David Chan, executive president and chief financial officer, is stepping out of Lanvin Group to “pursue new professional opportunities,” the company said.
Chan was there at the beginning for the company, which is based in Shanghai and Milan and, in addition to Lanvin, owns Wolford, Sergio Rossi, St. John Knits and Caruso.
Zhen Huang, chairman of Lanvin, said: “I would like to express our sincere gratitude to David for his dedication and leadership over the past years. His significant contributions have been pivotal in shaping the group’s strategic direction and transformation efforts. We wish him continued success in his future endeavors. Lanvin Group remains well-positioned to continue delivering growth and creating long-term shareholder value.”
The company hasn’t had an easy go of it.
Established in 2017 as Fosun Fashion Group, the firm planted its flag in luxury fashion, snatching up its brands in a series of acquisitions and went public in a SPAC deal in December 2022 that raised more than $150 million.
But as a publicly traded company, the business ran headlong into a global luxury slowdown just as it worked to establish a footing against the much better capitalized luxury giants.
The stock is down about 90 percent from when the SPAC merger was consummated and was trading at $2 on Monday morning, given the firm a market capitalization of $234 million.
Lanvin Group remains in the midst of a significant transition with Peter Copping putting his mark on Lanvin and Paul Andrew settling in at Sergio Rossi. Wolford is preparing for its 75th anniversary.
In August, the company reported that first-half revenues fell 22 percent to 133 million euros, hit by softer wholesale in Europe, cautious sentiment in Greater China, the luxury slowdown and the company’s own strategic repositioning.
“Despite these transitional conditions, the group delivered gross profit of 72 million euros with a margin of 54 percent, supported by disciplined inventory management during the creative transition and ongoing cost efficiencies,” the company said at the time. “While contribution profit remained under pressure, proactive overhead reductions and more targeted marketing investments helped to partially offset the impact, laying groundwork for improved performance in the second half.”
Losses tallied 86.8 million euros.
Turning that around is now a project that someone else is going to have to finish.
Chan officially steps down Oct. 27, although he may stay on in an advisory capacity. The company said it would appoint a successor “in due course.”
“It has been a true privilege to be part of Lanvin Group’s remarkable journey since its inception,” Chan said. “I am proud to have contributed to building a strong strategic and financial foundation, supporting the transformation of our global luxury platform, and driving initiatives that position the group for sustainable growth.”