St. John had a tough 2024, but it fared better than some of its sister Lanvin Group brands.
The Anaheim-based knit house’s 2024 revenue fell 12 percent to 79.3 million euros, or $82.2 million based on current exchange rates, as many luxury brands struggled last year.
The results were the second best after Caruso – the smallest of Lanvin Group’s brands – which generated 37.1 million euros ($38.5 million) in 2024 revenue, off 7 percent.
St. John opened boutiques in New York and Beverly Hills last year, while also upgrading its digital backend. As a result, Lanvin Group Executive President and CFO David Chan told analysts during a Friday conference call the knitwear label is positioned well for the current year.
“These upgrades are expected to provide a cohesive cross-channel shopping journey,” Chan said. “In ’25 the brand will continue to focus on North America, leveraging its Southern California heritage through powerful storytelling and strong product positioning.”
North America was St. John’s strongest business last year, outperforming other regions.
A partnership with Nordstrom helped buoy St. John’s domestic wholesale business, which rose 3 percent last year.
Meanwhile, retail slipped 9 percent, while the company’s move to a new online platform drove a 15 percent drop in e-commerce for St. John.
Reworking Management
The knit brand hopes its newly announced Chief Commercial Officer Mandy West and Chief Merchandising Officer Lauren Parrish will mark a new beginning.
That’s at least what the company said in an announcement on the appointments, which was first reported by WWD on Wednesday.
The new executives weren’t addressed on Friday’s earnings call, but their hires follow St. John CEO Andy Lew’s promotion to executive president of Lanvin Group. The former Brooks Brothers and Ermenegildo Zegna executive will be based out of a new European headquarters for the group.
It’s a “pivotal time” for the company, Lew told analysts, as a new leadership team is built to be “agile and adaptable to change.”
Lew said the group aims for growth and is banking heavily on the appointments of Lanvin Artistic Director Peter Copping and Sergio Rossi Creative Director Paul Andrew to help.
Lanvin Group ended 2024 with a 23 percent fall in revenue to 328.2 million euros ($340.3 million).
That includes the largest declines at Wolford, off 31 percent, and Sergio Rossi, down 30 percent. All brands in the portfolio saw revenue contract in 2024.
Chan blamed the performance on overall challenges in the luxury market.
“While these results reflect the broader industry trends driven by a challenging macro backdrop that weighed on consumer sentiment, particularly in greater China and the wholesale channel, Lanvin Group has laid the foundation for gradual return to growth,” Chan said.
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