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.
ALCHEMPro News Desk (DP)
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