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Ho Chi Minh City, Vietnam
The French luxury label aims to become profitable by 2023 through a new turnaround plan that includes a boost in accessories and the downsizing of the Paris headquarters, the brand’s Deputy Chief Executive Officer, Arnaud Bazin, told Women’s Wear Daily.
According to the women’s fashion media outlet, Lanvin has undergone a tumultuous period since designer Alber Elbaz left in 2015, and a series of false starts, including the house’s liquidity crisis in 2018, as it churned through designers. Bruno Sialelli, who was recruited from Loewe in 2019 by the new owner to take up creative direction, has brought stability to the brand design-wise over several seasons.
Bazin, a former Versace executive with 25 years of experience in the luxury sector, was brought on in 2020 following the departure of CEO Jean-Philippe Hecquet after 18 months to work alongside Grace Zhao, Deputy General Manager for the Asia Pacific businesses.
Bazin told WWD he intends to put emphasis on iconic products in men’s and women’s ready-to-wear, while also developing new categories to develop the brand in France and abroad. The executive reportedly aims for sneakers, leather goods and costume jewellery to bring in half of sales — doubling the proportion of overall sales, which stands at around 25% — with the other half coming from men’s and women’s ready-to-wear, tailoring, eveningwear and daywear.
Leather goods have historically been underdeveloped at the label. Indicating its current emphasis on the category, Sialelli has revived a range of handbags, including an elegant pencil bag with an arched feline as a handle — originally designed by Armand-Albert Rateau for Jeanne Lanvin — as well as the pillowy Sugar bag from the early 2000’s.
Profitability is central to the plans, and the executive has set a goal of positive earnings before interest, taxes, depreciation and amortization from 2023.
“I want a sustainable future for Lanvin, a house that has gone through a lot of change and transitions. Today we are lagging when it comes to cost structure compared to luxury industry standards, and we can no longer maintain this,” he told WWD, estimating plans could affect around 40 of the 180 jobs in the Paris headquarters. Management is in discussion with employee representatives. While new job positions will be created, others will evolve and some will be eliminated, the executive said.
Source: Women’s Wear Daily