- Prachi Singh |
French fashion house Lanvin has reported a 23 percent drop in 2016 revenues to 162 million euros (181 million dollars) and a net loss of 18.3 million euros (20.4 million dollars) against a profit of 6.3 million euros (7 million dollars) in 2015, reports L'Usine Nouvelle.
The report quoting an unidentified source added that the negative trend continued in early 2017, with the company reporting 32 percent decrease in sales in the first two months of the year compared to the same period in 2016.
After its former artistic director Alber Elbaz left the company, Bouchra Jarrar, who stepped into the position in March 2016 has not been able to make an impact with her women's collections, the report adds.
Lanvin’s turnover had reached 235 million euros (262 million dollars) in 2012 but now the company is adopting cost cutting measures that include closing unprofitable outlets and job cuts to improve its falling sales and profits.