Lanvin Group reported a substantial 20% decline in revenue for the first half of fiscal 2024, totaling 171 million euros (approximately $192 million), according to an earnings release issued on Monday. The company attributed the downturn to “global market softness” and difficulties in the wholesale sector.
The group’s brands experienced varying degrees of revenue declines during this period. Sergio Rossi saw a nearly 40% drop, while Wolford’s revenue decreased by 28%. St. John reported a 14% decline, and Lanvin’s namesake brand experienced a 15% reduction. Caruso’s revenue fell by 1% year over year.
Revenue by channel also reflected the company’s struggles, with direct-to-consumer (DTC) sales down 14% and wholesale revenue falling by 30%. Geographically, the combined Europe, Middle East, and Africa region experienced a 27% revenue decline, while China saw a 24% drop. In North America, revenue decreased by 11% compared to the previous year.
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