Lanvin Group has reported total revenue of €170.97m ($191.02m) in the first half (H1) of fiscal 2024 (FY24), decreasing by 20% from €214.53m in H1 FY23. 

The global luxury fashion group is headquartered in China and manages brands worldwide, including Lanvin, Sergio Rossi, Wolford and Caruso.

During the period, the company’s direct-to-customer (DTC) channel revenue dropped by 14% and wholesale revenue by 30%.  

The revenue of the Lanvin segment decreased to €48m in H1 2024 from €57m in H1 2023, and Wolford's revenue dropped by 28% to €43m over the period. 

Regionally, Lanvin’s Europe, Middle East and Africa region delivered a revenue decline of 27%, while Greater China and North America reported revenue declines of 24% and 11% respectively in H1 FY24. 

The company’s gross profit dropped to €98m, accounting for a 58% margin, compared to gross profit of €125m at a margin of 59% in H1 2023. 

Its adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) was -€42m in H1 FY24 against -€41m for H1 2023. 

The company attributed the decline in revenue to global market softness, the struggling wholesale market and an integration issue with its Wolford business which delayed shipments. 

Lanvin Group CEO Eric Chan said: "Struggles in the wholesale channel compounded the issues of a softening global luxury market, in the first half of 2024. We spent much of the first half committed to our marketing plan, but also prioritised rationalising our cost base to fit the current market environment.  

“Furthermore, we are committed to our product strategy and investing in product development, which is why we are excited to have the new creative leaders who have joined our family. While we will be proactive in our approach to the near-term slowdown, we remain resolute in investing in our brands to forge our path forward, and to capitalise on our momentum as the markets improve."