Four Brands Can't Compete with a Peak Lanvin

Earnings hit and China collapse

Lanvin Group reported 2025 results showing revenue down 17% to €240 million after the sale of Caruso. It has been reported that sales in China plunged 42% to €19.48 million — the steepest regional decline for the group. The numbers underline a stark reality: the conglomerate assembled by Chinese buyer Fosun (复星) around Lanvin, Wolford, St. John and Sergio Rossi has still not grown anywhere near the size of Lanvin at its single-brand peak.

Strategy versus industry rhythm

Fosun’s playbook was familiar to Western investors: stitch together heritage labels, chase scale and promise a European luxury-group trajectory similar to LVMH or Kering. But luxury is not a conventional consumer category. It has been reported that Fosun has been funneling roughly €20–30 million a year to keep Lanvin afloat. Creative disruption, not simply capital, sets the ceiling for a luxury house — ask LVMH which still relies on a handful of powerhouse labels such as Louis Vuitton and Dior to set the group’s ceiling.

Management churn and the creative gap

Lanvin’s decline followed a prolonged creative vacuum after the death of Alber Elbaz. Deputy CEO Siddhartha Shukla has recently resigned; it has been reported that he had repeatedly lobbied Fosun for fresh capital and left fatigued after four years of trying to steady the ship. The group’s new appointment of Peter Copping signals a return to couture-led directions, but brand rebuilds take seasons, not quarters. Reportedly, management turnover and squeezed timelines have compounded the problem.

A cautionary tale for capital-led consolidation

The wider lesson is clear: financial engineering and portfolio management can trim costs and tidy balance sheets, but they cannot substitute for time, craft and cultural momentum. Fosun attempted to accelerate a long, artisanal process with SPAC-era capital-market logic — a mismatch that has left a set of legacy brands fragmented rather than synergistic. Can four wounded heritage labels be made into one modern empire? For now, the answer appears to be no.