The group was struggling due to investment costs and a tough trading environment in its home market even before the pandemic hit.
The British leather goods brand, whose shares have fallen 30 percent this year, said it expected a gradual recovery sales in the medium-term.
Top-tier brands like Chanel and Louis Vuitton are hiking prices in what looks like a bid to pad margins, cushion the impact of lower sales volumes and capitalise on the China rebound.
This week, Lanvin CEO Jean-Philippe Hecquet steps down, while L Brands secures a board chair to join upon the completion of its Victoria’s Secret sale.
The British sportswear retailer bought a 12.5 percent stake in the luxury leather goods company.