Lanvin’s profit is going down. The Lanvin Group, owner of brands such as Wolford, Sergio Rossi or Lanvin, is expecting a difficult year after registering a 20% drop in sales in the first quarter.. The company is committed to restructuring its creative team to reactivate its profit growth.
The income of the Lanvin group has decreased by 20% year on year, to 117 million euros, in the first quarter of 2024. The company attributes the decline in luxury to lower demand in China and Europe, as well as lower sales from retail partners.
The company has also recorded a loss of 42 million euros during this period due to the reduction in sales. Income from the group’s main brand, Lanvin, has fallen 15%, to 48 million euros. Sergio Rossi, who also owns the conglomerate, has dropped 38% in his income, to twenty million euros.
The Lanvin group links the decrease in sales to lower demand in China and Europe
The Lanvin group hopes to revive its business through a recovery plan that begins with a creative restructuring. The Chinese company has already begun to reform its leadership: last June, the conglomerate appointed the British designer Peter Copping as the new creative director of Lanvin. as reported by Modaes.
The new addition, who has experience with brands such as Balenciaga or Oscar de la Renta, will begin his role in September and will be in charge of the collections. pre-fall 2025 Lanvin men and women. In addition, The group has welcomed Paul Andrew, former creative director of Salvatore Ferragamo, as the new creative director of Sergio Rossi.
Within the framework of the recovery plan, The company has also chosen to increase brand marketing to generate more enthusiasm and boost your sales in the coming months.
In 2023, the Lanvin group closed the year with a turnover of 426.4 million euros and achieved only a 1% increase in sales. In the same year, Lanvin, its main brand, recorded a 7% drop in sales, to 111.7 million euros.
2024-08-27 15:15:02
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