Half Year 2024 Lanvin Group Holdings Ltd Earnings Call Transcript
Key Points
- Lanvin Group Holdings Ltd (LANV) has welcomed new creative leaders and a new CEO, bringing fresh energy and experience to the company.
- The company has improved its full-price sell-through and inventory management, sustaining its gross profit margin despite challenging market conditions.
- Lanvin Group Holdings Ltd (LANV) is focusing on synergizing its fixed overhead to rightsize its platform for future growth.
- The company is expanding its footprint in new markets, particularly in the Middle East, with new store openings in Kuwait City and Dubai Mall.
- Lanvin Group Holdings Ltd (LANV) is investing in marketing and product development to set a strong foundation for future growth, with new collections anticipated in 2025.
- Lanvin Group Holdings Ltd (LANV) experienced a 20% decrease in group revenue in the first half of 2024 due to macroeconomic headwinds and a challenging wholesale market.
- The company's revenue in EMEA and Greater China saw significant declines of 27% and 24%, respectively.
- Wholesale revenue decreased by 30%, reflecting a global slowdown in the wholesale environment.
- Integration issues with a new third-party logistics provider caused shipment delays for Wolford, impacting revenue.
- Sergio Rossi's revenue declined by 38%, driven by a 60% decrease in wholesale revenue and a planned reduction of third-party production.
Thank you for joining us, and welcome to the Lanvin Group's 2024 first-half financial results conference call. (Operator Instructions) Please note this event is being recorded. Now please take a moment to review the disclaimers. During this presentation the company will be making certain forward-looking statements, including but not limited to future performance and industry outlook. Forward-looking statements are inherently subject to risks, uncertainties, and other factors, and they are not guarantees of performance.
For today's presentation, I would like to introduce Eric Chan, the CEO of Lanvin Group and David Chan, Executive President and CFO of Lanvin Group. With that, I'd like to turn it over to Eric Chan to start the presentation.
Thank you. Thank you all for joining us today. I'm Eric Chan, the CEO of Lanvin's Group. This year, just late last year, we remain committed to growing our brand by driving awareness and hit through our products. We will continue investing in developing
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