The Group reported revenue of €329 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 €329 million, a 23% decrease year-over-year versus 2023; and gross profit of €183 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
(€ in Thousands, unless otherwise noted)
Lanvin Group by Brand
Revenue
Growth %
2021A
2022A
2023A
2024A
2022 A v
2023 A v
2024 A v
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
(€ in Thousands, unless otherwise noted)
Lanvin Group Key Financials
2021A
2022A
2023A
2024A
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 €329 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 €183 million, reflecting a margin of 56%, compared to €251 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 €26 million, representing a margin of -8%, a drop from the €24 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 €-92 million, compared to €-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 €83 million. Gross profit decreased to €48 million, at a margin of 59%, from €65 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 €24 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 €126 million in 2023 to €88 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 €51 million from €83 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 €-19 million in 2024, with the margin falling to negative 21% from 3%.
Sergio Rossi: Revenue was down by 30%, decreasing from €60 million in 2023 to €42 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 €4 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 €90 million in 2023 to €79 million. Gross profit decreased to €54 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 €40 million in 2023 to €37 million in 2024. B2B Maisons orders decreased while Caruso brand business grew by double digits. Gross profit remained stable at €11 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: 1-877-344-7529International Toll: 1-412-317-0088Canada Toll Free: 855-669-9658Replay 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:
MediaLanvin GroupWinni Renwinni.ren@lanvin-group.com
InvestorsLanvin GroupCoco Wangcoco.wang@lanvin-group.com
Appendix
Lanvin Group Consolidated Income Statement
(€ in Thousands, unless otherwise noted)
Lanvin Group Consolidated P&L
2021A
2022A
2023A
2024A
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
(€ in Thousands, unless otherwise noted)
Lanvin Group Consolidated Balance Sheet
2021A
2022A
2023A
2024A
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
(€ in Thousands, unless otherwise noted)
Lanvin Group Consolidated Cash Flow
2021A
2022A
2023A
2024A
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)
(€ in Thousands, unless otherwise noted)
Lanvin Brand Key Financials
2021A
2022A
2023A
2024A
2022 A v
2023 A v
2024 A v
FY
%
FY
%
FY
%
FY
%
2021 A
2022 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)
(€ in Thousands, unless otherwise noted)
Wolford Brand Key Financials
2021A
2022A
2023A
2024A
2022 A v
2023 A v
2024 A v
FY
%
FY
%
FY
%
FY
%
2021 A
2022 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)
(€ in Thousands, unless otherwise noted)
Sergio Rossi Brand Key Financials
2021A
2022A
2023A
2024A
2022 A v
2023 A v
2024 A v
FY
%
FY
%
FY
%
FY
%
2021 A
2022 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)
(€ in Thousands, unless otherwise noted)
St. John Brand Key Financials
2021A
2022A
2023A
2024A
2022 A v
2023 A v
2024 A v
FY
%
FY
%
FY
%
FY
%
2021 A
2022 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)
(€ in Thousands, unless otherwise noted)
Caruso Brand Key Financials
2021A
2022A
2023A
2024A
2022 A v
2023 A v
2024 A v
FY
%
FY
%
FY
%
FY
%
2021 A
2022 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
Footprint By Brand
2021
2022
2023
2024
DOS (4)
POS (5)
DOS (4)
POS (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
(€ in Thousands, unless otherwise noted)
Reconciliation of Contribution Margin
2021A
2022A
2023A
2024A
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
(€ in Thousands, unless otherwise noted)
Reconciliation of Adjusted EBIT and EBITDA
2021A
2022A
2023A
2024A
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 €84 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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