Core Viewpoint - The luxury fashion industry faced significant challenges in 2024, leading to a notable decline in revenues for Lanvin Group, which reported a 23% decrease compared to the previous year [4][5]. Company Performance - Lanvin Group's preliminary revenue for 2024 was €328 million, reflecting the broader industry trends and macroeconomic headwinds that negatively impacted consumer sentiment, especially in Greater China and the wholesale channel [5]. - The company has initiated proactive measures to consolidate its store network, optimize retail footprint, and enhance operational efficiency to lay the groundwork for a gradual return to growth [5][6]. Future Outlook - Despite the challenges faced in 2024, the company remains optimistic about future prospects and has implemented strategies to reduce back-office expenses and improve working capital management [6].

Core Insights - Lanvin Group reported preliminary, unaudited revenues of €328 million for the full year 2024, reflecting a 23% decrease year-over-year compared to 2023, indicating a transitional year focused on strategic realignment for sustainable growth [1][5][7] Revenue by Brand - Revenue breakdown by brand shows significant declines: - Lanvin: €82,720 thousand, down 26% - Wolford: €87,642 thousand, down 31% - St. John: €79,269 thousand, down 12% - Sergio Rossi: €41,910 thousand, down 30% - Caruso: €37,107 thousand, down 7% - Total brands revenue decreased by 23% from €427,947 thousand in 2023 to €328,648 thousand in 2024 [2][3][12] Market Performance - The Group faced a softening market in FY2024, with varying brand performance: - St. John and Caruso showed resilience with decreases of 12% and 7% respectively, while Wolford experienced a 31% decline due to logistics disruptions and macroeconomic challenges [3][4] - The EMEA region saw a decline in wholesale purchases, while Japan and North America demonstrated stability amidst these challenges [4][12] 2025 Outlook - For 2025, the Group aims to leverage its unique position in the luxury fashion industry to drive innovation and growth, with a focus on enhancing management capabilities and establishing a second headquarters in Europe [5][6][7] - The appointment of new leadership and a focus on creative renewal are expected to reinvigorate the brand portfolio and improve sales performance [7][5]

Core Viewpoint - Lanvin Group is set to release its unaudited revenue results for the full year 2024 on February 28, 2025, and will host a conference call to discuss these results and provide an outlook for 2025 [1]. Group Overview - Lanvin Group is a leading global luxury fashion group headquartered in Shanghai, China, managing iconic brands such as Lanvin, Wolford, Sergio Rossi, St. John Knits, and Caruso [4]. - The company aims to expand its global footprint and achieve sustainable growth through strategic investments and operational expertise, focusing on the fastest-growing luxury fashion markets [4]. Conference Call Details - Registration for the conference call is required, and participants will receive dial-in numbers, a passcode, and a registrant ID upon completion [3]. - The conference call will take place at 8:00 a.m. Eastern Standard Time (9:00 p.m. China Standard Time) [1]. - A replay of the conference call will be available for one week after the live event, and an archived webcast will also be accessible on the investor relations website [3].

Core Insights - Lanvin Group announced key leadership and board changes to strengthen its position in the luxury fashion industry and advance strategic goals [1] - Mr. Andy Lew has been appointed as Executive President, while Mr. Eric Chan transitions to a board director role [2] Leadership Changes - Mr. Andy Lew brings over 35 years of experience in the fashion industry, overseeing operations, strategic implementation, business development, financial management, supply chain, IT, and brand operations [3] - A second headquarters will be established in Europe under Mr. Lew's leadership to support global expansion [3] - Mr. Lew previously held senior positions at Brooks Brothers, Ermenegildo Zegna, and Nordstrom, contributing to business expansion and team leadership [4] Board Expansion - The Board of Directors has expanded from eight to nine members, appointing Mr. Alan Liu to replace Ms. Grace Fang [5] - Mr. Zhen Huang, Chairman of Lanvin Group, expressed confidence in the new leadership and board structure to drive growth and value [6] Company Overview - Lanvin Group is a leading global luxury fashion group headquartered in Shanghai, managing brands like Lanvin, Wolford, Sergio Rossi, St. John Knits, and Caruso [7] - The company aims to expand its global footprint and achieve sustainable growth through strategic investments and operational expertise [7]

Group 1 - Lanvin Group Holdings Limited will hold its annual general meeting (AGM) virtually on December 11, 2024, at 9:00 AM EST, serving as an open forum for shareholders to discuss company affairs with the board and executive management [1] - No proposals will be submitted for shareholder approval at the AGM [1] - Only holders of record of the Company's ordinary shares as of November 22, 2024, are entitled to attend and vote at the AGM [2] Group 2 - The Company has filed its annual report on Form 20-F for the fiscal year ended December 31, 2023, with the SEC, which includes audited financial statements [3] - The Form 20-F is accessible on both the Company's website and the SEC's website [3] Group 3 - Lanvin Group is a leading global luxury fashion group headquartered in Shanghai, managing iconic brands such as Lanvin, Wolford, Sergio Rossi, St. John Knits, and Caruso [4] - The Company aims to expand the global footprint of its portfolio brands and achieve sustainable growth through strategic investment and operational expertise [4] - Lanvin Group is listed on the New York Stock Exchange under the ticker symbol "LANV" [4]

Financial Performance - For the six months ended June 30, 2024, revenues were €171.0 million, a decrease of 20.2% from €214.5 million in the same period of 2023[21]. - The net loss for the same period was €69.4 million, compared to a net loss of €72.2 million in 2023, reflecting a 3.9% improvement[21]. - Adjusted EBITDA for the six months ended June 30, 2024, was €(42.1) million, slightly worse than €(40.9) million in 2023[21]. - Loss before taxes for the six months ended June 30, 2024, was €69.9 million, compared to €71.9 million in 2023, showing a reduction of 2.9%[29]. - The contribution profit for the six months ended June 30, 2024, was a loss of €7.213 million, compared to a profit of €14.854 million in 2023[142]. - The loss for the period was €69.376 million, slightly improved from €72.225 million in the same period of 2023[159]. - Total comprehensive loss for the period was €72,129 thousand, compared to €64,685 thousand in 2023, indicating an increase of about 11.5%[162]. Revenue Breakdown - Revenues for the six months ended June 30, 2024 amounted to €171.0 million, a decrease of €43.6 million or (20.3)% compared to €214.5 million in the same period in 2023[32]. - The largest revenue decline was from the Wolford segment, which decreased by €16.2 million (or (27.6)%) due to market headwinds and shipping disruptions[38]. - Direct-to-Consumer (DTC) revenues decreased by €16.5 million (or (13.6)%) to €104.6 million, while wholesale revenues decreased by €25.9 million (or (30.3)%) to €59.6 million[34][39]. - EMEA revenues decreased by €28.2 million (or (27.1)%) to €75.7 million, primarily due to declines in Wolford and Sergio Rossi[42]. - Revenues for the Lanvin segment decreased to €48.3 million, a decrease of €8.8 million (or 15.4%) compared to €57.1 million in the same period in 2023[82]. - Revenues for the Wolford segment decreased to €42.6 million, a decrease of €16.2 million (or 27.6%) compared to €58.8 million for the six months ended June 30, 2023[90]. - Revenues for the St. John segment decreased by €6.7 million (14.3%) to €39.98 million for the six months ended June 30, 2024, driven by sales weakness in both DTC and wholesale channels[96]. - Sergio Rossi segment revenues decreased by €12.6 million (38.2%) to €20.4 million for the six months ended June 30, 2024, primarily due to a decline in wholesale channel sales[103]. Cost and Expenses - Marketing and selling expenses were €105.6 million, representing 61.8% of revenues, compared to 51.6% in 2023[29]. - Total cost of sales for the six months ended June 30, 2024 was €72.6 million, a decrease of €16.5 million or (18.5)% compared to €89.1 million in the same period in 2023[50]. - General and administrative expenses decreased to €58.1 million, a decline of 24.1% for the six months ended June 30, 2024, from €76.5 million in the same period in 2023[64]. - Marketing and selling expenses for the six months ended June 30, 2024 amounted to €105.6 million, a decrease of €5.0 million (or 4.5%) compared to €110.6 million in the same period in 2023[59]. Profitability Metrics - Gross profit margin decreased to 57.5% in 2024 from 58.5% in 2023, indicating a decline in profitability[29]. - Gross profit for the six months ended June 30, 2024 amounted to €98.4 million, a decrease of €27.1 million or (21.6)% compared to €125.5 million in the same period in 2023[54]. - The gross profit margin declined to 57.5% for the six months ended June 30, 2024 from 58.5% in the same period in 2023, mainly due to a decrease in Wolford's gross profit margin[55]. - Contribution loss for the six months ended June 30, 2024 was €8.1 million, representing (19.1)% of revenue, compared to a profit of €3.9 million (6.7% of revenue) in the same period in 2023[94]. Cash Flow and Liquidity - As of June 30, 2024, cash and cash equivalents amounted to €17.9 million, down from €30.8 million at the end of the previous period[116]. - Net cash used in operating activities decreased by €24.6 million (42.4%) to €(33.5) million for the six months ended June 30, 2024[120]. - Net cash used in investing activities significantly decreased by €24.8 million (86.8%) to €(3.8) million for the six months ended June 30, 2024[121]. - Cash and cash equivalents decreased by 34.9% to €18.308 million as of June 30, 2024, compared to €28.130 million as of December 31, 2023[129]. - As of June 30, 2024, the company had undrawn cash credit lines of up to $15.11 million available at banks[156]. - As of June 30, 2024, cash net of debt is €(108,410) thousand, a significant decrease from €(40,251) thousand at December 31, 2023, indicating a worsening liquidity position[187]. Debt and Obligations - Total borrowings as of June 30, 2024 amounted to €37.2 million, with €8.3 million guaranteed by a third party and €28.9 million secured by pledges of assets[124]. - As of June 30, 2024, total contractual obligations amounted to €470.763 million, with €279.14 million due within one year[127]. - Current liabilities increased to €348,627 thousand from €288,344 thousand, marking a rise of about 20.9%[165]. - The gearing ratio increased to 53.9% at June 30, 2024, compared to 20% at December 31, 2023, reflecting higher leverage[187]. - The total financial liabilities as of June 30, 2024, amount to €470,763 thousand, an increase from €411,618 thousand at December 31, 2023, indicating rising obligations[200]. Shareholder and Capital Structure - The company repurchased 5,245,648 Ordinary Shares for a total of US$20.0 million as part of a share repurchase agreement[134]. - Shareholder loans received for working capital purposes amounted to €61.5 million, with €87.6 million due to shareholders as of June 30, 2024[135]. - The Group's management continues to optimize its capital structure to maximize shareholder value while maintaining an investment-grade rating[184].

Financial Data and Key Metrics Changes - The Group's revenue for the first half of 2024 was €171 million, representing a decrease of 20% compared to the previous period [5][13] - Gross profit margin remained steady, down just 1% to €38 million [5][14] - Adjusted EBITDA decreased by €1 million to a loss of €42 million, a 3% decrease period-over-period [15] Business Line Data and Key Metrics Changes - Lanvin's revenue decreased by 15% to €48 million, with a gross profit margin increase from 56% to 58% [17][18] - Wolford experienced significant revenue impact due to integration issues, leading to a contribution profit loss of €8 million [20][21] - Sergio Rossi's revenue declined by 38%, primarily due to a 60% drop in wholesale revenue, but gross profit margin only saw a modest decline of 2% [22][23] - St. John saw a revenue decrease of 14%, but gross margin improved from 62% to 69% [25][26] - Caruso had a slight revenue decline of 1%, with gross profit margin increasing from 26% to 29% [27] Market Data and Key Metrics Changes - EMEA and Greater China saw the largest revenue decreases at 27% and 24% respectively, while North America experienced a more modest decline of 11% [14] - Direct-to-Consumer (D2C) revenue decreased by 14%, and wholesale revenue was down 30% [14] Company Strategy and Development Direction - The company plans to focus on cost efficiency initiatives and tactical expansion in new markets while trimming underperforming locations [4][10] - Investment in marketing and product development is prioritized to set a path for future growth [6][10] - The addition of new creative leaders is expected to drive brand revitalization and improve wholesale performance [3][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic headwinds and ongoing political instability impacting the luxury market [4] - Despite anticipated continued softness in the luxury market, the company aims to position its brands to capitalize on improving market conditions [28][29] Other Important Information - The company welcomed new creative leaders, including Peter Copping for Lanvin and Paul Andrew for Sergio Rossi, to enhance brand direction [3][21] - The Group is working on strategic partnerships to support brand expansion and improve logistics [12] Q&A Session Summary Question: How did business trend through the quarter? - Management noted a slight uptake in the first quarter, but pressure began in the second quarter around late April to early May [31] Question: Was there a difference in performance by region? - Management indicated that macroeconomic headwinds affected all regions consistently, with some exceptions like Japan and the Middle East showing resilience [33]

Core Insights - Lanvin Group reported a revenue of €171 million for H1 2024, reflecting a 20% decrease compared to H1 2023, primarily due to global luxury market softness and challenges in the wholesale channel [1][2][9] - Despite the revenue decline, the Group maintained a gross profit margin of 57.5%, only down 1% from the previous year, indicating resilience through effective cost management and strategic inventory practices [1][6][10] - Adjusted EBITDA showed a slight decline, decreasing to a loss of €42 million from a loss of €41 million in H1 2023, attributed to proactive cost management initiatives [2][12][20] Financial Performance - Group revenue decreased by 20% from €214 million in H1 2023 to €171 million in H1 2024, with direct-to-consumer (DTC) revenue down 14% and wholesale revenue down 30% [2][9] - Gross profit was €98 million, representing a gross profit margin of 57.5%, compared to €125 million and 58.5% in H1 2023 [5][10] - Contribution profit was reported at -€7 million, reflecting the impact of ongoing marketing investments despite cost reduction efforts [11][12] Brand Performance - Lanvin's revenue decreased by 10.8% to €48 million, with a gross profit margin increase from 56% to 58% due to improved full-price sell-through [3][13] - Wolford experienced a 28% revenue decline to €43 million, primarily due to logistics integration issues, resulting in a gross profit margin drop from 72% to 63% [15][18] - Sergio Rossi's revenue fell by 38% to €20 million, with a gross profit margin remaining stable at 50% despite a significant decline in wholesale revenue [16][17] Strategic Initiatives - The Group appointed Peter Copping as the new Artistic Director for Lanvin and Regis Rimbert as CEO for Wolford, aiming to enhance brand positioning and operational efficiency [7][8][14] - Lanvin Lab 2.0 was launched, featuring a collaboration with artist Erwin Wurm, showcasing the brand's commitment to innovation and creative marketing [8] - The Group plans to focus on cost efficiencies and marketing initiatives to drive brand momentum and profitability in the second half of 2024 [20][21]

Group 1 - Lanvin Group announced the appointment of Paul Andrew as Creative Director for Sergio Rossi, a luxury footwear brand [1][2] - Paul Andrew has a notable background, having worked with prestigious brands and won the CFDA/Vogue Fashion Fund, showcasing his expertise in design and brand building [1][2] - The appointment is seen as a strategic move to merge tradition with innovation, aiming to enhance Sergio Rossi's brand evolution and align with the changing tastes of luxury clientele [2] Group 2 - Lanvin Group is a global luxury fashion group headquartered in Shanghai, managing several iconic brands including Lanvin, Wolford, and Sergio Rossi [3] - The company focuses on expanding its global presence and achieving sustainable growth through strategic investments and operational expertise in the luxury fashion sector [3]

Group 1 - Lanvin Group has appointed Peter Copping as Artistic Director, effective September 2024, to lead the creative direction for both womenswear and menswear collections [1][2] - Copping has extensive experience in the fashion industry, having worked with notable brands such as Sonia Rykiel, Louis Vuitton, Nina Ricci, Oscar de la Renta, and Balenciaga [1][2] - The appointment aligns with Lanvin's ongoing brand transformation, emphasizing a blend of radical chic and French sophistication [2] Group 2 - Lanvin Group is a leading global luxury fashion group headquartered in Shanghai, managing several iconic brands including Lanvin, Wolford, Sergio Rossi, St. John Knits, and Caruso [3] - The company aims to expand its global presence and achieve sustainable growth through strategic investments and operational expertise in the luxury fashion sector [3]