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Lanvin Group Resiliency was Key in 2023, Preliminary Revenues Up 1% Year-on-Year

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Revenue of €426 million for FY2023, a 1% increase over FY 2022Despite challenging conditions, Lanvin Group grew revenue by 8% in APACResiliency through creative transition at Lanvin brand helped improve sales trend in the second half of 2023Positive signals in the DTC channel, including e-Commerce are proving the effectiveness of the Group’s strategyOngoing implementation of strategic plans in 2023 to drive further revenue growth and margin improvement

NEW YORK, Feb. 21, 2024 /PRNewswire/ — Lanvin Group (NYSE: LANV, the “Group”), a global luxury fashion group with Lanvin, Wolford, St. John, Sergio Rossi, and Caruso in its portfolio of brands, today announced its preliminary, unaudited revenues for the full-year 2023. The Group achieved revenues of €426 million, a 1% increase year-over-year versus 2022. 

Eric Chan, CEO of Lanvin Group, said: “2023 was a year full of macroeconomic headwinds and global challenges. Lanvin Group showed tremendous resilience and continued on its growth trajectory. 2023 was also a year that our group and our brands proved their ability to manage through adverse market conditions and execute their strategy. A softening second half saw the luxury fashion industry in a position it has not been in, in quite some time. Therefore, I am pleased to report that Lanvin Group maintained growth for the year; and I am confident in our management’s ability to continue to build upon the foundation we have built on our path to profitability.”

 

Review of the Full-Year 2023 Preliminary, Unaudited Revenues

Lanvin Group Revenue by Brand

(Euros in Thousands)

2023A

2022A

Growth %

Preliminary

Audited

2023A vs. 2022A

Lanvin

111,740

119,847

-7 %

Wolford

126,905

125,514

+1 %

St. John

90,394

85,884

+5 %

Sergio Rossi

59,518

61,929

-4 %

Caruso

40,011

30,819

+30 %

Total Brands

428,568

423,993

+1 %

Eliminations & Others

-2,155

-1,681

Total Group

426,413

422,312

+1 %

 

Selected Highlights

The Group drove results through a softening market in the second half: Lanvin Group maintained growth through a transitional year with 1% year-on-year growth. The Group continued improving its retail network and expanding its e-commerce footprint. Successful product launches and marketing campaigns generated brand heat allowing for resiliency in revenues during a challenging market.

Store network rationalization: The Group continued to rationalize its store footprint and had an overall reduction in its store-base by a total of 12 stores. Despite the smaller store base, Group DTC sales remained flat on a like-for-like basis. St. John and Sergio Rossi posted strong store like-for-like growth with 13% and 6%, respectively.

Lanvin brand showed improving result in the second half: Lanvin brand performed better in the second half of the year in spite of the increasingly softening market. The brand successfully managed through a year of creative transition, but was impacted by a softer wholesale market. The establishments of the Leather Goods and Accessories department and Lanvin Lab, with the first Lanvin Lab capsule successfully launched with the Grammy-winning artist, Future in Q4, started to make positive impacts in the second half and will continue to do so in 2024. While first half revenue decreased by 11%, the brand ended the year down 7%.

Stability in North America and EMEA, and growth in APAC despite economic challenges: Management successfully navigated an increasingly challenging market to maintain revenue growth for 2023. North America grew slightly while EMEA decreased slightly. In Asia, despite a slow start to the year in China in the first half, Greater China posted 8% growth and overall, the APAC region grew by 8%.

Continuing transition to core products and accessories: The Group continued its focus on refining products and categories to provide stability and resiliency to revenue and profitability. With a refocused strategy on their brand and product offerings, St. John grew its DTC channel by 7%, in 2023. Additionally, Caruso achieved 30% growth in global revenue by continuing to drive its playful elegance approach and expanding its production capacity and its specialized workforce.

e-Commerce revenue continued its growth trend: Digital revenue continued to grow with the Group-level posting a 3% year-on-year growth in e-Commerce. Notably, St. John showed 14% growth in e-Commerce revenue and Sergio Rossi showed 5% growth. Lanvin and Wolford remained flat for the year.

 

2024 Outlook

The Group anticipates that while continued softness in the overall global market will impact the business, regional economies will fare better and present opportunities for growth. Furthermore, the APAC region shows opportunities for market share gains. The Group plans to pursue tactical growth opportunities in 2024.

At both Group and brand-level, ongoing initiatives will continue to drive improved margin profile. Planned marketing initiatives and product launches are expected to drive sales in 2024 which will lead to improving scale as the Group capitalizes on the operating leverage it built in 2023.

 

Conference Call

As previously announced, today at 8:00AM EST/9:00PM CST/2:00PM CET, Lanvin Group will host a conference call to discuss its preliminary revenues for the full-year 2023 and provide an outlook for 2024. To participant in the conference call, please dial the following numbers:

United States Toll Free: 1-888-346-8982
International: 1-412-902-4272
Mainland China Toll Free: 4001-201203
Hong Kong Toll Free: 800-905945
Hong Kong-Local Toll: 852-301-84992
Singapore Toll Free: 800-120-6157

A replay of the conference call will be accessible approximately one hour after the live call until February 28, 2024, by dialing the following numbers:

US Toll Free: 1-877-344-7529
International Toll: 1-412-317-0088
Canada Toll Free: 855-669-9658
Replay Access Code: 9156719

A live and 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/Events.

 

Next Scheduled Announcement

The next scheduled announcement will be the full-year 2023 earnings release in April 2024. 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.

———————————-
Note: All % changes are calculated on an actual currency exchange rate basis

Appendix

Lanvin Group Revenue by Brand

(Euros in Thousands)

2023A

2022A

Growth %

Preliminary

Audited

2023A vs. 2022A

Lanvin

111,740

119,847

-7 %

Wolford

126,905

125,514

+1 %

St. John

90,394

85,884

+5 %

Sergio Rossi

59,518

61,929

-4 %

Caruso

40,011

30,819

+30 %

Total Brands

428,568

423,993

+1 %

Eliminations & Others

-2,155

-1,681

Total Group

426,413

422,312

+1 %

Lanvin Group Revenue by Geography:

(Euros in Thousands)

2023A

2022A

Growth %

Preliminary

Audited

2023A vs. 2022A

EMEA

202,220

205,715

-2 %

North America

147,484

145,519

+1 %

Greater China

52,823

48,876

+8 %

Other

23,886

22,202

+8 %

Total

426,413

422,312

+1 %

Lanvin Group Revenue by Channel:

(Euros in Thousands)

2023A

2022A

Growth %

Preliminary

Audited

2023A vs. 2022A

DTC/eCommerce

246,713

247,460

0 %

Wholesale

162,127

164,359

-1 %

Other

17,573

10,493

+68 %

Total

426,413

422,312

+1 %

 

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 http://www.lanvin-group.com, and to view our investor presentation, please visit https://ir.lanvin-group.com.

Disclaimer

The full-year 2023 revenues are preliminary and unaudited. The audit of the Group’s financial statements will be finalized at the time of the Group’s 2023 consolidated financial statements. These unaudited financial data are not a comprehensive statement of the Group’s financial results for the year ended December 31, 2023 and should not be viewed as a substitute for the Group’s full annual financial statements prepared in accordance with IFRS. These preliminary unaudited financial results are subject to revision in connection with the Group’s financial closing procedures, including the review of such financial results by the Group’s audit committee, and finalization and audit of the Group’s consolidated financial statements for the year ended December 31, 2023. During the preparation of the Group’s consolidated financial statements and related notes and the completion of the audit for the year ended December 31, 2023, additional adjustments to the preliminary estimated financial results presented above may be identified. Actual results for the period reported may differ from these preliminary results.

Forward-Looking Statements

This communication, including the section “2024 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, Lanvin Group’s ability to timely complete its financial closing procedures and finalize its consolidated financial statements for fiscal year 2023; 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 health epidemics, pandemics and similar outbreaks, including the COVID-19 pandemic 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.

Enquiries:

Investors
Lanvin Group
James Kim
James.Kim@lanvin-group.com

Media
Lanvin Group
Miya He
miya.he@lanvin-group.com 

 

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SOURCE Lanvin Group

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ERCO Seoul Unveils State-of-the-Art Experience Centre

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ERCO’s new Experience Centre in Seoul invites industry professionals to experience the future of lighting design. This immersive space offers exclusive workshops, demonstrations, and insights into the latest trends, showcasing ERCO’s commitment to elevating architectural projects.

SEOUL, South Korea, Nov. 14, 2024 /PRNewswire/ — ERCO, a global leader in architectural lighting, is excited to announce the relocation of its Seoul office to a modern, state-of-the-art facility. This move reflects ERCO’s dedication to providing exceptional service and innovative lighting solutions to its valued customers in South Korea.

The new office, located at #103, 33, Dosan-daero 27-gil, Gangnam-gu, Seoul 06032, offers enhanced accessibility and convenience for customers and partners. This strategic relocation underscores ERCO’s commitment to expanding its presence and supporting the growing demand for architectural lighting in the region.

A highlight of the new office is the immersive ERCO Experience Centre. This innovative space showcases ERCO’s latest lighting technologies and solutions. Visitors can witness firsthand how ERCO’s lighting systems seamlessly integrate with architecture to create stunning and functional spaces. The Experience Centre is an inspiring hub for architects, designers, and lighting professionals to explore the possibilities of ERCO’s lighting, gain inspiration for their projects, and foster creative collaboration.

Lim Chul-Hoon, Branch Manager of ERCO Seoul, “We’re thrilled to unveil the new ERCO Experience Centre in Seoul. This relocation allows us to provide an even better experience for our clients. The Centre is a space where they can truly experience the transformative power of ERCO’s lighting solutions and how they can elevate their architectural designs.”

Jack Tan, Asia Pacific Managing Director at ERCO, added, “The relocation and Experience Centre demonstrate ERCO’s ongoing commitment to pushing boundaries and exceeding customer expectations across the region. This state-of-the-art facility showcases our dedication to providing industry-leading lighting solutions. We’re excited to welcome our clients for an immersive experience of ERCO’s capabilities.”

Architects, designers, and lighting professionals interested in attending a lighting workshop or exploring the Experience Centre can contact ERCO Seoul at +82 2 596 3366 or info.kr@erco.com.

About ERCO

ERCO is a global leader in high-quality, digital architectural lighting. Founded in 1934, this family-owned company operates in 55 countries with independent sales organizations and partners.

ERCO views light as the fourth dimension of architecture, thus an essential element of sustainable architecture. By contributing to better societies and buildings while preserving the environment, ERCO Greenology® combines ecological responsibility with technological innovation.

ERCO develops, designs, and manufactures luminaires at its light factory in Lüdenscheid, Germany. Focusing on photometric optics, electronics, and sustainable design, ERCO’s products are used in a variety of applications, including: Work and Culture, Community and Public/Outdoor, Contemplation, Living, Shop and Hospitality.

ERCO lighting experts collaborate with architects and designers worldwide to create highly precise, efficient, and sustainable lighting solutions that bring projects to life.

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SOURCE ERCO Lighting

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Suvoda Awarded US Patent for its eCOA Software Architecture

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Low-code, no-code approach accelerates eCOA questionnaire design and deployment, taking questionnaire creation, licensing, and localization off the critical path 

PHILADELPHIA, Nov. 14, 2024 /PRNewswire/ — Suvoda, a global clinical trial technology company specializing in complex studies in therapeutic areas like oncology, central nervous system (CNS), and rare diseases, announced the receipt of a patent from the US Patent Office for the Suvoda Questionnaire Definition Language (SQDL), part of the software architecture of its eCOA (electronic Clinical Outcome Assessment) product. 

The patent demonstrates the power of Suvoda eCOA: expedited questionnaire creation, translation, localization, and deployment so clinical trial sponsors can launch their studies more efficiently. While eCOA is traditionally a bottleneck in clinical trial implementation, Suvoda eCOA and its SQDL tool enable sponsors to deliver high quality questionnaires in a matter of hours, instead of days.  

“This recognition by the US Patent Office is a testament to the ingenuity, creativity, and technical excellence of our team. Many claim to offer similar capabilities, but Suvoda’s patented technology enables us to truly deliver on our promises. Suvoda eCOA accelerates questionnaire implementation in a regulatory compliant manner, which is crucial for the efficiency and success of clinical trials,” said Jagath Wanninayake, CEO of Suvoda. 

The patented architecture offers several key benefits: 

Easy eCOA questionnaire creation: Suvoda eCOA allows non-engineers to define eCOA questionnaires using a simple low-code/no-code approach, while maintaining rigorous regulatory compliance. It includes a real-time preview of each question, language, and layout configuration to improve feedback and productivity.

Accelerate development by parallel processing: Questionnaire definition, licensing, translation, and layout occur concurrently and are decoupled from the study build.

Localization partners work directly in Suvoda eCOA, previewing translations in real-time and minimizing back-and-forth with Suvoda and the sponsor. 

Simplified mid-study questionnaire updates: Questionnaires can be easily modified while maintaining the validated state of the eCOA system, so that mid-study changes do not delay data collection.

Efficient questionnaire and component reuse: Suvoda eCOA allows questionnaires, where permitted, to be stored and reused in an accessible and organized way and allows for compatibility with newly updated devices without affecting system validation. 

“The SQDL architecture fundamentally changes how eCOA questionnaires are created by supporting parallel construction of translations and layouts. We have patented the core of what we do, supporting a powerful no-code/low-code definition layer that enables an ecosystem of tools—like real-time, device-accurate previews and screenshot generation—that can improve eCOA implementation and deployment,” explained Andrew McVeigh, Suvoda’s Chief Architect. 

Suvoda eCOA is part of a comprehensive suite of clinical trial solutions, including IRT (Interactive Response Technology), eConsent, and the recently launched ePatient. Unified on the purpose-built Suvoda technology platform, these products support clinical trial sponsors in the most urgent moments of their studies, enabling them to enhance operational efficiency, reduce site-burden, transform patients’ trial journeys, and help advance human health. 

For more information about Suvoda and its innovative eCOA solution, visit https://www.suvoda.com/products/ecoa.  

About Suvoda:
Suvoda is a global clinical trial technology company specializing in complex, life-sustaining studies in therapeutic areas like oncology, central nervous system, and rare diseases. Founded in 2013 by experts in eClinical technologies, Suvoda empowers clinical trial professionals to manage the most urgent moments in the most urgent trials through advanced software solutions delivered on a single platform. Headquartered outside Philadelphia, Suvoda also maintains offices in Portland, OR, Barcelona, Spain, Bucharest and Iasi, Romania, and Tokyo, Japan. The company’s Net Promoter Score (NPS) consistently exceeds the technology industry average, contributing to the company being selected by trial sponsors and contract research organizations (CROs) to support more than 1,500 trials across more than 85 countries. To learn more, visit suvoda.com. Follow Suvoda on LinkedIn

CONTACT: marketing@suvoda.com

Logo – https://mma.prnewswire.com/media/1759317/Suvoda_Logo.jpg

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SOURCE Suvoda LLC

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9Pay Presents All-in-One Efficient Financial Solution at Singapore FinTech Festival

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HANOI, Vietnam, Nov. 14, 2024 /PRNewswire/ — From November 6 to 8, 9Pay showcased comprehensive payment services in Vietnam to businesses at the Singapore FinTech Festival 2024. 9Pay’s participation at one of the largest global Fintech events has attracted significant attention from companies and industry experts.

Singapore FinTech Festival (SFF) 2024 is organized by the Monetary Authority of Singapore in collaboration with the Association of Banks in Singapore for the 9th time at the Singapore EXPO Convention & Exhibition Center. The event attracted 65,000 participants from 134 countries and regions, including more than 3,400 government and regulatory attendees across 665 central banks, regulatory institutions, and other government organizations.

For 9Pay, attending SFF 2024 in Singapore is a strategic step to strengthening its position in fintech in Southeast Asia and the world. Coming for the first time as an official exhibitor of this famous financial event, 9Pay was welcomed warmly by many financial professionals and clients, as a trusted fintech company in Vietnam. This has contributed to strengthening the position of Vietnam’s financial technology industry in the international area, demonstrating that Vietnamese fintech enterprises are ready to compete and integrate into regional and global marketplaces.

The State Bank of Vietnam’s 2024 report highlights Vietnam as a top FDI destination, ranking 25th globally and outpacing regional peers like Indonesia, the Philippines, and Thailand. Key drivers include Vietnam’s large domestic market, robust consumer spending, and proactive government reforms that streamline processes and bolster foreign trade. Improved technology infrastructure has made sectors like e-commerce, fintech, logistics, education, and tourism particularly attractive. With deep market insight, 9Pay, a licensed payment intermediary, has empowered numerous companies to thrive in Vietnam by offering seamless, all-in-one payment solutions.

As the leading payment service provider, 9Pay has established powerful partnerships with international PSPs and Remittances, allowing partners to receive payments seamlessly and facilitating smooth money transfers to Vietnamese beneficiaries. Typical instances include e-commerce platforms expanding in Vietnam that can easily collect payments and promote growth, and an online education provider that integrated 9Pay’s localized payment solution, simplifying tuition payments for Vietnamese students while improving user experience.

Boost Business Efficiency with Collection – Disbursement and Payment Gateway Service

The 9Pay Collection and Pay-Out Service offers several standout benefits for partners aiming to expand and operate efficiently in Vietnam. One of key strengths is the Localized Banking Advantage, enabling partners to use 9Pay as a local bank account for seamless collection and disbursement, simplifying operations and enhancing financial workflows.

Additionally, there are lots of new cross-border payment regulations this year. Companies need to thoroughly understand and strictly comply with these regulations to ensure legal and stable business operations. Expert Tax Advisory for smooth market entry of 9Pay will provide partners with crucial insights into their tax obligations, easing compliance and fostering confident growth in the Vietnamese market.

With a cost-efficient fee structure, 9Pay helps partners minimize transaction expenses, allowing for better cost management and increased profitability. The service also tackles the complexities of cross-border transactions through optimized FX rates and transparent fees, providing live exchange rates and clear pricing to ensure predictable, competitive costs and address currency fluctuation challenges.

Another significant advantage of 9Pay is its 24/7 dedicated support, offering reliable assistance even on weekends and holidays to promptly resolve issues and maintain smooth operations.

The leading fintech company in digital financial innovation and cross-border payments in Vietnam

Throughout the event, the 9Pay team had valuable individual meetings with decision-makers as well as took part in in-depth discussion sessions led by industry experts. With significant expertise regarding the future of the Fintech sector, including topics such as Next-Gen Transactions, Digital Assets, AI, and Quantum, 9Pay has new directions for its product development roadmap.

Furthermore, with many new cross-border payment rules this year, 9Pay is dedicated to giving professional help to educate businesses on regulatory requirements, best practices, and platform capabilities that ensure smooth, compliant transactions. For better guidance and support on payment solutions in Vietnam, businesses can connect with 9Pay experts here.

Building on its success at the SFF, 9Pay is set to advance Vietnam’s fintech sector globally by providing seamless, compliant, and cost-effective cross-border payment solutions. With a commitment to deepening APAC partnerships and adapting to evolving regulations, 9Pay empowers businesses to grow confidently in Vietnam and beyond, positioning itself as a leader in the future of global fintech.

 

 

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