Lanvin sale to spur growth
November 29, 2009, Sunday
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Print Edition
Print Edition
LANVIN is about to add more fuel to its global expansion drive. The French fashion house has sold a minority stake to an investor in exchange for a capital injection estimated in the tens of millions of euros.
"The company is really healthy. We only need to accelerate," said Thierry Andretta, the French fashion house's executive vice president. "We will be looking worldwide for great opportunities."
He declined to name the investor, while characterizing it as in sync with Lanvin's "human scale" organization and familial management style.
The proceeds will be used to help Lanvin expand its retail network and deepen its commercial footprint, leveraging the design prowess and buzz of its acclaimed creative director Alber Elbaz, Andretta said.
Finalized on November 17, the deal ends a long, under-the-radar quest by Lanvin's majority owner, Shaw-Lan Wang, to find a silent partner willing to help her take the company to the next level in an industry increasingly dominated by giant players.
Last year, sales at Lanvin rose 29 percent to 140.4 million euros (US$206.6 million). The company recently said revenues would likely ebb slightly in 2009, but that it would resume its double-digit growth track next year.
At present, Lanvin operates 19 company-owned boutiques and 21 franchises. In recent years, Lanvin has attracted interest from most of the industry's biggest players, including luxury titan Bernard Arnault of LVMH Moet Hennessy Louis Vuitton, parent of brands including Louis Vuitton, Fendi and Givenchy.
However, strategic investors favor majority control of brands, something Wang, a Taiwanese media magnate eager to hold on to the 120-year-old Lanvin, has been unwilling to cede.
Wang bought Lanvin from L'Oreal in 2001, but has struggled to keep pace with competitors in terms of product categories, marketing impact and retail development. The company also only recently entered the black.
In 2007, Wang sold Lanvin's fragrance and cosmetics business to Inter Parfums SA for 22 million euros, saying she needed the funds to develop its ready-to-wear and accessories businesses.
Andretta assured that the deal with its new investor has the blessing of Elbaz, who catapulted Lanvin into fashion's major leagues with his soigne and feminine dresses, romantic costume jewelry and coveted ballerina flats.
In January, a Lanvin unit is slated to open in Singapore's new luxury shopping mall ION Orchard.
Future projects include a boutique in Beijing and a major flagship in Hong Kong.
"The company is really healthy. We only need to accelerate," said Thierry Andretta, the French fashion house's executive vice president. "We will be looking worldwide for great opportunities."
He declined to name the investor, while characterizing it as in sync with Lanvin's "human scale" organization and familial management style.
The proceeds will be used to help Lanvin expand its retail network and deepen its commercial footprint, leveraging the design prowess and buzz of its acclaimed creative director Alber Elbaz, Andretta said.
Finalized on November 17, the deal ends a long, under-the-radar quest by Lanvin's majority owner, Shaw-Lan Wang, to find a silent partner willing to help her take the company to the next level in an industry increasingly dominated by giant players.
Last year, sales at Lanvin rose 29 percent to 140.4 million euros (US$206.6 million). The company recently said revenues would likely ebb slightly in 2009, but that it would resume its double-digit growth track next year.
At present, Lanvin operates 19 company-owned boutiques and 21 franchises. In recent years, Lanvin has attracted interest from most of the industry's biggest players, including luxury titan Bernard Arnault of LVMH Moet Hennessy Louis Vuitton, parent of brands including Louis Vuitton, Fendi and Givenchy.
However, strategic investors favor majority control of brands, something Wang, a Taiwanese media magnate eager to hold on to the 120-year-old Lanvin, has been unwilling to cede.
Wang bought Lanvin from L'Oreal in 2001, but has struggled to keep pace with competitors in terms of product categories, marketing impact and retail development. The company also only recently entered the black.
In 2007, Wang sold Lanvin's fragrance and cosmetics business to Inter Parfums SA for 22 million euros, saying she needed the funds to develop its ready-to-wear and accessories businesses.
Andretta assured that the deal with its new investor has the blessing of Elbaz, who catapulted Lanvin into fashion's major leagues with his soigne and feminine dresses, romantic costume jewelry and coveted ballerina flats.
In January, a Lanvin unit is slated to open in Singapore's new luxury shopping mall ION Orchard.
Future projects include a boutique in Beijing and a major flagship in Hong Kong.
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