LANV · Lanvin Group Holdings Limited

Lanvin Group's FY2025 results reflect a year of deliberate transformation amid persistent luxury market headwinds. Revenue declined 18% to €240 million, driven by softer demand in EMEA and Greater China, strategic store rationalization, and brand repositioning. Despite the top-line contraction, gross margin remained resilient at 58% (vs. 59% in FY2024), supported by disciplined pricing and a healthier inventory mix. Contribution profit improved to €-31 million from €-34 million, and adjusted EBITDA narrowed to €-90 million from €-94 million, demonstrating early benefits from cost discipline and a leaner retail network. Sequentially, Lanvin and Wolford showed improved momentum in the second half, with Wolford's wholesale growing 19% year-over-year. St. John proved resilient, with revenue nearly flat (-1%) and 3% growth in reported currency, driven by strong wholesale (+14%) and e-commerce (+25%) in North America. Management highlighted the completion of the Caruso carve-out and leadership upgrades across brands as key strategic milestones. The 2026 outlook emphasizes completing the transformation program and building on H2 progress, though the market environment remains uncertain. Overall, the filing signals that operational restructuring is yielding early results, positioning the group for potential stabilization and long-term growth.