ion over five years.  “While the macroeconomic environment remained challenging, we continued to advance our transformation initiatives, streamline our operations, and reinforce the long-term positioning of our brands,” said Zhen Huang, chairman of Lanvin Group.  Four different fates The group’s flagship and oldest house, Lanvin, saw sales dropping 30 per cent to €58 million, continuing a decline that has now seen the brand lose more than half its revenue since 2023. Greater China, once a key growth market, contracted by 51 per cent year over year and now accounts for just 13 per cent of Lanvin’s revenue. The creative repositioning under Peter Copping, who arrived with a mandate to steer the brand away from the streetwear-adjacent direction, is still in its early phases. Management noted “improved market reception” in the second half.  Its sister brand, St. John, is, by contrast, the portfolio’s most dependable performer and the asset that gives management something genuine to point to. With 98 per cent of revenue now coming from North America, the brand is as focused geographically as any label in the luxury segment, and that focus is paying off. Revenue slipped just 1 per cent to €78 million in reported euros, and actually grew 3 per cent in local currency. A deepened partnership with Nordstrom, reported to have grown more than 40 per cent year-on-year, and a collaboration with golf brand Malbon that expanded the customer base beyond St. John’s established clientele gave the brand real commercial momentum heading into this year.  Meanwhile, Austrian brand Wolford reported a 14 per cent revenue decline to €76 million, a shallower drop than in previous years, and the second half did show real improvement as logistics disruptions that plagued the first half eased and product availability normalised. Earlier this year, Wolford appointed Marco Pozzo as its new CEO, tasked with re-establishing its position in the premium bodywear and tights category.  The group’s most distressed asset, Sergio Rossi, reported sales fell 30 per cent to €30 million.  The brand is transitioning toward an asset-light model, reducing its directly operated store count from 43 to just 30 in a single year, but the economics of that transition are still punishing.  The brand also recently appointed Paul Andrew as its new artistic director.  The balance sheet can’t be ignored Across the group, Lanvin Group closed 51 directly operated stores last year, reducing its total network from 225 to 174 locations. Over two years, it has shuttered more than a third of its retail footprint. As a result, contribution loss narrowed to €31 million from €34 million the prior year, an improvement achieved despite lower revenue. Adjusted EBITDA improved marginally, too, from a loss of €94 million to €90 million. However, the company acknowledged in its annual filing its continued dependence on Fosun International for financial support. As of year-end 2025, the group carried €325 million in current borrowings, debt due within 12 months. Fosun has committed to providing backing for at least 36 months from December 31, 2025, providing the group with an operational runway. The group’s management expects to largely complete the current transformation program and points to renewed creative momentum and strengthened leadership as the pillars supporting improved performance this year.  “We are encouraged by the improving momentum in the second half and remain confident in the Group’s ability to deliver sustainable growth over time,” Huang said. Further reading: Inside Lanvin Group’s management shake-up and business reset.