Lanvin Group Continues Strategic Transformation in FY2025 as Momentum Improves in the Second Half
Rhea-AI Summary
Lanvin Group (NYSE: LANV) reported FY2025 revenue of €240 million, down 18% year-over-year, with gross profit €140 million (58% margin). Adjusted EBITDA improved to €-90 million and contribution loss narrowed to €-31 million. Direct-to-consumer accounted for 68% of revenue; Caruso carve-out completed and sale closed Feb 6, 2026.
Momentum strengthened in H2 with improvements at Lanvin and Wolford, portfolio leadership changes, selective store closures, and continued cost discipline as the Group approaches completion of its transformation in 2026.
AI-generated analysis. Not financial advice.
Positive
- Direct-to-consumer 68% of revenue
- Adjusted EBITDA improved to €-90 million
- Contribution loss narrowed to €-31 million
- Caruso carve-out completed Feb 6, 2026
Negative
- Revenue down 18% to €240 million in FY2025
- Lanvin revenue declined 30% to €58 million
- Sergio Rossi revenue declined 30% to €30 million
News Market Reaction – LANV
On the day this news was published, LANV declined 3.11%, reflecting a moderate negative market reaction. Argus tracked a trough of -11.4% from its starting point during tracking. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $6M from the company's valuation, bringing the market cap to $178.93M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
LANV was up about 6.6% pre-news while key luxury/consumer peers showed mixed moves, with BRLT slightly positive and others like ELA, MOV and BGI down, pointing to a stock-specific reaction rather than a sector-wide luxury move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 24 | Earnings date notice | Neutral | +0.7% | Announcement of April 30, 2026 date for audited FY2025 results. |
| Mar 17 | Preliminary results | Negative | -1.5% | Preliminary FY2025 revenue of €240.5M, down year-over-year amid transformation. |
| Mar 12 | Leadership change | Positive | +11.6% | Appointment of Mandy West as CEO of St John Knits to drive operations. |
| Feb 27 | Leadership change | Positive | +0.6% | Marco Pozzo named CEO and Chairman of Wolford AG to advance restructuring. |
| Feb 06 | Portfolio divestiture | Neutral | -7.3% | Completion of Caruso sale to refocus Lanvin Group on heartland brands. |
Recent strategic and leadership updates have produced modest, mixed price reactions, with no consistent pattern of strong follow-through on news.
Over the past few months, Lanvin Group has focused on strategic transformation and portfolio reshaping, including the Caruso carve-out completed on Feb 6, 2026. Leadership changes at Wolford and St. John aimed to support restructuring and brand development. Preliminary FY2025 revenue of about €240.5M and today’s audited figures both reflect a smaller, more focused group after divestitures. The current release formalizes those trends with detailed financials and reiterates plans to largely complete the transformation program in 2026.
Market Pulse Summary
This announcement details a contraction year with FY2025 revenue at €240M, down 18% year-over-year, and adjusted EBITDA at €-90.1M, while highlighting early benefits from cost discipline and portfolio optimization. DTC accounted for 68% of revenue, and St. John delivered stable performance with a 69% gross margin. The Caruso carve-out and leadership changes at Wolford and St. John frame a more focused group. Investors may watch revenue trends by brand, margin resilience, and progress toward completing the transformation program in 2026.
Key Terms
adjusted EBITDA financial
IFRS 5 regulatory
Form 20-F regulatory
Form 6-K regulatory
restricted stock units financial
asset-light model technical
AI-generated analysis. Not financial advice.
- Lanvin Group reported revenue of
€240 million in FY2025, down18% year-over-year, reflecting continued market headwinds and the impact of transformation and DTC channel optimization initiatives - Contribution profit(1) and adjusted EBITDA improved year-over-year, despite lower revenue, reflecting early benefits from cost discipline and a more focused operating model
- Direct-to-consumer remained the largest channel, accounting for
68% of revenue, with improving trends at Lanvin and Wolford in the second half - Strategic portfolio and retail optimization progressed, including selective store closures and the Caruso carve-out, reinforcing focus on core luxury brands
- Leadership strengthened across the portfolio, supporting continued execution and the next phase of brand development
In a challenging global luxury market environment, the Group reported revenue of
Zhen Huang, Chairman of Lanvin Group, said: "2025 was a year of disciplined execution and strategic progress. While the macroeconomic environment remained challenging, we continued to advance our transformation initiatives, streamline our operations, and reinforce the long-term positioning of our brands. We are encouraged by the improving momentum in the second half and remain confident in the Group's ability to deliver sustainable growth over time."
Review of the Full-Year 2025 Results
Lanvin Group Revenue by Segment | ||||||
(€ in Thousands, unless otherwise noted) | ||||||
Lanvin Group | Revenue | Growth % | ||||
2023A* | 2024A* | 2025A | 2024 A v | 2025 A v | 23-25 | |
FY | FY | FY | 2023 A | 2024 A | CAGR | |
Lanvin | 111,740 | 82,720 | 57,627 | -26 % | -30 % | -28 % |
Wolford | 126,280 | 87,891 | 75,586 | -30 % | -14 % | -23 % |
St. John | 90,398 | 79,267 | 78,238 | -12 % | -1 % | -7 % |
Sergio Rossi | 59,518 | 41,910 | 29,535 | -30 % | -30 % | -30 % |
Total Brand | 387,936 | 291,788 | 240,986 | -25 % | -17 % | -21 % |
Eliminations | -960 | 76 | -488 | -108 % | -742 % | -29 % |
Total Group | 386,976 | 291,864 | 240,498 | -25 % | -18 % | -21 % |
* The information for the years ended December 31, 2024 and 2023 have been restated to exclude the Caruso business, to ensure consistency of presentation.
Lanvin Group Key Financials | ||||||
(€ in Thousands, unless otherwise noted) | ||||||
Lanvin Group Key Financials | 2023A* | 2024A* | 2025A | |||
FY | % | FY | % | FY | % | |
Revenue | 386,976 | 100 % | 291,864 | 100 % | 240,498 | 100 % |
Gross profit | 240,400 | 62 % | 172,496 | 59 % | 139,878 | 58 % |
Contribution profit (1) | 15,550 | 4 % | -34,446 | -12 % | -30,713 | -13 % |
Adjusted EBITDA | -65,293 | -17 % | -93,547 | -32 % | -90,114 | -37 % |
Selected Highlights
Improving momentum across regions and channels:
Operational discipline and portfolio optimization: The Group continued to advance its transformation, focusing on efficiency, organizational simplification and resource allocation to core brands. Selective store closures and tighter cost control supported improved adjusted EBITDA, despite lower revenue. The Caruso carve-out further sharpened the Group's strategic focus.
Progress across the portfolio: St. John remained stable in
Strengthened leadership: Key appointments across the portfolio, with Barbara Werschine as Deputy CEO of Lanvin, Marco Pozzo as CEO of Wolford, and Mandy West as CEO of St. John, further enhanced execution capabilities and support ongoing brand development.
Discussion of FY2025 Financials
Revenue
The Group generated revenue of
Gross Profit
Gross profit decreased to
Contribution Profit (1)
Contribution profit, defined internally as gross profit less selling and marketing expenses, amounted to negative
Adjusted EBITDA
Adjusted EBITDA improved to
Results by Segment
Lanvin: Revenue declined by
Wolford: Revenue declined by
Sergio Rossi: Revenue declined by
St. John: Revenue declined slightly by
2026 Outlook
The Group expects to continue on the progress made in the second half of 2025, supported by renewed creative momentum, strengthened leadership across the portfolio and a more focused operating model. In 2026, the Group expects to largely complete its current transformation program, marking an important milestone in its strategic evolution. While the market environment remains uncertain, the actions taken over the past year have laid firmer foundations for improved performance and sustainable long-term growth.
----------------------------------
Note: At the end of 2025, the Group approved the strategic carve-out of Caruso. In accordance with IFRS 5, Caruso is presented as a discontinued operation, with prior periods restated for comparability and its assets and liabilities classified as held for sale at year-end. The sale was completed on February 6, 2026.
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, 2025, 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 2025 and provide an outlook for 2026. 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/10208533/103e05480f8
A replay of the conference call will be accessible approximately one hour after the live call until May 04, 2026, by dialing the following numbers:
International Toll: 1-412-317-0088
Replay Access Code: 5101970
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.
***
About Lanvin Group
Lanvin Group is a leading global luxury fashion group headquartered in
***
Forward-Looking Statements
This communication, including the section "2026 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
* Prior periods have been restated to reflect Caruso as a discontinued operation.
Lanvin Group Consolidated Income Statement | ||||||
(€ in Thousands, unless otherwise noted) | ||||||
Lanvin Group Consolidated P&L | 2023A* | 2024A* | 2025A | |||
FY | % | FY | % | FY | % | |
Revenue | 386,976 | 100 % | 291,864 | 100 % | 240,498 | 100 % |
Cost of sales | -146,576 | -38 % | -119,368 | -41 % | -100,620 | -42 % |
Gross profit | 240,400 | 62 % | 172,496 | 59 % | 139,878 | 58 % |
Marketing and selling expenses | -224,850 | -58 % | -206,942 | -71 % | -170,591 | -71 % |
General and administrative expenses | -129,182 | -33 % | -109,007 | -37 % | -107,311 | -45 % |
Impairment of goodwill and brand | 0 | 0 % | -31,208 | -11 % | -66,730 | -28 % |
Other operating income and expenses | -4,549 | -1 % | 7,896 | 3 % | -10,631 | -4 % |
Loss from operations before non-underlying items | -118,181 | -31 % | -166,765 | -57 % | -215,385 | -90 % |
Non-underlying items | -3,781 | -1 % | 10,243 | 4 % | -16,263 | -7 % |
Loss from operations | -121,962 | -32 % | -156,522 | -54 % | -231,648 | -96 % |
Finance cost – net | -20,014 | -5 % | -29,398 | -10 % | -35,490 | -15 % |
Loss before income tax | -141,976 | -37 % | -185,920 | -64 % | -267,138 | -111 % |
Income tax expenses | -3,323 | -1 % | -3,086 | -1 % | 15,775 | 7 % |
Loss from continuing operations | -145,299 | -38 % | -189,006 | -65 % | -251,363 | -105 % |
Loss from discontinued operations | -954 | 0 % | -289 | 0 % | -11,982 | -5 % |
Loss for the period | -146,253 | -38 % | -189,295 | -65 % | -263,345 | -109 % |
Contribution profit (1) | 15,550 | 4 % | -34,446 | -12 % | -30,713 | -13 % |
Adjusted EBIT (1) | -115,432 | -30 % | -166,214 | -57 % | -215,201 | -89 % |
Adjusted EBITDA (1) | -65,293 | -17 % | -93,547 | -32 % | -90,114 | -37 % |
Lanvin Group Consolidated Balance Sheet | ||
(€ in Thousands, unless otherwise noted) | ||
Lanvin Group Consolidated Balance Sheet | 2024A | 2025A |
FY | FY | |
Assets | ||
Non-current assets | ||
Intangible assets | 213,501 | 156,982 |
Goodwill | 38,115 | 23,392 |
Property, plant and equipment | 39,440 | 18,430 |
Right-of-use assets | 131,597 | 95,510 |
Deferred income tax assets | 11,598 | 7,634 |
Other non-current assets | 14,869 | 14,967 |
449,120 | 316,915 | |
Current assets | ||
Inventories | 89,712 | 57,174 |
Trade receivables | 28,099 | 15,382 |
Other current assets | 29,112 | 22,668 |
Cash and bank balances | 18,043 | 28,283 |
Assets classified as held for sale | 0 | 29,838 |
164,966 | 153,345 | |
Total assets | 614,086 | 470,260 |
Liabilities | ||
Non-current liabilities | ||
Non-current borrowings | 25,222 | 9,688 |
Non-current lease liabilities | 117,966 | 93,375 |
Non-current provisions | 3,560 | 13,071 |
Employee benefits | 17,240 | 11,642 |
Deferred income tax liabilities | 51,390 | 34,757 |
Other non-current liabilities | 16,005 | 30,216 |
231,383 | 192,749 | |
Current liabilities | ||
Trade payables | 80,424 | 45,799 |
Current borrowings | 158,540 | 325,067 |
Current lease liabilities | 36,106 | 28,798 |
Current provisions | 1,524 | 2,984 |
Other current liabilities | 139,020 | 134,017 |
Liabilities associated with assets held for sale | 0 | 22,517 |
415,614 | 559,182 | |
Total liabilities | 646,997 | 751,931 |
Net assets | -32,911 | -281,671 |
Equity | ||
Equity attributable to owners of the Company | ||
Share capital | * | * |
Treasury shares | -46,576 | * |
Other reserves | 779,356 | 727,547 |
Accumulated losses | -737,186 | -975,680 |
-4,406 | -248,133 | |
Non- controlling interests | -28,505 | -33,538 |
Total deficits | -32,911 | -281,671 |
Lanvin Group Consolidated Cash Flow | |||
(€ in Thousands, unless otherwise noted) | |||
Lanvin Group Consolidated Cash Flow | 2023A | 2024A | 2025A |
FY | FY | FY | |
Net cash used in operating activities | -57,891 | -59,381 | -107,308 |
Net cash flows generated from/(used in) investing activities | -38,615 | -125 | 1,658 |
Net cash generated from financing activities | 34,131 | 49,066 | 119,357 |
Net change in cash and cash equivalents | -62,375 | -10,440 | 13,707 |
Cash and cash equivalents less bank overdrafts at the beginning of the year | 91,749 | 27,850 | 18,043 |
Effect of foreign exchange rate changes | -1,524 | 633 | -1,040 |
Cash and cash equivalents less bank overdrafts at end of the year | 27,850 | 18,043 | 30,710 |
Lanvin Brand Key Financials (2) | ||||||||||
(€ in Thousands, unless otherwise noted) | ||||||||||
Lanvin Brand Key Financials | 2023A | 2024A | 2025A | 2024 A v | 2025 A v | 23-25 | ||||
FY | % | FY | % | FY | % | 2023 A | 2024 A | CAGR | ||
Key Financials on P&L | ||||||||||
Revenues | 111,740 | 100 % | 82,720 | 100 % | 57,627 | 100 % | -26 % | -30 % | -28 % | |
Gross profit | 64,547 | 58 % | 48,440 | 59 % | 33,675 | 58 % | ||||
Selling and distribution expenses | -76,533 | -68 % | -72,241 | -87 % | -56,818 | -99 % | ||||
Contribution profit (1) | -11,986 | -11 % | -23,801 | -29 % | -23,143 | -40 % | ||||
Revenues by Geography | ||||||||||
EMEA | 51,585 | 46 % | 38,859 | 47 % | 27,439 | 48 % | -25 % | -29 % | -27 % | |
28,210 | 25 % | 22,843 | 28 % | 18,077 | 31 % | -19 % | -21 % | -20 % | ||
24,649 | 22 % | 14,763 | 18 % | 7,209 | 13 % | -40 % | -51 % | -46 % | ||
Other | 7,296 | 7 % | 6,254 | 8 % | 4,902 | 9 % | -14 % | -22 % | -18 % | |
Revenues by Channel | ||||||||||
DTC | 55,357 | 50 % | 43,569 | 53 % | 32,365 | 56 % | -21 % | -26 % | -24 % | |
Wholesale | 39,933 | 36 % | 27,113 | 33 % | 14,337 | 25 % | -32 % | -47 % | -40 % | |
Other | 16,450 | 15 % | 12,038 | 15 % | 10,924 | 19 % | -27 % | -9 % | -19 % | |
Wolford Brand Key Financials (2) | ||||||||||
(€ in Thousands, unless otherwise noted) | ||||||||||
Wolford Brand Key Financials | 2023A | 2024A | 2025A | 2024 A v | 2025 A v | 23-25 | ||||
FY | % | FY | % | FY | % | 2023 A | 2024 A | CAGR | ||
Key Financials on P&L | ||||||||||
Revenues | 126,280 | 100 % | 87,891 | 100 % | 75,586 | 100 % | -30 % | -14 % | -23 % | |
Gross profit | 83,339 | 66 % | 50,995 | 58 % | 43,960 | 58 % | ||||
Selling and distribution expenses | -79,060 | -63 % | -69,603 | -79 % | -57,089 | -76 % | ||||
Contribution profit (1) | 4,279 | 3 % | -18,608 | -21 % | -13,130 | -17 % | ||||
Revenues by Geography | ||||||||||
EMEA | 85,084 | 67 % | 54,934 | 63 % | 48,702 | 64 % | -35 % | -11 % | -24 % | |
31,310 | 25 % | 25,930 | 30 % | 21,006 | 28 % | -17 % | -19 % | -18 % | ||
9,176 | 7 % | 6,661 | 8 % | 5,493 | 7 % | -27 % | -18 % | -23 % | ||
Other | 710 | 1 % | 366 | 0 % | 384 | 1 % | -49 % | 5 % | -26 % | |
Revenues by Channel | ||||||||||
DTC | 87,352 | 69 % | 67,006 | 76 % | 50,678 | 67 % | -23 % | -24 % | -24 % | |
Wholesale | 38,071 | 30 % | 20,850 | 24 % | 24,907 | 33 % | -45 % | 19 % | -19 % | |
Other | 857 | 1 % | 35 | 0 % | 0 | 0 % | -96 % | NM | NM | |
Sergio Rossi Brand Key Financials (2) | ||||||||||
(€ in Thousands, unless otherwise noted) | ||||||||||
Sergio Rossi Brand Key Financials | 2023A | 2024A | 2025A | 2024 A v | 2025 A v | 23-25 | ||||
FY | % | FY | % | FY | % | 2023 A | 2024 A | CAGR | ||
Key Financials on P&L | ||||||||||
Revenues | 59,518 | 100 % | 41,910 | 100 % | 29,535 | 100 % | -30 % | -30 % | -30 % | |
Gross profit | 30,435 | 51 % | 17,867 | 43 % | 9,479 | 32 % | ||||
Selling and distribution expenses | -23,097 | -39 % | -18,923 | -45 % | -13,425 | -45 % | ||||
Contribution profit (1) | 7,338 | 12 % | -1,056 | -3 % | -3,946 | -13 % | ||||
Revenues by Geography | ||||||||||
EMEA | 31,801 | 53 % | 20,704 | 49 % | 15,188 | 51 % | -35 % | -27 % | -31 % | |
2,006 | 3 % | 740 | 2 % | 105 | 0 % | -63 % | -86 % | -77 % | ||
11,872 | 20 % | 7,741 | 18 % | 4,958 | 17 % | -35 % | -36 % | -35 % | ||
Other | 13,838 | 23 % | 12,726 | 30 % | 9,285 | 31 % | -8 % | -27 % | -18 % | |
Revenues by Channel | ||||||||||
DTC | 32,962 | 55 % | 27,944 | 67 % | 20,320 | 69 % | -15 % | -27 % | -21 % | |
Wholesale | 26,556 | 45 % | 13,966 | 33 % | 9,215 | 31 % | -47 % | -34 % | -41 % | |
Other | 0 | 0 % | 0 | 0 % | 0 | 0 % | NM | NM | NM | |
St. John Brand Key Financials (2) | ||||||||||
(€ in Thousands, unless otherwise noted) | ||||||||||
St. John Brand Key Financials | 2023A | 2024A | 2025A | 2024 A v | 2025 A v | 23-25 | ||||
FY | % | FY | % | FY | % | 2023 A | 2024 A | CAGR | ||
Key Financials on P&L | ||||||||||
Revenues | 90,398 | 100 % | 79,267 | 100 % | 78,238 | 100 % | -12 % | -1 % | -7 % | |
Gross profit | 57,374 | 63 % | 54,451 | 69 % | 53,599 | 69 % | ||||
Selling and distribution expenses | -46,695 | -52 % | -46,445 | -59 % | -43,738 | -56 % | ||||
Contribution profit (1) | 10,679 | 12 % | 8,006 | 10 % | 9,861 | 13 % | ||||
Revenues by Geography | ||||||||||
EMEA | 1,541 | 2 % | 651 | 1 % | 178 | 0 % | -58 % | -73 % | -66 % | |
81,382 | 90 % | 74,403 | 94 % | 76,860 | 98 % | -9 % | 3 % | -3 % | ||
7,161 | 8 % | 4,101 | 5 % | 934 | 1 % | -43 % | -77 % | -64 % | ||
Other | 314 | 0 % | 113 | 0 % | 266 | 0 % | -64 % | NM | NM | |
Revenues by Channel | ||||||||||
DTC | 71,007 | 79 % | 61,612 | 78 % | 59,762 | 76 % | -13 % | -3 % | -8 % | |
Wholesale | 19,126 | 21 % | 17,547 | 22 % | 18,210 | 23 % | -8 % | 4 % | -2 % | |
Other | 265 | 0 % | 108 | 0 % | 266 | 0 % | -59 % | NM | NM | |
Lanvin Group Brand Footprint | ||||||
Footprint By Brand | 2023 | 2024 | 2025 | |||
DOS(3) | POS(4) | DOS(3) | POS(4) | DOS(3) | POS(4) | |
Lanvin | 36 | 319 | 33 | 277 | 20 | 266 |
Wolford | 150 | 201 | 112 | 163 | 89 | 132 |
St. John | 45 | 107 | 37 | 88 | 35 | 77 |
Sergio Rossi | 48 | 289 | 43 | 154 | 30 | 160 |
Total | 279 | 916 | 225 | 682 | 174 | 635 |
Non-IFRS Financial Measures Reconciliation | |||
(€ in Thousands, unless otherwise noted) | |||
Reconciliation of Contribution Margin | 2023A* | 2024A* | 2025A |
FY | FY | FY | |
Revenue | 386,976 | 291,864 | 240,498 |
Cost of sales | -146,576 | -119,368 | -100,620 |
Gross profit | 240,400 | 172,496 | 139,878 |
Marketing and selling expenses | -224,850 | -206,942 | -170,591 |
Contribution profit (1) | 15,550 | -34,446 | -30,713 |
(€ in Thousands, unless otherwise noted) | |||
Reconciliation of Adjusted EBIT and EBITDA | 2023A* | 2024A* | 2025A |
FY | FY | FY | |
Loss for the year | -146,253 | -189,295 | -263,345 |
Add / (Deduct) the impact of: | |||
Loss from discontinued operations | 954 | 289 | 11,982 |
Income tax (benefits) / expenses | 3,323 | 3,086 | -15,775 |
Finance cost - net | 20,014 | 29,398 | 35,490 |
Non-underlying items | 3,781 | -10,243 | 16,263 |
Loss from operating before non-underlying items | -118,181 | -166,765 | -215,385 |
Add / (Deduct) the impact of: | |||
Share based compensation | 2,749 | 551 | 184 |
Adjusted EBIT (1) | -115,432 | -166,214 | -215,201 |
Depreciation / Amortization | 45,794 | 45,349 | 39,231 |
Provision and impairment losses | -265 | 35,027 | 72,608 |
Net foreign exchange (gains) / losses | 4,610 | -7,709 | 13,248 |
Adjusted EBITDA (1) | -65,293 | -93,547 | -90,114 |
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Note:
(1) These are Non-IFRS Financial Measures and will be mentioned throughout this communication. Please see Non-IFRS Financial Measures and Definition.
(2) Brand-level results are presented exclusive of eliminations.
(3) DOS refers to Directly Operated Stores which include boutiques, outlets, concession shop-in-shops and pop-up stores.
(4) 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, 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