Lanvin Group Holdings Ltd (LANV) 2024 Q2 法說會逐字稿

Thank you for joining us, and welcome to the Lanvin Group's 2024 first-half financial results conference call. (Operator Instructions) Please note this event is being recorded. Now please take a moment to review the disclaimers. During this presentation the company will be making certain forward-looking statements, including but not limited to future performance and industry outlook. Forward-looking statements are inherently subject to risks, uncertainties, and other factors, and they are not guarantees of performance.

感謝您加入我們，歡迎參加 Lanvin 集團 2024 年上半年財務業績電話會議。（操作員說明）請注意此事件正在被記錄。現在請花點時間查看免責聲明。在本次演示中，本公司將做出某些前瞻性陳述，包括但不限於未來業績和產業前景。前瞻性陳述本質上受到風險、不確定性和其他因素的影響，而且它們不是業績的保證。

For today's presentation, I would like to introduce Eric Chan, the CEO of Lanvin Group and David Chan, Executive President and CFO of Lanvin Group. With that, I'd like to turn it over to Eric Chan to start the presentation.

今天的演講，我想介紹Lanvin集團執行長Eric Chan和Lanvin集團執行總裁兼CFO陳大衛。接下來，我想請 Eric Chan 開始示範。

Thank you. Thank you all for joining us today. I'm Eric Chan, the CEO of Lanvin's Group. This year, just late last year, we remain committed to growing our brand by driving awareness and hit through our products. We will continue investing in developing our brands and their products. And as such, I would like to welcome the new creative leaders who have joined our family, (inaudible) Lanvins' Sergio Rossi, both of whom are world-class creative icons and bring tremendous energy and excitement to our group.

謝謝。感謝大家今天加入我們。我是Eric Chan，浪凡集團執行長。今年，就在去年年底，我們仍然致力於透過提高我們的產品知名度和知名度來發展我們的品牌。我們將繼續投資開發我們的品牌及其產品。因此，我要歡迎新的創意領袖加入我們的大家庭，（聽不清楚）Lanvins 的 Sergio Rossi，他們都是世界級的創意偶像，為我們的團隊帶來了巨大的能量和興奮。

I would also like to take a moment to welcome (inaudible), the new CEO of (inaudible). He joined us in June 2024, and he brings us a wealth of experience in luxury fashion and operations. And I am excited for the path he will create for the brand.

我還想花一點時間歡迎（聽不清楚），新任首席執行官（聽不清楚）。他於 2024 年 6 月加入我們，為我們帶來了豐富的奢侈品時尚和營運經驗。我對他將為該品牌開闢的道路感到興奮。

The story of the first half was the macro economy headwinds our entire industry faced ongoing political instability as well as bearish economist signals were impactful in the first half of 2024. Just as they have started to be in the second half of 2023, additionally, the wholesale channel continues to be tonage globally, and the challenges was further compounded by the macro economy headwinds. Lanvin Group and our brands were not immune to the top-line challenges that prevailing market conditions present in the first half.

上半年的故事是我們整個產業面臨的宏觀經濟逆風、持續的政治不穩定以及悲觀的經濟學家訊號在 2024 年上半年產生了影響。正如 2023 年下半年開始的那樣，批發管道繼續在全球範圍內佔據主導地位，而宏觀經濟的不利因素進一步加劇了挑戰。Lanvin 集團和我們的品牌未能倖免於上半年當前市場狀況所面臨的頂線挑戰。

However, while the story of the market was about micro economy headwinds, Lanvin's story had not changed. We continue to focus to our product portfolio and generating brand heat. And we continue to tactically expand our footprint in new markets while potentially trimming underperforming locations. We not only continued to improve our cost structure, but also took a proactive approach by implementing more aggressive cost efficient initiatives to come back the macroeconomy headwinds.

然而，儘管市場的故事是關於微觀經濟逆風的，但 Lanvin 的故事並沒有改變。我們繼續專注於我們的產品組合和產生品牌熱度。我們繼續在戰術上擴大我們在新市場的足跡，同時可能會削減表現不佳的地區。我們不僅持續改善成本結構，還採取積極主動的方式，實施更積極的成本效益舉措，以扭轉宏觀經濟的不利局面。

We continue to make progress on our path to profitability. We have improved our full-price sell-through as well as inventory management to sustain our gross profit margin during a challenging environment. Additionally, we have remained focused on synergizing our fixed overhead to rightsize our platform for the future. With best said, our Group revenue in the first half of 2024 was EUR171 million, representing a decrease of 20%.

我們在獲利之路上繼續取得進展。我們改善了全價銷售以及庫存管理，以在充滿挑戰的環境中維持我們的毛利率。此外，我們仍然專注於協同我們的固定管理費用，以適應未來調整我們的平台規模。最好說的是，我們集團2024年上半年的收入為1.71億歐元，下降了20%。

Our gross profit margin for the year remained steady, down just 1% with gross profit totaling EUR38 million. We continue to refine our operations and we plan to use this time to market ambiguity to further hone our cost structure. At the same time, we plan to invest in marketing and product development to set our path for tomorrow, not only financially but creatively with the addition of the new talents who will help drive our group forward.

全年毛利率維持穩定，僅下降 1%，毛利總計 3,800 萬歐元。我們繼續完善我們的運營，並計劃利用這次上市時間的不確定性來進一步完善我們的成本結構。同時，我們計劃投資於行銷和產品開發，不僅在財務上，而且在創造性上，透過增加新人才來製定我們的明天之路，這將有助於推動我們集團的發展。

With that, I would like to turn it over to our Executive President and CFO, David Chan, to go through some of the details.

接下來，我想將其交給我們的執行總裁兼財務長 David Chan，以詳細介紹一些細節。

Thank you. Thank you, Eric, and thank you for joining us today. I'm David Chan, Executive President and CFO of Lanvin Group. I'll be walking you through some of our brands highlights to start. I'd like to direct everybody to page 5 of the presentation. The highly anticipated announcement of the new artistic director, as Eric mentioned, for Lanvin was made in June of this year.

謝謝。謝謝你，艾瑞克，也謝謝你今天加入我們。我是 Lanvin 集團執行總裁兼財務長 David Chan。首先，我將向您介紹我們的一些品牌亮點。我想引導大家閱讀簡報的第 5 頁。正如埃里克所提到的，今年 6 月，備受期待的 Lanvin 新任藝術總監的宣布。

Peter Copping who will be joining Lanvin on September brings a fresh view of couture and will help write the next chapter of a storied history of the brand. Additionally, in the first half, the second edition of Lanvin Lab was released with a sculpture collaboration with world renowned modern artist for win world. The piece with design incorporating and pencil CapEx as well as the iconic cash sneaker. The monumental piece will tour five key cities in China throughout the summer.

Peter Copping 將於 9 月加入 Lanvin，他將為高級訂製服帶來全新的視角，並將幫助譜寫品牌傳奇歷史的新篇章。此外，上半年也發表了第二版Lanvin Lab，與世界知名現代藝術家win world合作的雕塑作品。作品的設計融合了鉛筆資本支出以及標誌性的現金運動鞋。這部具有紀念意義的作品將在整個夏天在中國五個主要城市巡迴演出。

Moving on to Wolford, the brand opened its first location in the Middle East in Kuwait City brand has big plans per region as it continues to expand its leisure and body wear collections, and we'll continue to pursue opportunities in emerging markets. Additionally, in the Middle East, Sergio Rossi opened its first store in Dubai Mall and plans another store to be opened in 2025 in Abu Dhabi.

接下來是Wolford，該品牌在科威特城開設了其在中東的第一家門市，該品牌在每個地區都有宏偉的計劃，因為它繼續擴大其休閒和緊身衣系列，我們將繼續在新興市場尋求機會。此外，在中東，Sergio Rossi 在杜拜購物中心開設了第一家商店，並計劃於 2025 年在阿布達比開設另一家商店。

This is a testament to the growth opportunities of our brands see in the region and the resilience of the region in an another challenge, global market for luxury and then a significant piece of news for Sergio Rossi was announcement in July of the new creative director, Paul Andrew. Paul brings unique view as a successful founder of his own footwear brand to the Italian sub-fair of Sergio Rossi. His innovative styles will bring a lot of excitement and heat to the brand.

這證明了我們品牌在該地區看到的成長機會，以及該地區在另一個挑戰（全球奢侈品市場）中的復原力，然後對塞爾吉奧·羅西（Sergio Rossi）來說，一個重要的消息是在7 月宣布了新的創意總監，保羅安德魯.Paul將作為自己鞋履品牌的成功創始人的獨特視角帶到了Sergio Rossi義大利分展上。他的創新風格將為品牌帶來許多興奮和熱度。

Now moving to St. John, the brand held a number of successful marketing events in the first half of the year, leading up to and after the launch of this new New York flagship store, the brand's highly successful campaigns Down 24, dovetail a fantastic year of generating brand heat 2023. The brand continues to grow its presence in a new demographics and its performance has been elevated by new and younger clientele.

現在搬到聖約翰，該品牌在上半年舉辦了一系列成功的營銷活動，在這家新的紐約旗艦店開業之前和之後，該品牌非常成功的營銷活動 Down 24 與夢幻般的活動相吻合2023年是品牌熱度爆發之年。該品牌不斷擴大在新人群中的影響力，其業績也因新客戶和年輕客戶而得到提升。

Lastly, I'd like to talk about Caruso. The brand saw a strong first half with its own Caruso branded product line. In the first half, the brand also continued to implement new business development initiatives to build its own business and also continue its profitability trend.

最後我想談談卡魯索。該品牌憑藉自己的 Caruso 品牌產品線，上半年表現強勁。上半年，品牌也持續實施新業務發展舉措，打造自有業務，並延續獲利趨勢。

Next, I'd like to point you to page 6 to discuss our plans for the second half. Given the market headwinds for the foreseeable near term, all other brands were focused on cost efficiency initiatives to continue to drive margin improvements. To support our initiatives in the first half, we brought a new manager to facilitate operating cost efficiency measures. In the second half, we'll be adding new team members to our brands to affect changes and further adapt to market conditions. The group will further invest in marketing for four brands, Lanvin, Sergio Rossi.

接下來，我想向您指出第 6 頁，討論我們下半年的計畫。考慮到可預見的近期市場逆風，所有其他品牌都將重點放在成本效率措施上，以繼續推動利潤率提高。為了支持我們上半年的舉措，我們任命了一位新經理來促進營運成本效率措施。下半年，我們將為我們的品牌增加新的團隊成員，以影響變化並進一步適應市場狀況。集團將進一步投資Lanvin、Sergio Rossi這四個品牌的行銷。

In particular, we're focused on planning the highly anticipated first collections for Peter Copping and Paul Andrew, which will come in 2025. Despite the conditions of the wholesale market, the additions are Peter and Paul provide a foundation for wholesale buyers and give creative direction and confidence to our upcoming collections. In the second half, the group and our brands will work on further synergizing the cost base as well as aggressively calling the retail network. The plan to improve our while marketing expansion initiatives with an eye towards new collections from Lanvin and Sergio Rossi.

我們特別專注於為 Peter Copping 和 Paul Andrew 籌劃備受期待的首個系列，該系列將於 2025 年推出。儘管批發市場的狀況不佳，但 Peter 和 Paul 的新增產品為批發買家提供了基礎，並為我們即將推出的系列提供了創意方向和信心。下半年，集團和品牌將致力於進一步協同成本基礎，並積極佈局零售網路。該計劃旨在改善我們的行銷擴張計劃，並著眼於 Lanvin 和 Sergio Rossi 的新系列。

Now moving to page 7, I would like to highlight some of the group's level initiatives we are undertaking in 2024 to support our brands. The group has been working on a number of initiatives with strategic partners to develop product category expansion as well as support our brands, global logistics. We are currently in development of our frame framework so that all our brands can be benefit from group level service platforms.

現在轉到第 7 頁，我想重點介紹我們在 2024 年為支持我們的品牌而採取的一些集團層面舉措。該集團一直與戰略合作夥伴合作實施多項舉措，以拓展產品類別並支持我們的品牌和全球物流。我們目前正在開發我們的框架框架，以便我們所有的品牌都可以從集團級服務平台中受益。

Similarly, we have been in discussion with a number of partners in the Middle East regions to support our brands expansion in that region. The strength of the market in the Middle East and a strong brand awareness that our group carries in region provide great opportunity for expansion.

同樣，我們一直在與中東地區的一些合作夥伴進行討論，以支持我們的品牌在該地區的擴張。中東市場的實力以及我們集團在該地區的強大品牌知名度為我們提供了巨大的擴張機會。

Lastly, we continue to find opportunity to synergize back-office function to reduce overhead and improve efficiency. Overall the theme of the second half is setting our brands up to have a successful future in 2025 and beyond.

最後，我們繼續尋找機會協同後台職能，以減少管理費用並提高效率。總體而言，下半年的主題是讓我們的品牌在 2025 年及以後擁有成功的未來。

And now going to the financial fundamentals, please turn to page 9 for review of our revenue performance. Group's first half revenue was impacted by the global softness in luxury, which was further compounded by the continued challenge in the wholesale market. For Walford and Sergio Rossi, however, two non-recurring impact to top line in the first half, also added a decline in sales. For Walford, integration issues with this new third-party logistic providers caused shipment delays for extended period of time during the first half. And for Sergio Rossi planned reduction of third-party production contributed to decrease in revenue.

現在轉到財務基本面，請翻到第 9 頁回顧我們的收入表現。集團上半年收入受到全球奢侈品疲軟的影響，而批發市場的持續挑戰進一步加劇了這一影響。然而，對於沃爾福德和塞爾吉奧·羅西來說，上半年的兩次非經常性影響也增加了銷售額的下降。對 Walford 來說，與新的第三方物流供應商的整合問題導致上半年出貨長時間延遲。對塞爾吉奧·羅西來說，計劃減少第三方產量導致收入下降。

Moving to page 10, on a regional basis, EMEA and Greater China saw the largest decreases in revenue at 27% and 24% respectively, while North America saw a more modest 11% decline. By channel, DTC revenue decreased by 14% and wholesale revenue, which continues to be challenged due to a global slowdown in wholesale environment was down 30%. From a margin standpoint on page 11, gross profit margin held steady at just a 1% decline. The top line decrease was mitigated by better full-price sell-through and improved channel mix. Our effort to improve and promote better quality and higher margin revenue continued to yield fruit.

翻到第 10 頁，從地區來看，歐洲、中東和非洲 (EMEA) 和大中華區的收入降幅最大，分別為 27% 和 24%，而北美的降幅則較為溫和，為 11%。按通路劃分，DTC 收入下降了 14%，而由於全球批發環境放緩而繼續受到挑戰的批發收入下降了 30%。從第11頁的利潤率來看，毛利率穩定在僅下降1%。更好的全價銷售和改善的通路組合緩解了營收下降的趨勢。我們改進和促進更好的品質和更高的利潤收入的努力繼續取得成果。

Contribution profits were down due to the continued investment in marketing as well as reduced absorption of retail overhead from lower revenue. Reacting to a softer market in the first half, our brand took measures to selectively invest in our line, maximizing marketing campaigns. Additionally, our brands made tactical expansions, particularly in the Middle East office retail footprint while still recalling underperforming locations.

由於對行銷的持續投資以及收入下降對零售管理費用的吸收減少，貢獻利潤下降。為因應上半年市場疲軟，我們的品牌採取措施選擇性地投資我們的產品線，最大限度地進行行銷活動。此外，我們的品牌進行了戰術擴張，特別是在中東辦公零售業務，同時仍召回表現不佳的地點。

The group also took proactive measures to synergize G&A and a brand also contributed to reducing fixed overhead as you can see on page 12 and 13. This helped minimize the revenue impact with adjusted EBITDA going down, only EUR1 million to EUR42 million loss for a period, a 3% decrease period over period.

該集團還採取了積極措施來協同一般管理費用，品牌也為減少固定管理費用做出了貢獻，如第 12 和 13 頁所示。這有助於最大限度地減少調整後 EBITDA 下降對收入的影響，一段時間內僅損失 100 萬歐元至 4,200 萬歐元，較上期減少 3%。

Turning to page 14. As I mentioned, we continue to aggressively call our store network while opening stores in our line, maximizing locations. In the first half, we'll launch our first Walford and Sergio Rossi stores in the Middle East and relocated our flagship New York City, St. John store to a prime location on Madison Avenue. We reduce our over overall fleet by about 21 stores and the added opened or relocated eight retail locations in the first half. For the rest of the year, we plan to implement additional initiatives to reduce cost and improve margins while continuing our tactical approach towards marketing and footprint and expansion with a focus on maximizing ROI.

翻到第14頁。正如我所提到的，我們繼續積極調用我們的商店網絡，同時在我們的產品線中開設商店，最大限度地擴大位置。上半年，我們將在中東開設第一家 Walford 和 Sergio Rossi 商店，並將紐約市聖約翰旗艦店遷至麥迪遜大道的黃金地段。上半年，我們減少了約 21 家門市，並新增開設或搬遷了 8 家零售店。在今年剩下的時間裡，我們計劃實施額外的措施來降低成本和提高利潤，同時繼續我們的行銷、足跡和擴張戰術方法，重點是最大化投資回報率。

And with the additions of Peter Copping and Paul Andrew for Lanvin and Sergio Rossi in particular, will help build brands stories for the next chapter with a new creative leaders. Overall, we plan to build our future and gain momentum to maximize our opportunities as the luxury market improves.

尤其是 Lanvin 和 Sergio Rossi 的 Peter Copping 和 Paul Andrew 的加入，將幫助新的創意領導者為下一章打造品牌故事。總體而言，隨著奢侈品市場的改善，我們計劃建立我們的未來並獲得動力，以最大限度地利用我們的機會。

Moving to brand level performance, I'd like to start with Lanvin on page 17. Lanvin continue to manage through soft first half market conditions with our artistic director. This top line impact was further compounded by a contracting wholesale network. Overall revenue decreased by 15% to EUR48 million. The market impacts were felt in all regions, but our efforts to further penetrate optimize opportunity zones in APAC were successful with the region, excluding Greater China, seeing growth of 9%. From a channel perspective, DTC decreased 10%.

談到品牌層面的表現，我想從第 17 頁的 Lanvin 開始。Lanvin 與我們的藝術總監一起繼續應對上半年疲軟的市場狀況。承包批發網絡進一步加劇了這種收入影響。總收入下降 15% 至 4,800 萬歐元。所有地區都感受到了市場影響，但我們進一步滲透優化亞太地區機會區的努力取得了成功，該地區（不包括大中華區）實現了 9% 的成長。從通路來看，DTC下降了10%。

And as I mentioned, the biggest contributor to the decline was wholesale, which was down 23%. With addition of Peter Copping, we believe the wholesale channel, despite its general struggles, will revitalize Lanvin moving forward. So we see big opportunity. While revenue was down, I'm pleased to report the brand's gross profit margin increased from 56% to 58% from higher full-price sell-through and strategic inventory management.

正如我所提到的，造成下降的最大因素是批發，下降了 23%。隨著 Peter Copping 的加入，我們相信批發管道儘管總體陷入困境，但仍將重振 Lanvin 的發展。所以我們看到了巨大的機會。雖然收入下降，但我很高興地報告，由於全價銷售率的提高和策略性庫存管理，該品牌的毛利率從 56% 增加到 58%。

The improving results are testament to the efforts the brands have made to improve design planning and material sourcing. Contribution profit remained at a loss of EUR9 million, mainly stemming from the brand's continued commitment to strategically invest in marketing.

改善的結果證明了品牌在改善設計規劃和材料採購方面所做的努力。貢獻獲利仍虧損900萬歐元，主要源自於品牌持續致力於行銷策略投資。

However, below the contribution profit line the brand improved SG&A by 29% and maintain its effort to drive profitability. For the second half, the brand plans to drive retail foot flow and outline online traffic as well as increased conversion and transaction value. Additionally, the house plans to further optimize expenses through operational cost efficiencies improved to see profitability in preparation for expansion into new geographies.

然而，在貢獻利潤線以下，該品牌將 SG&A 提高了 29%，並繼續努力提高獲利能力。下半年，該品牌計劃推動零售客流量和線上流量，並提高轉換率和交易價值。此外，該公司還計劃透過提高營運成本效率來進一步優化支出，以提高獲利能力，為擴張到新的地區做好準備。

The brand will reinforce its leather goods and accessory programs expand its seasonal carryover items across product categories while activating recruiting new clientele and capture market share. With additional Peter Copping, the brand will also introduce new product styles to capitalize on momentum of survival in Q3 in 2024.

該品牌將加強其皮革製品和配件項目，擴大其跨產品類別的季節性結轉產品，同時積極招募新客戶並佔領市場份額。隨著 Peter Copping 的加入，該品牌還將推出新的產品款式，以利用 2024 年第三季的生存勢頭。

Moving to Wolford on page 18, Wolford had a unique situation in the first half, which was significant revenue impact driver. Integration issues with this new 3PL resulted in delayed shipments spending months and led to out-of-stock situations. The situation interrupted was otherwise a very successful global launch of the brands, while leggings, which show exceptional sell through. The logistic issue has been resolved and the brand expects to recover in the second half.

轉到第 18 頁的 Wolford，Wolford 在上半年有一個獨特的情況，這是重要的收入影響因素。該新 3PL 的整合問題導致發貨延遲數月，並導致缺貨情況。中斷的情況是該品牌在全球範圍內的非常成功的推出，而緊身褲則顯示出出色的銷售情況。物流問題已解決，該品牌預計下半年將恢復元氣。

Gross profit margin decreased to 63%, mainly due to the under absorption of fixed production costs due to the lower revenue as well as the planned liquidation of excess stock to improve the quality of its inventory. Contribution profit fell to a loss of EUR8 million for the period. Wolford's product evolution and increased rep has set it up for the current success.

毛利率下降至63%，主要是由於收入下降導致固定生產成本吸收不足，以及計劃清理多餘庫存以提高庫存品質。期內貢獻利潤下降至虧損 800 萬歐元。Wolford 的產品演變和知名度的提升為其當前的成功奠定了基礎。

Already the key leg wear products account for 38% of revenue and ready-to-wear and laundry, 46% and 15% respectively. These new product categories have revamped the brand, its margin profile. However, we understand that the situation of Wolford requires different approach to cost structure. As such, we announced the joining of Regis as the new CEO of Wolford in June 2024. Regis brings a wealth of luxury brand operating experience. She will spearhead efforts, strengthen the workforce and key support function with stronger leadership as well as implement sustainable cost model for transforming supply chain and distribution.

主要腿裝產品已佔收入的 38%，成衣和洗衣產品分別佔 46% 和 15%。這些新產品類別改變了品牌及其利潤狀況。然而，我們知道沃爾福德的情況需要採取不同的成本結構方法。因此，我們宣布 Regis 於 2024 年 6 月加入，擔任 Wolford 新任執行長。瑞吉帶來了豐富的奢侈品牌營運經驗。她將帶頭努力，以更強有力的領導力加強勞動力和關鍵支援職能，並實施永續成本模型來轉型供應鏈和分銷。

For the second half, the brand plans to aggressively improve its cost structure as well as store economics, but we'll also explore opportunities for expansion. Wolford opened its first store in Middle East in Kuwait City and believe the region is ripe for expansion. With regional expertise in international development, the brand will take a selective approach to capitalize on expansion opportunity.

下半年，該品牌計劃積極改善其成本結構和門市經濟效益，但我們也將探索擴張機會。Wolford 在科威特市開設了在中東的第一家商店，並相信該地區的擴張時機已經成熟。憑藉國際發展方面的區域專業知識，該品牌將採取選擇性的方法來利用擴張機會。

Moving on to page 19. Sergio Rossi saw revenue declined by 38% in the first half. The main driver was the decrease in wholesale revenue, which was down 60% overall and was impacted by two-fold by a general stagnation of wholesale market as well as a planned reduction of third-party production. The initiative to reduce third-party production stem from efforts to improve the overall white label offering a reboot in higher margin accounts.

轉到第 19 頁。Sergio Rossi 上半年營收下降了 38%。主要驅動因素是批發收入下降，整體下降了60%，受到批發市場普遍停滯以及第三方生產計劃減少的雙重影響。減少第三方生產的措施源於改善整體白標的努力，以重啟更高利潤的帳戶。

As such, while revenue was down, gross profit margin saw a much more modest decline 2%. Contribution profit remains positive lending at just under EUR1 million. For the second half, the brand will continue to improve the quality of its revenue and further drive cost reduction through operating efficiencies in manufacturing and supply chain. Additionally, Sergio Rossi plans to rightsize its overhead and retail network to benefit current market conditions.

因此，雖然收入下降，但毛利率下降了 2%，幅度也小得多。貢獻利潤仍為正貸款，略低於 100 萬歐元。下半年，該品牌將繼續提高收入質量，並透過製造和供應鏈的營運效率進一步推動成本降低。此外，塞爾吉奧·羅西 (Sergio Rossi) 計劃調整其管理費用和零售網路規模，以適應當前的市場狀況。

On the product side, the brand is extremely excited by the joining of Paul Andrew. Sergio Rossi will spend much of the second half supporting Paul, as he helps to write the next chapter of the brand. Additional multimedia campaigns will be launched with Universal themes that are putting Sergio Rossi's heritage and sub-affair. To support current collection as well as help Paul's first collection launching in 2025.

在產品方面，品牌對 Paul Andrew 的加盟感到無比興奮。塞爾吉奧·羅西 (Sergio Rossi) 將在下半場的大部分時間裡支持保羅，因為他幫助譜寫了品牌的下一個篇章。還將推出以環球影業為主題的其他多媒體活動，展示 Sergio Rossi 的遺產和副業。支援當前系列並幫助 Paul 於 2025 年推出第一個系列。

Next, I'd like to discuss St. John. Please turn to page 20. With less exposure global markets saw a decrease in revenue of 14%, North America by far its largest market saw a more moderate decrease of 10%. This decline was seen relatively even across all channels. St. John, being a few steps farther away our other brands on other strategic path of operating efficiency show a significant improvement in gross profit margin going from 62% to 69%. The strategy that has been implemented in 2023 have proven successful.

接下來我想談談聖約翰。請翻到第20頁。由於全球市場風險敞口減少，收入下降了 14%，而迄今為止其最大的市場北美收入下降了 10%，較為溫和。這種下降在所有管道中都相對均勻。聖約翰在營運效率的其他策略路徑上距離我們其他品牌更遠了幾步，毛利率顯著提高，從 62% 升至 69%。2023年實施的策略已被證明是成功的。

Resulting in higher full-price sell-through and better gross margin from improving channel mix. Contribution profit margin was also up from 11% to nearly 12%. The brands efforts to revamp its product and image has paid off. The story of this first half of St. John was a highly successful campaigns and best that will help as well as the launch of its new flagship location in New York City. The brand refresh and effective marketing campaigns have attracted a whole new younger demographic to the brand and can be seen by the market, a marked increase in social media followers.

透過改善通路組合，實現更高的全價銷量和更好的毛利率。貢獻利潤率也從11%上升至近12%。該品牌重塑產品和形象的努力已獲得回報。聖約翰上半年的故事是一次非常成功的活動，這將有助於其在紐約市新旗艦店的推出。品牌更新和有效的行銷活動為該品牌吸引了全新的年輕人群，市場可以看到社交媒體追隨者的顯著增加。

For the second half, St. John will continue to stoke its brand heat while driving his basic product lines. Additionally, the brand will optimistically hone his cost structure by rightsizing as retail network in overhead.

下半年，聖約翰將在推動基本產品線的同時，繼續激發品牌熱度。此外，該品牌將樂觀地透過調整零售網路的管理費用來完善其成本結構。

Lastly, moving on to Caruso, please turn to page 21. Caruso had an impressive first half despite macroeconomic challenges, the brand held a ship steady with only a slight decline in revenue, which was down only 1%. The brand saw a reintegration creation office and increasingly Caruso product line, which grew by 21% with a robust performance at both ready-to-wear and maison service.

最後，轉到卡魯索，請翻到第21頁。儘管面臨宏觀經濟挑戰，Caruso 上半年的表現令人印象深刻，但該品牌仍保持穩定，收入僅略有下降，僅下降了 1%。該品牌重新整合了創作辦公室，並增加了 Caruso 產品線，該產品線增長了 21%，在成衣和品牌服務方面均表現強勁。

The Maisons business faced a bit of slowdown due to current global conditions impacting clients. Gross profit margin increased from 26% to 29% from improved in-house product production efficiency and reduction of outsource. Contribution profit margin also increased from 22% to 24%. For the second half, Caruso plans to revitalize Lanvin business with additional business development initiatives. Additionally, we implement new employee initiatives, including the 260 organizational review and ESG action to enhance our action plan to enhance team member loyalty, participation, and growth. At this point, I'd like to have Eric provides some final remarks.

由於當前全球情勢對客戶的影響，品牌業務略有放緩。由於內部產品生產效率的提高和外包的減少，毛利率從26%增加到29%。貢獻利潤率也從22%增加至24%。下半年，Caruso 計劃透過額外的業務發展舉措重振 Lanvin 業務。此外，我們實施新的員工舉措，包括 260 組織審核和 ESG 行動，以強化我們的行動計劃，從而提高團隊成員的忠誠度、參與度和成長。此刻，我想讓艾瑞克做一些最後的評論。

Thank you, David. To close our results call, I would like to highlight some key takeaways. First, we faced a challenging first half of 2024, both externally and internally. However, we remain very solid in our mission to grow our brand and to grow our profitability. Our proactive approach mitigate some of the impact, but we plan to drive continued improvement in the second half.

謝謝你，大衛。為了結束我們的結果電話會議，我想強調一些關鍵要點。首先，2024 年上半年我們面臨外部和內部的挑戰。然而，我們仍然堅定地致力於發展我們的品牌和提高我們的盈利能力。我們的積極主動的方法減輕了一些影響，但我們計劃在下半年推動持續改善。

Second, we welcome some exceptional leaders into our family, both on the creative and the business side, and I'm extremely excited about our future. Certainly, while I anticipate continued softness in the luxury through the second half, we will be positioning our brands to capitalize on improving market conditions by continuing to strategically invest in marketing and product development. And the fourth, our approach to our retail network will continue to be tactical.

其次，我們歡迎一些傑出的領導者加入我們的大家庭，無論是在創意方面還是在商業方面，我對我們的未來感到非常興奮。當然，雖然我預計下半年奢侈品產業將持續疲軟，但我們將透過繼續對行銷和產品開發進行策略性投資，對我們的品牌進行定位，以利用市場狀況改善的機會。第四，我們對零售網路的態度將繼續是戰術性的。

We have to locate a lot of opportunity zones for each of our brands, and we'll look to expand our footprint aggressively, but judiciously. I would like to conclude by saying that Lanvin Group is committed to its brands and our strategy to improve our top line and profitability. On behalf of the Lanvin's entire management team, thank you for listening to the presentation.

我們必須為每個品牌找到許多機會區，並且我們將積極但明智地擴大我們的足跡。最後我想說的是，Lanvin 集團致力於其品牌和策略，以提高我們的營收和獲利能力。我謹代表 Lanvin 整個管理團隊感謝您聆聽演講。

We will now begin the question-and-answer session. (Operator Instructions) Tracy Kogan, Citi.

我們現在開始問答環節。（操作員指示）Tracy Kogan，花旗銀行。

Thanks, guys. I was wondering if you could talk about how business trended through the quarter if there was any difference in performance, I mean, through the half, if there is any difference in performance as the period went on, if you ended on the low or the high, just any comments you could make on trends? Thanks.

謝謝，夥計們。我想知道您是否可以談談整個季度的業務趨勢如何，如果業績有任何差異，我的意思是，在整個一半期間，隨著時間的推移，業績是否有任何差異，如果您以低點或高點結束高，您可以對趨勢發表任何評論嗎？謝謝。

Well, thank you, Tracy for your question. Yes. I think I can provide some general remarks. I think we obviously, as we mentioned in April, our pressure point started second half of last year. We saw a little bit of uptake in the, I would say, the first quarter. But I think we do see a pretty clear path in terms of a kind of pressure in the second quarter starting probably sometime in end of April and early May, that kind of period.

好的，謝謝特雷西的提問。是的。我想我可以提供一些一般性評論。我認為，正如我們在四月提到的，我們的壓力點顯然是從去年下半年開始的。我想說，我們在第一季看到了一些成長。但我認為我們確實看到了一條非常清晰的路徑，就第二季的某種壓力而言，可能會從四月底和五月初的某個時期開始。

And was that pretty consistent by region, which -- was there one region? It seemed like the North America held up better or better overall, but just wondering by region, if there is any difference in performance by month?

各地區的情況是否相當一致，是否有一個地區？北美地區的整體表現似乎更好或更好，但只是想知道按地區劃分，每月的表現是否有任何差異？

Hi. This is Eric. In fact, it's pretty consistent across most of the regions, I mean from Asia Pacific to the EMEA, to the American market. We are seeing at trade the macro economy headwinds naturally hit for the regions, I would say, except some very particular markets we may see because of particular reasons, I mean, there's less need, for example, like Japan because the currency or the Middle East, which is an upcoming market. Other than that, basically it's pretty consistent.

你好。這是埃里克。事實上，在大多數地區，我的意思是從亞太地區到歐洲、中東和非洲地區，再到美國市場，情況都非常一致。我想說的是，在貿易方面，宏觀經濟逆風自然會對這些地區產生影響，除了我們可能會因為特殊原因而看到的一些非常特殊的市場，我的意思是，需求較少，例如日本，因為貨幣或中間貨幣東部，這是一個即將到來的市場。除此之外，基本上是相當一致的。

Great. Thank you, guys.

偉大的。謝謝你們，夥計們。

(Operator Instructions) There appears to be no questions at this time. And this concludes our question-and-answer session, which also concludes the conference call. Thank you for attending today's presentation. You may now disconnect.

（操作員說明） 目前似乎沒有任何問題。我們的問答環節到此結束，電話會議也結束。感謝您參加今天的演講。您現在可以斷開連線。