Lanvin Group Holdings Limited

Lanvin Group reported FY2025 revenue of EUR 240 million, down 18% year over year from EUR 292 million in 2024. Gross margin was 58%, and adjusted EBITDA improved to a loss of EUR 90 million. Management said operating expenses were down approximately 12% year over year, directly operated stores fell from 225 to 174, inventory declined from EUR 79 million to EUR 57 million, and trade receivables fell from EUR 21 million to EUR 15 million. Forward-looking, the company did not give numeric guidance, but said it expects continued recovery at Malbon and Wolford, further progress at Sergio Rossi, and stable performance at St. John in 2026, while continuing portfolio optimization, cost discipline, and the asset-light transition.

Andy Lew framed 2025 as a year of disciplined execution and structural change in a still-weak luxury market, especially in Greater China. He emphasized that the company is streamlining operations, optimizing its retail footprint, strengthening leadership, and focusing on core brands. He also pointed to sequential improvement in the second half, particularly at Lanvin and Wolford, as evidence the transformation is beginning to work.

Jiyang Han said the revenue decline was mainly tied to Lanvin, with some impact from Wolford and Sergio Rossi, and stressed that management actions were strategic rather than purely demand-driven. He cited gross margin at 58%, adjusted EBITDA loss improving to EUR 90 million, and operating expenses down about 12%, while stores fell from 225 to 174. Working capital improved in inventory and receivables, but trade payables normalized from EUR 76 million to EUR 46 million, pushing cash conversion cycle to 65 days from 34 days and trade working capital to 11% of revenue from 8%.

There was no Q&A, as no analyst questions were asked before the call concluded. The main forward-looking comments came from management’s prepared remarks: continued recovery is expected at Malbon and Wolford, more progress at Sergio Rossi, and stability at St. John. The company also reiterated that it will keep advancing portfolio and channel optimization, cost discipline, and the move to an asset-light model.