France-based luxury fashion group Lanvin has reported €339m in revenue for the fiscal year 2021 (FY21), up by 52% compared with the previous year.
The company saw its global direct-to-customer (DTC) sales increase by 50% due to a ‘disciplined’ retail footprint and e-commerce expansion.
Global sales of the Lanvin brand increased to €73m, up by 108% year-on-year (YoY), driven by strong regional performance in North America and Greater China, which registered 253% and 134% growths in sales respectively.
The brand’s e-commerce sales during the year grew by 415% YoY.
Revenues for its skinwear brand Wolford reached €109m in FY21, a 15% increase.
During the year, the North American market contributed 35% of Lanvin’s total sales, while Greater China accounted for 14%.
Lanvin Group chairman and CEO Joann Cheng said: “Lanvin Group is proud to have delivered budget-beating results in 2021, with record growth.
“Building on the tremendous hard work of our team in delivering on our strategy over the past three years, 2021 has been a milestone year where we have achieved contribution margin break-even and had a record 52% pro forma revenue growth.”
Lanvin owns a number of major brands, including Lanvin, Wolford and Sergio Rossi.
Chinese conglomerate Fosun has added new brands to the company since acquiring a controlling stake in it in 2018.
Going forward, Lanvin Group plans to explore strategic partnerships and acquisition opportunities to expand its luxury fashion network and portfolio.
In addition, the company is planning to enter new markets, including the Middle East and Southeast Asia, through existing and new strategic partners.
In March this year, Lanvin entered a definitive business combination agreement with special purpose acquisition company Primavera Capital Acquisition.
The partnership is intended to list Lanvin on the New York Stock Exchange (NYSE) under the ticker symbol LANV.