What Lanvin Group’s FY2025 Numbers Actually Tell Us

Why It Matters

The widening losses and aggressive store closures underscore the urgency of Lanvin's turnaround, while the mixed brand performance highlights where growth can still be extracted in a distressed luxury portfolio.

Key Takeaways

• Lanvin Group revenue fell 18% to €240 M ($259 M) in FY2025.
• St. John remained stable, revenue down 1% (€78 M) but up 3% locally.
• Greater China sales plunged 51%, now only 13% of total revenue.
• Net loss widened to €263 M ($284 M); accumulated five‑year loss near €976 M ($1.05 B).
• Company cut 51 stores, borrowing €325 M ($351 M) from Fosun for 36‑month runway.

Pulse Analysis

Lanvin Group’s FY2025 results lay bare the depth of its restructuring pain. An 18% revenue contraction to €240 million (about $259 million) reflects both a sluggish macro environment and the lingering fallout from a brand‑wide creative overhaul. The flagship Lanvin house, once a European luxury stalwart, saw sales plunge 30% as its streetwear‑adjacent direction was reversed under creative director Peter Copping. Meanwhile, the loss of more than half its revenue since 2023 signals that the brand’s repositioning is still in its infancy, and investors are watching closely for any sign of momentum.

The portfolio’s internal dynamics reveal a stark contrast between winners and laggards. St. John, anchored in North America, delivered near‑flat euros revenue and a 3% local‑currency gain, thanks to a deepened Nordstrom partnership and a crossover collaboration with golf label Malbon. Wolford’s 14% revenue dip to €76 million was the shallowest decline, aided by logistics improvements and a new CEO focused on premium bodywear. Conversely, Sergio Rossi’s 30% sales fall and shift to an asset‑light model underscore the challenges of reviving heritage footwear in a price‑sensitive market.

Financially, Lanvin’s balance sheet remains fragile. The group shaved 51 directly‑operated stores, trimming its footprint to 174 locations, yet contribution loss only narrowed modestly. With €325 million (≈$351 million) of current borrowings and reliance on Fosun International’s three‑year support, the runway is limited. Analysts will gauge the success of the ongoing transformation by monitoring second‑half performance, store‑level profitability, and whether the brand‑specific initiatives can translate into sustainable EBITDA improvement. The outcome will shape the broader narrative of how legacy luxury houses can reinvent themselves amid shifting consumer tastes and a tightening credit environment.