Lanvin Group, the fashion company majority owned by China’s Fosun International Ltd., cut its valuation ahead of an expected public listing later this year, citing pressures such as currency depreciation and stock declines among peers.
Lanvin trimmed its equity value to $1 billion from a previous $1.25 billion in March. The adjustment in part reflects a decline in the value of the euro in recent months and lower trading multiples of listed global luxury companies, Joann Cheng, chairman and chief executive officer of Lanvin Group said in an interview.
“The macro environment has made more conservative attitudes to the capital markets,” Cheng said. But she stressed that Lanvin’s business is still growing. The company on Monday reported 73 percent revenue growth in the first half of 2022 from a year earlier.
Cheng said she expects Lanvin Group to list on the New York Stock Exchange by December. The company has applied to use the ticker symbol LANV.
Lanvin houses the eponymous French fashion brand, as well as Italian shoemaker Sergio Rossi, Austrian lingerie brand Wolford, US womenswear maker St. John Knits and Italian menswear brand Caruso.
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