Lanvin Group reported preliminary annual revenue last year that rose by 1 percent to €426 million ($461 million) last year, hamstrung by weakness at its flagship brand Lanvin, which has been without a designer since the April 2023 departure of former creative director Bruno Sialelli.

From 2022 to 2023, the Lanvin brand’s revenues fell 7 percent to €111.7 million. At its other brands, Wolford gained 1 percent, Sergio Rossi was down by 4 percent, Caruso was up 30 percent, and St John’s was up 5 percent.

CEO Eric Chan described 2023 as a transition year “full of macroeconomic headwinds and global challenges” and nodded to a softening second half across the luxury fashion industry. Management attributed weakness at Lanvin to a softer wholesale market but also noted brand performance improved in the latter half of the year. The first six months saw revenue fall by 11 percent year over year but it managed to end the year down 7 percent. Increased investments into leather goods and accessories and the November 2023 launch of Lanvin Lab, a capsule collection created by a rotating cast of guest designers, the first being the rapper Future, helped drive sales.

The group is in the midst of a rehaul. In December, it announced a change in its executive leadership, with Chan, who was then a senior executive at a subsidiary of Lanvin-parent Fosun Group, taking over as CEO from Joann Cheng.

A new designer announcement at Lanvin is expected soon.

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Lanvin Group Replaces Joann Cheng With New CEO

The share price of the group, which has seen frequent turnover in executives and creative talent, has fallen by 68 percent from its debut.