Luxury fashion retailer, Lanvin Group, has recorded 73 per cent year-on-year growth in sales for the six months to June 30, reaching about US$200 million.
The performance was driven by the strong growth in Europe and North America, which saw revenue increasing 91 per cent and 58 per cent year on year respectively.
“Lanvin Group continues to deliver on its strategy, with record first-half results and momentum continuing to build across all brands, in all markets and across all sales channels,” said Joann Cheng, chairman and CEO of the Chinese-owned group.
Sales in China surged 32 per cent on year despite the Covid-19 restrictions. Meanwhile, turnover in the rest of Asia increased by 194 per cent as the company expanded into new markets.
Ahead of its IPO, Lanvin Group, in a statement, said it has lowered its pre-investment equity value from $1.25 billion to $1 billion based on “various considerations, including the latest currency and stock market environment…
“Notwithstanding our own strong performance, the new transaction terms reflect not only this year’s global economic changes and the performance of our reference peer group, but more importantly, our commitment to delivering significant upside potential and long-term value for both current PCAC shareholders as well as future shareholders of Lanvin Group,” added Cheng.
“Our outlook for the business remains unchanged and we believe the adjusted valuation establishes a highly compelling entry point for investors as we continue to capture untapped growth opportunities across the world.”
Headquartered in Shanghai, Lanvin Group manages a portfolio of luxury brands, including Lanvin, Wolford, Sergio Rossi, St John Knits, and Caruso.
The post Lanvin Group sales soar but valuation lowered ahead of IPO appeared first on Inside Retail.
