The Lanvin Group announced it will add stores to speed up development after its New York IPO last week, which left it with no debt and 150 million euros in the black.
According to Executive President and Co-COO David Chan, the Group, which owns the clothing lines Lanvin, Wolford, Sergio Rossi, and Caruso as well as the footwear Wolford, may also look to make further acquisitions to expand its offerings and market share.
However, with 200 new stores due to open within the next three years.
U.S.-listed shares of Lanvin opened about 4% higher at $10.25, and more than doubled to $20.25 in early trade.
“The market has changed quite a lot compared to one year ago when we kicked off the process. However, we still feel quite happy about what we have achieved in such a challenging environment,” Lanvin Group Chairman and Chief Executive Joann Cheng said.
“This is the start of the new journey to become a $1 billion revenue size group. We need to build up to the next scale, but at that time we hope we have more brands and our brand matrix will be richer than it is now,” Cheng added.
Along with that, they are still very optimistic about the China market, and prepared for a rebound in this important luxury consumption market that every brand wants to build up a strong growth story in.
