Компания отчиталась о восстановлении роста e-commerce и снижении издержек на фоне общего падения выручки

This article first appeared on GuruFocus. Release Date: August 26, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points - Gross margin improved to 59% from 57.7%, with contribution profit margin and adjusted EBITDA margin improving by 7.7 and 10.7 percentage points, respectively. - E-commerce business returned to growth in H1 2026, with notable gains at Wolford (22% growth) and St. John (31% growth in reporting currency). - Like-for-like retail sales remained positive across Lanvin and Wolford despite store closures, indicating underlying demand strength. - Wholesale revenue grew 16% at Lanvin and 21% at Sergio Rossi (excluding third-party production), signaling renewed partner appetite. - Brand-level G&A costs have been significantly reduced since H1 2023, with reductions of 30% at Lanvin, 50% at Wolford, and 45% at Sergio Rossi, contributing to a leaner cost structure. Negative Points - Group revenue declined 13% year-over-year to EUR101 million, reflecting ongoing market challenges and deliberate portfolio rationalization. - Sergio Rossi's revenue dropped 28.6% year-over-year, with gross margin temporarily pressured by channel mix shifts, clearance activity, and supply chain transition. - St. John's revenue fell 10.5% (5% on a USD basis) due to retail footprint rationalization and unfavorable currency dynamics. - Directly operated store count was reduced from 174 at end-2025 to 151 by June 2026, indicating continued network contraction. - Adjusted EBITDA margin remained deeply negative at -34%, and contribution profit margin was still negative at -8.9%, highlighting ongoing profitability challenges. Q & A Highlights Q: What were the key financial highlights for Lanvin Group in the first half of 2026? A: CFO Xi Luo reported that while group revenue declined 13% year-over-year to EUR101 million due to market challenges and deliberate portfolio rationalization, the company made substantial progress in profitability. Gross margin improved to 59%, contribution profit margin improved by 7.7 percentage points to negative 8.9%, and adjusted EBITDA margin improved by 10.7 percentage points to negative 34%. In absolute terms, contribution profit improved by approximately EUR10 million and adjusted EBITDA by approximately EUR17 million, demonstrating the tangible benefits of the transformation and efficiency programs. Q: How is the company's retail footprint evolving, and what is the strategy behind the store closures? A: The company continued to rationalize its retail network, reducing directly operated stores from 174 at the end of 2025 to 151 by the end of June 2026. This is an ongoing process focused on closing underperforming locations while selectively pursuing strategic openings. The objective is to create a more focused and productive retail platform with stronger economics and a better customer experience. Importantly, like-for-like sales across boutique stores remained positive despite the closures, and the company is increasingly focused on driving productivity within the existing network through traffic generation, clienteling, merchandising, and services. Q: What is the company's strategic priority for the second half of 2026? A: The priorities are fourfold: first, to continue executing the reset and transformation agenda, including retail footprint optimization; second, to move beyond optimization and focus increasingly on growth opportunities across different markets, channels, and product categories; third, to make greater use of partnerships and collaborations to extend brand reach and develop additional revenue opportunities, including through SLI models; and fourth, to remain disciplined on costs, working capital, and cash while selectively investing in areas that can generate the strongest returns. The company will also continue to optimize its brand portfolio to ensure resources are focused on the strongest long-term potential. Q: Can you provide details on the performance of the Lanvin brand in the first half? A: Lanvin generated revenue of EUR22.9 million in the first half, down 17.9% year-over-year. However, the underlying performance showed encouraging trends. On a like-for-like basis, sales across boutique stores remained positive despite store closures, and wholesale revenue increased by 16%, supported by earlier fall/winter deliveries. The gross margin was a particular highlight, expanding by almost 390 basis points to 58.2%, reflecting stronger sell-through and better product lifecycle management. The contribution margin also improved meaningfully, with the loss reduced from EUR12.3 million to EUR6.2 million. Q: What were the key developments for the Wolford brand during the period? A: Wolford's revenue was EUR31 million in the first half, down 6% year-over-year, but the business showed improving momentum as its operating platform continues to stabilize. The DTC business declined only 2%, largely reflecting store network optimization, while like-for-like retail remained positive and e-commerce grew by 22%. Wholesale was down 12% primarily due to timing-related comparables from the prior year, but partner sell-through remained encouraging. The strongest financial development was the recovery in gross margin, which increased from 56% to 60%. The brand also entered a new leadership chapter with Marco Pozzo as CFO and Chairman. Q: How did St. John perform, and what is the outlook for the brand? A: St. John's revenue was EUR35.5 million, down 10.5%, reflecting retail footprint rationalization and unfavorable currency dynamics. On a US dollar basis, the decline was more limited at approximately 5%. The underlying business showed resilience, with e-commerce growing 31% in its reporting currency, supported by more effective digital acquisition and improved marketing ROI. The gross margin increased to 69% and contribution margin improved to 12.3%. Looking ahead, the brand will build on its new creative leadership with two capsule collections planned for the second half and continue developing proprietary yarns to reinforce craftsmanship and product differentiation. Q: What is the status of the Sergio Rossi brand's transformation? A: Sergio Rossi's revenue was EUR10.9 million, down 28.6% year-over-year, as the brand continues to implement its planned channel strategy and transition towards a more focused SLI model. Within the core business, there are positive indicators: wholesale revenue, excluding third-party production, increased 21%, demonstrating renewed appetite from partners. Third-party production revenue decreased by EUR1.9 million, reflecting the planned phase-out of this activity. The gross margin was temporarily pressured by a shift in channel mix, heavier clearance activity, and the ongoing supply chain transition. For the second half, the priority is to capitalize on the stronger reception of its SS27 collection, improve wholesale and sell-through, and rebuild margin through supplier negotiation and supply chain optimization. Q: How has the company managed its cost structure, and what are the results? A: The company has continued to reduce its cost base across the group while being selective about where to maintain or increase investment. Marketing and selling expenses have become more efficient, and G&A has declined significantly. Since the first half of 2023, brand-level G&A has been reduced by approximately 30% at Lanvin, 50% at Wolford, 45% at Sergio Rossi, and 43% at St. John. These reductions reflect organizational simplification, tighter spending discipline, and a more focused operating model, while the company continues to selectively invest in critical areas for long-term brand development, including creativity, product, and customer engagement. Q: What is the company's view on the luxury market environment and its growth prospects? A: The company acknowledges that the luxury market environment remains challenging. However, management sees encouraging signs that the work on brands, products, and the operating model is beginning to create a stronger foundation for future growth. The e-commerce business returned to growth in the first half of 2026, and there are positive developments across like-for-like retail performance and wholesale at several brands. The company believes the combination of a leaner operating model, stronger brand leadership, and a more focused approach to growth will provide a solid platform for the next phase of the transformation. For the complete transcript of the earnings call, please refer to the full earnings call transcript.