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Lanvin Group’s founding chairman and CEO Joann Cheng stepped down, the group announced today. Huang Zhen has taken on the role of chairman while Eric Chan has been appointed CEO, as of 7 December.
“The past six years at Lanvin Group have been some of the most fulfilling of my career. What started as an idea in 2017 has now become a listed company on the New York Stock Exchange, with a solid track record of growth,” said Cheng in a statement, referencing the launch of creative partnerships initiative Lanvin Lab, the appointment of new CEO Helen Wright at Sergio Rossi and the imminent announcement of a new creative director at Lanvin. “I am pleased to be stepping away from the group, with a clear creative direction set, and all the building blocks in place for the next phase of growth.”
Zhen most recently served as executive director and executive president at Fosun International, which has a controlling stake in Lanvin Group. Chan was co-chairman of Greater Yuyuan Commercial Development Group, prior to the appointment, and has over 30 years of experience across the commercial sector, including in omnichannel shopping, luxury commercial real estate and high-end hotels and resorts.
The leadership shakeup comes as Lanvin Group is “embarking on an important next phase of growth, centred around retail expansion for all its brands in North America, Europe, Asia and the Middle East”, according to the statement. New chairman Zhen stressed that CEO Chan’s “extensive real estate and consumer experience will be invaluable as we drive the next phase of the group’s growth and expand our footprint globally”. The group has plans on the M&A (mergers and acquisitions) front, but nothing has been announced as of yet.
In the first half of 2023, the group’s revenue rose 6.4 per cent year-on-year to €215 million, but the namesake Lanvin brand experienced a 10.8 per cent revenue decline due to the ongoing transition in creative leadership. Nonetheless, margins and performance across key markets offset that decline.
“I am delighted to be joining Lanvin Group at this exciting time in its development,” said Chan in a statement. “We have great leaders across all our brands, a clear creative direction set for the coming years, and an exciting consumer engagement strategy spanning digital and retail. We see significant opportunities ahead to build out our international presence.”
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