slightly, with the margin dropping by 2%.
Caruso: Revenue decreased by 7%, from EUR40 million in 2023 to EUR37 million in 2024. B2B Maisons orders decreased while Caruso brand business grew by double digits. Gross profit remained stable at EUR11 million, with the margin increasing to 29% from 28% in 2023. Contribution profit margin remains steady at 24%.
2025 Outlook
In 2025, while macroeconomic uncertainty persists, Lanvin Group is poised for a robust recovery and remains unwavering in its long-term vision, driven by operational discipline and a surge in creative momentum. Under the leadership of the new Executive President, Andy Lew, the Group is enhancing its management capabilities and establishing a second headquarters in Europe to further streamline the organization. The Group will continue to maintain a strategic focus on key areas and core products, while exploring undiscovered regions and emerging product categories to unlock new growth opportunities. Retail network optimization will continue to be a priority, with efforts to refine the store footprint, simplify the operations and concentrate on core business units.
The Group is experiencing a surge of creative momentum in 2025, fueled by the appointment of new creative leaders who are poised to redefine the brand visions. At Lanvin, Peter Copping brings his unique artistic vision and expertise to the forefront, promising to infuse the brand with fresh perspectives and innovative designs that resonate with both existing and new customers. At Sergio Rossi, Paul Andrew is leveraging his extensive experience and creative acumen to revitalize the brand's image and product offerings. With a strengthened leadership team and bold creative visions, Lanvin Group is well-positioned to drive innovation and secure long-term success in the luxury fashion industry.
Note: All % changes are calculated on an actual currency exchange rate basis.
Note: This communication includes certain non-IFRS financial measures such as
contribution profit, contribution margin, adjusted earnings before interest
and taxes ("Adjusted EBIT"), and adjusted earnings before interest, taxes,
depreciation and amortization ("Adjusted EBITDA"). Please see Non-IFRS
Financial Measures and Definition.
(1) Contribution Profit is defined as Gross Profit less Selling and Marketing
Expenses
Annual Report on Form 20-F
Our annual report on Form 20-F, including the consolidated financial statements for the fiscal year ended December 31, 2024, can be downloaded from the Company's investor relations website (ir.lanvin-group.com) under the section Financials / SEC Filings, or from the SEC's website (www.sec.gov).
Conference Call
As previously announced, today at 8:00AM EST/8:00PM CST/2:00PM CET, Lanvin Group will host a conference call to discuss its results for the full-year 2024 and provide an outlook for 2025. Management will refer to a slide presentation during the call, which will be made available on the day of the call. To view the presentation, please visit the "Events" tab of the Group's investor relations website at https://ir.lanvin-group.com.
To participant in the conference call, please register by clicking on the following link: https://dpregister.com/sreg/10199129/fefc237249
A replay of the conference call will be accessible approximately one hour after the live call until May 07, 2025, by dialing the following numbers:
US Toll Free: 1-877-344-7529
International Toll: 1-412-317-0088
Canada Toll Free: 855-669-9658
Replay Access Code: 2450816
A recorded webcast of the conference call and a slide presentation will also be available on the Group's investor relations website at https://ir.lanvin-group.com.
Next Scheduled Announcement
The next scheduled announcement will be the H1 2025 earnings results release in August 2025. To receive email alerts of the timing of future financial news releases, as well as future announcements, please register at https://ir.lanvin-group.com.
About Lanvin Group
Lanvin Group is a leading global luxury fashion group headquartered in Shanghai, China, managing iconic brands worldwide including Lanvin, Wolford, Sergio Rossi, St. John Knits, and Caruso. Harnessing the power of its unique strategic alliance of industry-leading partners in the luxury fashion sector, Lanvin Group strives to expand the global footprint of its portfolio brands and achieve sustainable growth through strategic investment and extensive operational know-how, combined with an intimate understanding and unparalleled access to the fastest-growing luxury fashion markets in the world. Lanvin Group is listed on the New York Stock Exchange under the ticker symbol 'LANV'. For more information about Lanvin Group, please visit www.lanvin-group.com, and to view our investor presentation, please visit https://ir.lanvin-group.com.
Forward-Looking Statements
This communication, including the section "2025 Outlook", contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend, " "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," "project" and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of the respective management of Lanvin Group and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and must not be relied on by an investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Lanvin Group. Potential risks and uncertainties that could cause the actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, changes adversely affecting the business in which Lanvin Group is engaged; Lanvin Group's projected financial information, anticipated growth rate, profitability and market opportunity may not be an indication of its actual results or future results; management of growth; the impact of COVID-19 or similar public health crises on Lanvin Group's business; Lanvin Group's ability to safeguard the value, recognition and reputation of its brands and to identify and respond to new and changing customer preferences; the ability and desire of consumers to shop; Lanvin Group's ability to successfully implement its business strategies and plans; Lanvin Group's ability to effectively manage its advertising and marketing expenses and achieve desired impact; its ability to accurately forecast consumer demand; high levels of competition in the personal luxury products market; disruptions to Lanvin Group's distribution facilities or its distribution partners; Lanvin Group's ability to negotiate, maintain or renew its license agreements; Lanvin Group's ability to protect its intellectual property rights; Lanvin Group's ability to attract and retain qualified employees and preserve craftmanship skills; Lanvin Group's ability to develop and maintain effective internal controls; general economic conditions; the result of future financing efforts; and those factors discussed in the reports filed by Lanvin Group from time to time with the SEC. If any of these risks materialize or Lanvin Group's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Lanvin Group presently does not know, or that Lanvin Group currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Lanvin Group's expectations, plans, or forecasts of future events and views as of the date of this communication. Lanvin Group anticipates that subsequent events and developments will cause Lanvin Group's assessments to change. However, while Lanvin Group may elect to update these forward-looking statements at some point in the future, Lanvin Group specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Lanvin Group's assessments of any date subsequent to the date of this communication. Accordingly, reliance should not be placed upon the forward-looking statements.
Use of Non-IFRS Financial Metrics
This communication includes certain non-IFRS financial measures such as contribution profit, contribution margin, adjusted earnings before interest and taxes ("Adjusted EBIT"), and adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"). These non-IFRS measures are an addition, and not a substitute for or superior to measures of financial performance prepared in accordance with IFRS and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with IFRS. Reconciliations of non-IFRS measures to their most directly comparable IFRS counterparts are included in the Appendix to this communication. Lanvin Group believes that these non-IFRS measures of financial results provide useful supplemental information to investors about Lanvin Group. Lanvin Group believes that the use of these non-IFRS financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and in comparing Lanvin Group's financial measures
with other similar companies, many of which present similar non-IFRS financial measures to investors. However, there are a number of limitations related to the use of these non-IFRS measures and their nearest IFRS equivalents. For example, other companies may calculate non-IFRS measures differently, or may use other measures to calculate their financial performance, and therefore Lanvin Group's non-IFRS measures may not be directly comparable to similarly titled measures of other companies. Lanvin Group does not consider these non-IFRS measures in isolation or as an alternative to financial measures determined in accordance with IFRS. The principal limitation of these non-IFRS financial measures is that they exclude significant expenses, income and tax liabilities that are required by IFRS to be recorded in Lanvin Group's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgements by Lanvin Group about which expense and income are excluded or included in determining these non-IFRS financial measures. In order to compensate for these limitations, Lanvin Group presents non-IFRS financial measures in connection with IFRS results.
Enquiries:
Media
Lanvin Group
Winni Ren
winni.ren@lanvin-group.com
Investors
Lanvin Group
Coco Wang
coco.wang@lanvin-group.com
Appendix
Lanvin Group Consolidated Income Statement
(EUR in Thousands, unless otherwise noted)
2021A 2022A 2023A 2024A
--------------- --------------- --------------- --------------- ---------------
Lanvin Group
Consolidated
P&L FY % FY % FY % FY %
--------------- -------- ----- -------- ----- -------- ----- -------- -----
Revenue 308,822 100 % 422,312 100 % 426,178 100 % 328,610 100 %
Cost of sales -138,920 -45 % -184,368 -44 % -175,236 -41 % -145,847 -44 %
Gross profit 169,902 55 % 237,944 56 % 250,942 59 % 182,763 56 %
Marketing and
selling
expenses -165,502 -54 % -224,733 -53 % -226,750 -53 % -208,803 -64 %
General and
administrative
expenses -122,497 -40 % -153,138 -36 % -138,215 -32 % -117,368 -36 %
Impairment of
goodwill 0 0 % 0 0 % 0 0 % -31,208 -9 %
Other operating
income and
expenses 10,083 3 % -2,340 -1 % -4,534 -1 % 7,977 2 %
Loss from
operations
before
non-underlying
items -108,014 -35 % -142,267 -34 % -118,557 -28 % -166,639 -51 %
Non-underlying
items 45,206 15 % -83,057 -20 % -3,858 -1 % 10,243 3 %
Loss from
operations -62,808 -20 % -225,324 -53 % -122,415 -29 % -156,396 -48 %
Finance cost --
net -9,313 -3 % -14,556 -3 % -20,431 -5 % -29,821 -9 %
Loss before
income tax -72,121 -23 % -239,880 -57 % -142,846 -34 % -186,217 -57 %
Income tax
expenses -4,331 -1 % 129 0 % -3,407 -1 % -3,078 -1 %
Loss for the
period -76,452 -25 % -239,751 -57 % -146,253 -34 % -189,295 -58 %
Contribution
profit (2) 4,400 1 % 13,211 3 % 24,192 6 % -26,040 -8 %
Adjusted
EBIT (2) -100,806 -33 % -134,836 -32 % -115,808 -27 % -166,088 -51 %
Adjusted
EBITDA (2) -58,945 -19 % -71,958 -17 % -64,173 -15 % -92,320 -28 %
--------------- -------- ----- -------- ----- -------- ----- -------- -----
Lanvin Group Consolidated Balance Sheet
(EUR in Thousands, unless otherwise noted)
2021A 2022A 2023A 2024A
-------------------------------------- -------- -------- -------- --------
Lanvin Group Consolidated Balance
Sheet FY FY FY FY
-------------------------------------- -------- -------- -------- --------
Assets
Non-current assets
Intangible assets 181,234 181,485 210,439 213,501
Goodwill 69,323 69,323 69,323 38,115
Property, plant and equipment 40,564 46,801 43,731 39,440
Right-of-use assets 118,775 121,731 128,853 131,597
Deferred income tax assets 17,070 17,297 13,427 11,598
Other non-current assets 15,742 15,265 15,540 14,869
-------- -------- -------- --------
442,708 451,902 481,313 449,120
Current assets
Inventories 92,335 109,094 107,184 89,712
Trade receivables 39,781 48,868 45,657 28,099
Other current assets 41,706 30,467 25,650 29,112
Cash and bank balances 88,981 91,897 28,130 18,043
-------- -------- -------- --------
262,803 280,326 206,621 164,966
-------- -------- -------- --------
Total assets 705,511 732,228 687,934 614,086
Liabilities
Non-current liabilities
Non-current borrowings 11,212 18,115 32,381 25,222
Non-current lease liabilities 102,987 105,986 112,898 117,966
Non-current provisions 4,166 4,111 3,174 3,560
Employee benefits 18,464 15,128 17,972 17,240
Deferred income tax liabilities 54,179 54,660 52,804 51,390
Other non-current liabilities 1,080 690 14,733 16,005
-------- -------- -------- --------
192,088 198,690 233,962 231,383
Current liabilities
Trade payables 58,151 73,114 78,576 80,424
Bank overdrafts 14 148 280 -
Current borrowings 55,559 15,370 35,720 158,540
Current lease liabilities 37,072 34,605 32,871 36,106
Current provisions 3,141 3,014 6,270 1,524
Other current liabilities 68,660 106,481 134,627 139,020
-------- -------- -------- --------
222,597 232,732 288,344 415,614
-------- -------- -------- --------
Total liabilities 414,685 431,422 522,306 646,997
-------- -------- -------- --------
Net assets 290,826 300,806 165,628 -32,911
Equity
Equity attributable to owners of the
Company
Share capital 339,259 0 0 0
Treasury shares -3 -25,023 -65,405 -46,576
Other reserves 149,460 762,961 806,677 779,356
Accumulated losses -224,328 -442,618 -571,931 -737,186
-------- -------- -------- --------
264,388 295,320 169,341 -4,406
Non- controlling interests 26,438 5,486 -3,713 -28,505
-------- -------- -------- --------
Total equity 290,826 300,806 165,628 -32,911
Lanvin Group Consolidated Cash Flow
(EUR in Thousands, unless otherwise noted)
2021A 2022A 2023A 2024A
------------------------------------------ ------- ------- ------- -------
Lanvin Group Consolidated Cash Flow FY FY FY FY
------------------------------------------ ------- ------- ------- -------
Net cash used in operating activities -73,088 -80,851 -57,891 -59,381
Net cash flows from/(used in) investing
activities 6,346 -21,799 -38,615 -125
Net cash flows generated from financing
activities 110,065 104,937 34,131 49,066
------- ------- ------- -------
Net increase/(decrease) in cash and cash
equivalents 43,323 2,287 -62,375 -10,440
Cash and cash equivalents less bank
overdrafts at the beginning of the year 44,171 88,658 91,749 27,850
Effect of foreign exchange rate changes 1,164 804 -1,524 633
------- ------- ------- -------
Cash and cash equivalents less bank
overdrafts at end of the year 88,658 91,749 27,850 18,043
Lanvin Brand Key Financials(3)
(EUR in Thousands, unless otherwise noted)
2022 2023 2024 A
2021A 2022A 2023A 2024A A v A v v
------------- -------------- -------------- -------------- --------------
Lanvin Brand
Key 2021 2022
Financials FY % FY % FY % FY % A A 2023 A
------------- ------- ----- ------- ----- ------- ----- ------- ----- ----- ----- ------
Key
Financials on
P&L
Revenues 72,872 100 % 119,847 100 % 111,740 100 % 82,720 100 % 64 % -7 % -26 %
Gross profit 34,028 47 % 60,513 50 % 64,547 58 % 48,440 59 %
Selling and
distribution
expenses -58,124 -80 % -75,852 -63 % -76,533 -68 % -72,241 -87 %
Contribution
profit(2) -24,096 -33 % -15,339 -13 % -11,986 -11 % -23,801 -29 %
Revenues by
Geography
EMEA 31,683 43 % 61,092 51 % 51,585 46 % 38,859 47 % 93 % -16 % -25 %
North America 15,964 22 % 28,524 24 % 28,210 25 % 22,843 28 % 79 % -1 % -19 %
Greater China 23,541 32 % 25,742 21 % 24,649 22 % 14,763 18 % 9 % -4 % -40 %
Other 1,684 2 % 4,489 4 % 7,296 7 % 6,254 8 % 167 % 63 % -14 %
Revenues by
Channel
DTC 46,134 63 % 58,536 49 % 55,357 50 % 43,569 53 % 27 % -5 % -21 %
Wholesale 21,161 29 % 51,898 43 % 39,933 36 % 27,113 33 % 145 % -23 % -32 %
Other 5,577 8 % 9,413 8 % 16,450 15 % 12,038 15 % 69 % 75 % -27 %
Wolford Brand Key Financials(3)
(EUR in Thousands, unless otherwise noted)
2022 2023 2024 A
2021A 2022A 2023A 2024A A v A v v
------------- -------------- -------------- -------------- --------------
Wolford Brand
Key 2021 2022
Financials FY % FY % FY % FY % A A 2023 A
------------- ------- ----- ------- ----- ------- ----- ------- ----- ----- ---- ------
Key
Financials on
P&L
Revenues 109,332 100 % 125,514 100 % 126,280 100 % 87,891 100 % 15 % 1 % -30 %
Gross profit 79,070 72 % 86,228 69 % 83,339 66 % 50,995 58 %
Selling and
distribution
expenses -59,351 -54 % -81,901 -65 % -79,060 -63 % -69,603 -79 %
Contribution
profit (2) 19,719 18 % 4,327 3 % 4,279 3 % -18,608 -21 %
Revenues by
Geography
EMEA 79,236 72 % 86,501 69 % 85,084 67 % 54,934 63 % 9 % -2 % -35 %
North America 21,824 20 % 31,535 25 % 31,310 25 % 25,930 30 % 44 % -1 % -17 %
Greater China 7,289 7 % 6,791 5 % 9,176 7 % 6,661 8 % -7 % 35 % -27 %
Other 983 1 % 687 1 % 710 1 % 366 0 % -30 % 3 % -49 %
Revenues by
Channel
DTC 74,622 68 % 90,408 72 % 87,352 69 % 67,006 76 % 21 % -3 % -23 %
Wholesale 34,710 32 % 34,426 27 % 38,071 30 % 20,850 24 % -1 % 11 % -45 %
Other 0 0 % 680 1 % 857 1 % 35 0 % 26 % -96 %
Sergio Rossi Brand Key Financials(3)
(EUR in Thousands, unless otherwise noted)
2022 A 2023 2024 A
2021A 2022A 2023A 2024A v A v v
------------- ------------- -------------- -------------- --------------
Sergio Rossi
Brand Key 2022
Financials FY % FY % FY % FY % 2021 A A 2023 A
------------- ------ ----- ------- ----- ------- ----- ------- ----- ------ ----- ------
Key
Financials on
P&L
Revenues 28,737 100 % 61,929 100 % 59,518 100 % 41,910 100 % 116 % -4 % -30 %
Gross profit 13,319 46 % 31,048 50 % 30,435 51 % 17,867 43 %
Selling and
distribution
expenses -9,489 -33 % -24,502 -40 % -23,097 -39 % -18,923 -45 %
Contribution
profit (2) 3,830 13 % 6,546 11 % 7,338 12 % -1,056 -3 %
Revenues by
Geography
EMEA 17,009 59 % 35,023 57 % 31,801 53 % 20,704 49 % 106 % -9 % -35 %
North America 107 0 % 1,181 2 % 2,006 3 % 740 2 % 1004 % 70 % -63 %
Greater China 4,595 16 % 10,809 17 % 11,872 20 % 7,741 18 % 135 % 10 % -35 %
Other 7,027 24 % 14,916 24 % 13,838 23 % 12,726 30 % 112 % -7 % -8 %
Revenues by
Channel
DTC 14,349 50 % 31,910 52 % 32,962 55 % 27,944 67 % 122 % 3 % -15 %
Wholesale 14,389 50 % 30,019 48 % 26,556 45 % 13,966 33 % 109 % -12 % -47 %
Other 0 0 % 0 0 % 0 0 % 0 0 %
St. John Brand Key Financials(3)
(EUR in Thousands, unless otherwise noted)
2022 2023 2024 A
2021A 2022A 2023A 2024A A v A v v
------------- -------------- -------------- -------------- --------------
St. John
Brand Key 2021 2022
Financials FY % FY % FY % FY % A A 2023 A
------------- ------- ----- ------- ----- ------- ----- ------- ----- ----- ----- ------
Key
Financials on
P&L
Revenues 73,094 100 % 85,884 100 % 90,398 100 % 79,267 100 % 17 % 5 % -12 %
Gross profit 38,987 53 % 52,642 61 % 57,374 63 % 54,451 69 %
Selling and
distribution
expenses -37,697 -52 % -42,498 -49 % -46,695 -52 % -46,445 -59 %
Contribution
profit (2) 1,290 2 % 10,144 12 % 10,679 12 % 8,006 10 %
Revenues by
Geography
EMEA 779 1 % 1,224 1 % 1,541 2 % 651 1 % 57 % 26 % -58 %
North America 65,534 90 % 78,774 92 % 81,382 90 % 74,403 94 % 20 % 3 % -9 %
Greater China 6,467 9 % 5,153 6 % 7,161 8 % 4,101 5 % -20 % 39 % -43 %
Other 315 0 % 733 1 % 314 0 % 113 0 % 133 % -57 % -64 %
Revenues by
Channel
DTC 51,581 71 % 66,412 77 % 71,007 79 % 61,612 78 % 29 % 7 % -13 %
Wholesale 21,513 29 % 19,077 22 % 19,126 21 % 17,547 22 % -11 % 0 % -8 %
Other 0 0 % 395 0 % 265 0 % 108 0 % -33 % -59 %
Caruso Brand Key Financials(3)
(EUR in Thousands, unless otherwise noted)
2022 2023 2024 A
2021A 2022A 2023A 2024A A v A v v
------------- ------------- ------------- ------------- -------------
Caruso Brand
Key 2021 2022
Financials FY % FY % FY % FY % A A 2023 A
------------- ------ ----- ------ ----- ------ ----- ------ ----- ---- ----- ------
Key
Financials on
P&L
Revenues 24,695 100 % 30,819 100 % 40,011 100 % 37,107 100 % 25 % 30 % -7 %
Gross profit 4,449 18 % 7,147 23 % 11,351 28 % 10,628 29 %
Selling and
distribution
expenses -1,144 -5 % -1,446 -5 % -1,900 -5 % -1,861 -5 %
Contribution
profit (2) 3,305 13 % 5,701 18 % 9,451 24 % 8,767 24 %
Revenues by
Geography
EMEA 19,475 79 % 23,050 75 % 33,739 84 % 30,900 83 % 18 % 46 % -8 %
North America 3,272 13 % 5,833 19 % 4,580 11 % 4,662 13 % 78 % -21 % 2 %
Greater China 549 2 % 559 2 % 44 0 % 29 0 % 2 % -92 % -34 %
Other 1,399 6 % 1,377 4 % 1,648 4 % 1,516 4 % -2 % 20 % -8 %
Revenues by
Channel
DTC 0 0 % 0 0 % 40 0 % 64 0 % 60 %
Wholesale 24,695 100 % 30,819 100 % 39,971 100 % 37,043 100 % 25 % 30 % -7 %
Other 0 0 % 0 0 % 0 0 % 0 0 %
Lanvin Group Brand Footprint
2021 2022 2023 2024
---------- -------------- -------------- ---------------- ----------------
Footprint DOS POS DOS POS
By Brand (4) (5) (4) (5) DOS (4) POS (5) DOS (4) POS (5)
---------- ------ ------ ------ ------ ------- ------- ------- -------
Lanvin 27 287 31 339 36 319 33 277
Wolford 167 227 163 225 150 201 112 163
St. John 48 133 46 106 45 107 37 88
Sergio
Rossi 50 328 50 346 48 289 43 154
Caruso 1 144 1 189 0 183 0 181
------ ------ ------ ------ ------- ------- ------- -------
Total 293 1,119 291 1,205 279 1,099 225 863
Non-IFRS Financial Measures Reconciliation
(EUR in Thousands, unless otherwise noted)
2021A 2022A 2023A 2024A
-------------------------------------- -------- -------- -------- --------
Reconciliation of Contribution Margin FY FY FY FY
-------------------------------------- -------- -------- -------- --------
Revenue 308,822 422,312 426,178 328,610
Cost of sales -138,920 -184,368 -175,236 -145,847
Gross profit 169,902 237,944 250,942 182,763
Marketing and selling expenses -165,502 -224,733 -226,750 -208,803
Contribution profit (2) 4,400 13,211 24,192 -26,040
(EUR in Thousands, unless otherwise noted)
2021A 2022A 2023A 2024A
-------------------------------------- -------- -------- -------- --------
Reconciliation of Adjusted EBIT and
EBITDA FY FY FY FY
-------------------------------------- -------- -------- -------- --------
Loss for the year -76,452 -239,751 -146,253 -189,295 Add / (Deduct) the impact of: Income tax benefits / (expenses) 4,331 -129 3,407 3,078 Finance cost - net 9,313 14,556 20,431 29,821 Non-underlying items (1) -45,206 83,057 3,858 -10,243 Loss from operating before non-underlying items -108,014 -142,267 -118,557 -166,639 Add / (Deduct) the impact of: Share based compensation 7,208 7,431 2,749 551 Adjusted EBIT (2) -100,806 -134,836 -115,808 -166,088 Depreciation / Amortization 41,584 45,810 46,946 46,542 Provision and impairment losses 10,766 16,729 79 34,935 Net foreign exchange (gains) / losses -10,489 339 4,610 -7,709 Adjusted EBITDA (2) -58,945 -71,958 -64,173 -92,320 Note: (1) 2022 was impacted by a EUR84 million cost related to the Reverse Recapitalization that occurred as part of the SPAC merger; this cost is non-recurring in nature. (2) These are Non-IFRS Financial Measures and will be mentioned throughout this communication. Please see Non-IFRS Financial Measures and Definition. (3) Brand-level results are presented exclusive of eliminations. (4) DOS refers to Directly Operated Stores which include boutiques, outlets, concession shop-in-shops and pop-up stores. (5) POS refers to Point of Sales which include DOS and wholesale accounts.
Non-IFRS Financial Measures and Definition
Our management monitors and evaluates operating and financial performance using several non-IFRS financial measures including: contribution profit, contribution margin, Adjusted EBIT and Adjusted EBITDA. Our management believes that these non-IFRS financial measures provide useful and relevant information regarding our performance and improve their ability to assess financial performance and financial position. They also provide comparable measures that facilitate management's ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions. While similar measures are widely used in the industry in which we operate, the financial measures that we use may not be comparable to other similarly named measures used by other companies nor are they intended to be substitutes for measures of financial performance or financial position as prepared in accordance with IFRS.
Contribution profit is defined as revenue less the cost of sales and selling and marketing expenses. Contribution profit subtracts the main variable expenses of selling and marketing expenses from gross profit, and our management believes this measure is an important indicator of profitability at the marginal level. Below contribution profit, the main expenses are general administrative expenses and other operating expenses (which include foreign exchange gains or losses and impairment losses). As we continue to improve the management of our portfolio brands, we believe we can achieve greater economy of scale across the different brands by maintaining the fixed expenses at a lower level as a proportion of revenue. We therefore use contribution profit margin as a key indicator of profitability at the group level as well as the portfolio brand level.
Contribution margin is defined as contribution profit divided by revenue.
Adjusted EBIT is defined as profit or loss before income taxes, net finance cost, share based compensation, adjusted for income and costs which are significant in nature and that management considers not reflective of underlying operational activities, mainly including net gains on disposal of long-term assets, negative goodwill from acquisition of Sergio Rossi, gain on debt restructuring and government grants.
Adjusted EBITDA is defined as profit or loss before income taxes, net finance cost, exchange gains/(losses), depreciation, amortization, share based compensation and provisions and impairment losses adjusted for income and costs which are significant in nature and that management considers not reflective of underlying operational activities, mainly including net gains on disposal of long-term assets, negative goodwill from acquisition of Sergio Rossi, gain on debt restructuring and government grants.
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SOURCE LANVIN GROUP
(END) Dow Jones Newswires
April 30, 2025 07:00 ET (11:00 GMT)
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