Even with established brands and a deep-pocketed backer, building a fashion group is not for the faint of heart. 

Or the impatient.

Lanvin Group has proved that once again, wracking up net losses of 263 million euros last year while revenues fell 18 percent to 240 million euros. 

There were some signs of improvement at the parent company to Lanvin, Wolford, Sergio Rossi and St. John. Adjusted losses before interest, taxes, depreciation and amortization narrowed by 4 million euros to 90 million euros, reflecting a strategic reset that had the company closing 51 stores last year. 

But it’s been pretty tough going. 

All together, the group has accumulated losses of 976 million euros — 95 percent of which has piled up over five years.

And its regulatory filings show how dependent it remains on Fosun International, which owns 90 million shares and controls 71.9 percent of the voting power at the group.  

Lanvin, which changed its name from Fosun Fashion Group ahead of the 2022 deal that took it public, was incorporated in 2018 and the following year became parent to a growing list of designer names. 

But lately, the tide has gone the other way, with Caruso recently off-loaded to MondeVita Italy, 13 years after Fosun made its first investment in the brand.    ​

The group’s financials were submitted to the Securities and Exchange Commission with the caveat that it relies on Fosun’s financial support. 

As of the end of the year, Lanvin had 325 million euros in borrowings due within 12 months and cash of 28.3 million euros. 

But Fosun is continuing to back the business. “This support will continue to be provided adequately for the group to meet its obligations as they become due for at least 36 months from Dec. 31,” the company said in its annual report. 

That gives the group some more time to find its footing, in its strategic reset and the generalized case of the blahs in luxury. 

On a conference call for investors, Andy Lew, executive president of the company, called 2025 “a year defined by both external challenges and internal transformation.”

“On the one hand, the global luxury market remained under pressure, particularly in Greater China, with softer consumer demand and macro economic uncertainty,” Lew said. “On the other hand, we continue to take deliberate actions to reshape our business, streamlining operations, optimizing our retail footprint, and reinforcing our focus on core brands.”

The trend improved in the second half of the year, especially at Lanvin and Wolford, which Lew said indicated that the company’s strategic moves “are starting to take effect.“

The number of stores was cut to 174 from 225 as the company focused on its best locations. It has also cut operating expenses to improve its efficiency. 

St. John held up the best last year with revenues dropping just 1 percent to $78 million, while Lanvin was down 30 percent to $58 million and Wolford was off 14 percent to $76 million. Sergio Rossi, which is in the midst of shifting to an asset-lite model, fell 30 percent to $30 million.