China’s Lanvin Group announces record figures
Lanvin Group, the Chinese luxury goods group, has announced a net increase of +73% compared to 2021
By Eva Morletto21 octobre 2022
For the first half of 2022, Lanvin Group - formerly Fosun Fashion Group - based in mainland China announced on October 17, sales figures up +73% compared to the same period in 2021 and a turnover of 202 million euros.
Lanvin Group, which is headquartered in Shanghai and includes the Lanvin, Sergio Rossi, Wolford, St.John and Caruso brands, attributes its success to multiple factors, including sales growth in Europe (+91%) and the US (+58%). While China is still facing some restrictions due to the pandemic, the country is still growing by +32% compared to 2021.
These results were driven by the strong growth of the Lanvin brand, the real driving force of the group. The latter recorded an increase of +117%, explained by the focus on its leather goods and footwear activities and by the brand revitalisation operations implemented in 2022. Lanvin has considerably increased its product and collection offering: last August, the house presented its new line dedicated to golf wear, Lanvin Blanc. The creative direction of Lanvin, entrusted since 2019 to the Marseille-based designer Bruno Sialelli, has helped to rejuvenate the brand and broaden its audiences. Before this appointment, he worked under the artistic direction of Jonathan Anderson at Loewe.
The good performance of Lanvin Group has also benefited from the acquisition of the historic Italian shoe brand Sergio Rossi, as well as improvements in online sales strategy, as evidenced by the success of certain Chinese platforms, in particular JD.com.
On March 23, the group led by President and CEO Joann Cheng announced its intention to become a listed company on the New York Stock Exchange through a business combination with Primavera Capital Acquisition Corporation, a deal that could value the company at $1.5 billion.
At the same time, the company's business policy aims to enrich its portfolio through the acquisition and revitalisation of brands and the creation of strategic partnerships.
By 2021, the company had approached Baozun, the leading Chinese holding company in the provision of e-commerce services, and Stella International, a Hong Kong-based producer of leather goods and footwear, with the firm intention of developing these brands in Europe.
All these factors have gradually increased investor confidence. The Korean company Meritz Securities, which is increasingly present in the luxury market and in the European real estate market, has committed to invest more than 50 million dollars in the group.
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