Lanvin Group Holdings Ltd (LANV) 2025 Q4 法說會逐字稿

Thank you for joining us and welcome to the Lanvin Group's fiscal year 2025 financial results conference call. (Operator Instructions) Please note this event is being recorded.

感謝各位加入，歡迎參加 Lanvin Group 2025 財政年度財務業績電話會議。(接線員指示) 請注意，本活動將被錄音。

Now please take a moment for 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 guaranteed performance.

現在請花一點時間聽取免責聲明。在本次簡報中，公司將作出若干前瞻性陳述，包括但不限於未來表現及產業展望。前瞻性陳述本質上受到風險、不確定性及其他因素影響，且不保證其表現。

For today's presentation, I would like to introduce Andy Lew, Executive President of Lanvin Group; and Ray Han, CFO of Lanvin Group.

在今天的簡報中，我想介紹 Lanvin Group 執行總裁 Andy Lew，以及 Lanvin Group 財務長 Ray Han。

I will now turn it over to Andy to start the presentation.

我現在把時間交給 Andy 開始簡報。

Good evening, good afternoon, and good morning to everyone joining us today. Thank you for taking the time to participate in Lanvin Group's full year 2025 results presentation. We truly appreciate your continued interest and support. Today, we will walk you through our financial and operational performance for 2025, discuss the progress we have made on our transformation journey, and share our outlook as we move into 2026.

各位今晚好、下午好，以及早安，歡迎各位今天加入我們。感謝各位撥冗參與 Lanvin Group 2025 全年業績簡報。我們由衷感謝各位持續的關注與支持。今天，我們將帶各位回顧 2025 年的財務與營運表現，說明我們在轉型旅程中取得的進展，並分享邁入 2026 年的展望。

It has been a year of disciplined execution and important structural changes for the group, and we are pleased to begin sharing the story with you. 2025 was a year defined by both external challenges and internal transformation.

對本集團而言，這一年是紀律執行與重要結構性變革的一年，我們很高興開始與各位分享這段歷程。2025 年同時受到外部挑戰與內部轉型所定義。

On the one hand, the global luxury market remained under pressure, particularly in Greater China, with softer consumer demand and macroeconomic uncertainty. On the other hand, we continue to take deliberate actions to reshape our business, streamlining operations, optimizing our retail footprint and reinforcing our focus on core brands.

一方面，全球奢侈品市場仍承受壓力，尤其在大中華區，消費需求轉弱且宏觀經濟不確定性升高。另一方面，我們持續採取審慎行動重塑業務，包括精簡營運、優化零售據點布局，並強化對核心品牌的聚焦。

For fiscal year 2025, Lanvin Group reported revenue of EUR240 million, down 18% year over year. While the top line reflects these headwinds and strategic adjustments, we are encouraged by the progress we made beneath the surface. We saw sequential improvement in performance during the second half of the year, particularly at Lanvin and Wolford, which indicates that our actions are starting to take effect.

2025 財政年度，Lanvin Group 營收為 2.40 億歐元，年減 18%。雖然營收端反映了上述逆風與策略性調整，我們仍對內部層面的進展感到鼓舞。我們在下半年看到表現逐季改善，尤其是 Lanvin 與 Wolford，顯示我們的措施開始發揮效果。

We continue to streamline our retail footprint, focusing on our core business units in key regions. This has enhanced operational efficiency and allowed us to improve EBITDA despite lower revenue. We also accelerated our portfolio optimization efforts in 2025. As part of this, we completed the carve-out of Caruso in the beginning of 2026 and enabling us to concentrate resources on our core brands, leverage external partnerships, and further advance our asset-light operating model.

我們持續精簡零售據點，聚焦於關鍵區域的核心業務單位。此舉提升了營運效率，並使我們在營收下降的情況下仍能改善 EBITDA。我們也在 2025 年加速推進投資組合優化工作。作為其中一環，我們於 2026 年初完成 Caruso 的分拆，使我們得以將資源集中於核心品牌、運用外部合作夥伴，並進一步推進輕資產營運模式。

And finally, we strengthened brand leadership through continuous team upgrades, ensuring we have the right capabilities in place to support long-term strategic execution. Overall, while the environment remains challenging, we have made meaningful progress in reshaping businesses and building a stronger foundation for the future.

最後，我們透過持續的團隊升級強化品牌領導力，確保具備支持長期策略執行的正確能力。整體而言，儘管環境仍具挑戰，我們在重塑業務並為未來建立更強健的基礎方面已取得實質進展。

Page 6 highlights several key metrics. We landed with a gross margin of 58% in 2025, demonstrating resilience in pricing and inventory mix management despite lower volumes. We've also made meaningful progress in optimizing our cost base, achieving approximately 12% savings in operating expenses compared to the prior year. The number of directly operated stores was reduced to 174, reflecting a deliberate shift toward higher quality, more productive locations.

第 6 頁重點呈現數項關鍵指標。2025 年毛利率為 58%，在銷量下降的情況下，仍展現定價與庫存組合管理的韌性。我們也在優化成本結構方面取得顯著進展，營業費用較前一年約節省 12%。直營門市數量降至 174 家，反映我們有意轉向品質更高、產出更佳的據點。

At the same time, we are increasingly adopting an asset-light model, allowing us to improve flexibility and capital efficiency. Encouragingly, contribution margin improved significantly in the second half of the year, increasing by 40% compared to the first half, reflecting the early impact of these initiatives.

同時，我們愈來愈多採用輕資產模式，以提升彈性與資本效率。令人鼓舞的是，年度下半年貢獻毛利顯著改善，較上半年提升 40%，反映這些措施的初步成效。

Page 7 provides a deeper look at our half year performance and improving trajectory we began to see during 2025. Gross profit showed improvement in the second half of 2025 since first half 2024, reflecting better product availability, improving sell-through and more disciplined inventory management.

第 7 頁更深入呈現我們的半年度表現，以及 2025 年開始顯現的改善軌跡。2025 年下半年毛利較 2024 年上半年有所改善，反映產品供應更充足、銷售穿透率提升，以及更具紀律的庫存管理。

At the same time, we continue to reduce operating expenses through structural cost optimization and improved efficiency across the organization. This combination, stabilizing gross profit and lower operating costs has started to improve our operating leverage. While we are still in a transition phase, these trends reinforce our confidence that the actions we have taken are moving us in the right direction.

同時，我們持續透過結構性成本優化與全組織效率提升來降低營業費用。毛利趨於穩定與營運成本下降的組合，已開始改善我們的營運槓桿。雖然我們仍處於轉型階段，這些趨勢強化了我們的信心，證明已採取的行動正帶領我們朝正確方向前進。

Another critical pillar of our transformation began -- has been strengthening our leadership team. We made several key appointments across the group. At St. John, Mandy West has taken on the role of CEO, bringing strong commercial expertise and deep understanding of the brand. At Wolford, Marco Pozzo joined as CEO, adding extensive experience in luxury and global brand management.

我們轉型的另一個關鍵支柱一直是強化領導團隊。我們在集團內進行了數項重要任命。在 St. John，Mandy West 出任執行長（CEO），帶來強大的商業專長與對品牌的深刻理解。在 Wolford，Marco Pozzo 加入擔任執行長（CEO），增添其在奢侈品與全球品牌管理方面的豐富經驗。

These leadership upgrades are not just organizational changes, they are essential enablers of execution. With stronger leadership in place, we are better equipped to drive brand development, improve operational discipline and accelerate decision-making across the group.

這些領導層升級不僅是組織調整，更是落實執行的關鍵推動力。在更強的領導力到位後，我們更能推動品牌發展、提升營運紀律，並加速集團內的決策。

We will now take a closer look at the key strategies and achievements across each of our brands in 2025. This is where much of the transformation work has taken place. Let's begin with Lanvin.

接下來，我們將更深入檢視 2025 年各品牌的關鍵策略與成果。多數轉型工作都在此發生。我們先從 Lanvin 開始。

For 2025 -- For Lanvin, 2025 was a year of repositioning and rebuilding. We introduced a refreshed creative direction under Peter Copping, reinforcing the brand's heritage while modernizing its appeal. Importantly, Peter's 2025 collections were positively received by the fashion press with reviewers highlighting his return to Lanvin's heritage codes, refined elegance and renewed creative direction. We noted the strong reception to the debut, reflecting encouraging early momentum around the brand's creative reset.

就 2025 年而言——對 Lanvin 來說，2025 年是重新定位與重建的一年。我們在 Peter Copping 的帶領下推出更新的創意方向，在強化品牌傳承的同時，提升其現代吸引力。重要的是，Peter 於 2025 年的系列獲得時尚媒體正面評價，評論者強調他回歸 Lanvin 的傳承語彙、精緻優雅，以及煥然一新的創意方向。我們注意到市場對首秀反應熱烈，反映品牌創意重置帶來令人鼓舞的早期動能。

At the same time, we focused heavily on operational fundamentals, reducing inventory, improving margin discipline and optimizing the retail network. We also streamlined the organization to improve agility and execution. With these actions impacted short-term revenue, they are critical to restoring the brand's long-term strength and desirability.

同時，我們高度聚焦於營運基本面，包括降低庫存、提升毛利紀律並優化零售網絡。我們也精簡組織，以提升敏捷性與執行力。雖然這些行動影響了短期營收，但它們對於恢復品牌長期實力與吸引力至關重要。

Next, let's turn to Wolford. Wolford made significant progress during the year despite challenges in the first half. We implemented a balanced product strategy, strengthening the core collection while introducing new offerings to enhance relevance. The brand celebrated its 75th anniversary, which played an important role in increasing visibility and reconnecting with customers globally.

接下來，讓我們把焦點轉向 Wolford。儘管上半年面臨挑戰，Wolford 在本年度仍取得顯著進展。我們推行均衡的產品策略，在強化核心系列的同時推出新產品，以提升品牌相關性。品牌慶祝其 75 週年，這在提升能見度並與全球客戶重新連結方面發揮了重要作用。

At the same time, we improved the omnichannel experience, enhancing both the digital platform and in-store environment. These efforts contributed to a strong recovery in the second half of the year.

同時，我們改善全通路體驗，強化數位平台與門市環境。這些努力促成了下半年強勁復甦。

Now let's move to Sergio Rossi. Sergio Rossi continued its transformation journey toward a more efficient and flexible operating model. We focused on strengthening operational fundamentals, including supply chain improvements, closer alignment with key suppliers and the resolution of legacy issues.

現在讓我們轉到 Sergio Rossi。Sergio Rossi 持續推進轉型，朝向更高效率且更具彈性的營運模式邁進。我們聚焦於強化營運基本面，包括供應鏈改善、與關鍵供應商更緊密對齊，以及解決歷史遺留問題。

In parallel, we streamlined the retail network, concentrated on higher potential locations. Building on these efforts, we advanced the transition to an asset-light model and took a further step in direction through a strategic partnership. Enabling greater focus on product development and merchandising while reducing operational complexity and mitigating production-related risks.

同時，我們精簡零售網絡，聚焦於更具潛力的據點。在這些努力的基礎上，我們推進向輕資產模式的轉型，並透過策略合作夥伴關係在此方向上再向前一步。使我們能更專注於產品開發與商品企劃，同時降低營運複雜度並緩解與生產相關的風險。

This also improves cost flexibility, shifting part of the operating structure toward a more variable base while maintaining alignment in the brand's long-term development. Taken together, these actions are essential to stabilizing the business and positioning it for recovery.

這也提升了成本彈性，將部分營運結構轉向更具變動性的基礎，同時維持與品牌長期發展的一致性。綜合而言，這些行動對於穩定業務並為復甦做好定位至關重要。

Next, let's review St. John. St. John continued to demonstrate strong resilience in 2025. The brand benefited from its strong position in North America, supported by solid wholesale performance and continued momentum in e-commerce. We further strengthened our partnership with Nordstrom, including an expansion of our presence across additional locations, which contributed to over 40% growth and enhanced brand visibility.

接下來，讓我們回顧 St. John。St. John 在 2025 年持續展現強勁韌性。品牌受惠於其在北美的強勢地位，在穩健的批發表現與電商持續動能的支持下表現良好。我們進一步強化與 Nordstrom 的合作夥伴關係，包括擴大在更多據點的布局，帶動超過 40% 的成長並提升品牌能見度。

At the same time, we upgraded our digital capabilities by strengthening the e-commerce team and onboarding a new marketing agency, driving a double-digit increase in online sales versus the prior year. We also continue to refine our product offerings with a particular focus on knitwear, which remains a core strength of the brand and supported improved full price sell-through.

同時，我們透過強化電商團隊並導入新的行銷代理商，升級數位能力，使線上銷售較前一年實現雙位數成長。我們也持續優化產品組合，特別聚焦於針織品；針織品仍是品牌的核心強項，並支撐全價售罄率的改善。

In addition, our collaboration with Malbon in 2025 helped broaden the brand's audience, attract new customers and further enhance brand awareness. Overall, St. John remains a stable and important contributor to the group with a clear focus on North America, disciplined execution and continued brand development.

此外，我們在 2025 年與 Malbon 的合作有助於擴大品牌受眾、吸引新客群，並進一步提升品牌知名度。整體而言，St. John 仍是集團穩定且重要的貢獻者，清楚聚焦北美市場、紀律執行並持續推動品牌發展。

Looking ahead to 2026, our focus remains on completing the transformation and moving towards sustainable profitability. We will continue to advance the initiatives launched in 2025, including portfolio and channel optimization, cost discipline and the transition to an asset-light model.

展望 2026 年，我們的重點仍是完成轉型並邁向可持續的獲利能力。我們將持續推進於 2025 年啟動的各項措施，包括投資組合與通路優化、成本紀律，以及向輕資產模式的轉型。

At the brand level, we expect continued recovery at Malbon and Wolford, further progress at Sergio Rossi and stable performance at St. John. While the macro environment remains uncertain, we believe these actions we have taken have created a stronger foundation for the future growth.

在品牌層面，我們預期 Malbon 與 Wolford 將持續復甦，Sergio Rossi 將進一步取得進展，而 St. John 將維持穩定表現。儘管總體環境仍不確定，我們相信已採取的這些行動為未來成長奠定了更強健的基礎。

With that, I will now hand over to Ray Han, our Chief Financial Officer, who will walk you through the financial results in more detail.

接下來，我將把時間交給我們的財務長 Ray Han，他將更詳細地帶各位了解財務結果。

Thank you, Andy. I will now walk you through our financial performance for 2025. And before going into the detailed financials, I'd like to briefly address the treatment of Caruso in our 2025 results.

謝謝你，Andy。我現在將帶各位回顧我們 2025 年的財務表現。在進入詳細財務數據之前，我想先簡要說明 Caruso 在我們 2025 年業績中的處理方式。

At the end of '25, management team approved the strategic carve-out of Caruso as part of our portfolio optimization efforts. In line with IFRS requirements, Caruso has been classified as discontinued operations with all comparative periods restated to exclude the business for consistency of presentation. The transaction was subsequently completed on February 6 this year, further reinforcing our commitment to streamline the portfolio and focus on long-term value creation.

在 25 年底，管理團隊核准將 Caruso 進行策略性分拆，作為我們投資組合優化工作的一部分。依據 IFRS 規定，Caruso 已被分類為停業單位，且所有比較期間均已重述，以排除該業務並確保呈列一致性。該交易隨後於今年 2 月 6 日完成，進一步強化我們精簡投資組合並聚焦長期價值創造的承諾。

With that context in mind, let me walk you through the group's financial performance.

在此背景之下，讓我帶各位了解集團的財務表現。

As Andy mentioned, 2025 was a year of transformation and while it impacted our top line performance, we did make meaningful progress to improve operational efficiency and financial discipline. Group revenue declined from EUR292 million in 2024 to EUR240 million in 2025. The decline was primarily driven by Lanvin and partly by Wolford and Sergio Rossi, reflecting both macroeconomic pressures and deliberate restructuring actions, including retail footprint optimization for all four brands and brand repositioning globally.

如 Andy 所提到，2025 年是轉型的一年；雖然對我們的營收表現造成影響，但我們在提升營運效率與財務紀律方面確實取得了實質進展。集團營收由 2024 年的 2.92 億歐元下降至 2025 年的 2.40 億歐元。下滑主要由 Lanvin 所帶動，並部分來自 Wolford 與 Sergio Rossi，反映了總體經濟壓力以及我們有意推動的重整行動，包括四個品牌的零售據點優化與全球品牌重新定位。

Overall, while revenue declined, it's very important to emphasize that it reflects strategic decision rather than purely demand-driven weakness.

整體而言，儘管營收下滑，但非常重要的是要強調，這反映的是策略性決策，而非純粹由需求疲弱所致。

Let's now take a look at performance by region. From a regional perspective, North America continued to outperform other markets. It was largely supported by St. John's very strong presence and resilient performance in the region. In contrast, the EMEA and Greater China experienced more significant declines, reflecting weaker consumer sentiment. Greater China, in particular, saw a more pronounced decline, consistent with broader market trends as we continued our store network review.

接下來我們看看各地區的表現。從區域角度來看，北美持續優於其他市場。這主要受惠於 St. John 在該地區非常強勢的布局與具韌性的表現。相較之下，EMEA 與大中華區出現較顯著下滑，反映消費者信心較弱。尤其是大中華區的降幅更為明顯，與我們持續檢視門市網絡時所見的整體市場趨勢一致。

These regional dynamics reinforced our strategic focus on strengthening our position in the home market while selectively optimizing our presence in other regions.

這些區域動態進一步強化了我們的策略重點：鞏固本土市場的地位，同時在其他地區有選擇地優化布局。

Looking at revenue by channel, DTC remained the largest contributor, accounting for approximately 68% of total revenue. Both DTC and wholesale declined year over year, reflecting both market conditions and our deliberate actions to streamline the retail network. At the same time, we saw encouraging signs of stabilization, particularly in wholesale at Wolford and St. John. Going forward, we will continue to balance DTC and wholesale channels with a focus on profitability and efficiency rather than purely the scale. Let's now move to our retail network.

從通路別來看，DTC 仍是最大貢獻來源，約占總營收的 68%。DTC 與批發皆較去年下滑，反映市場狀況以及我們有意精簡零售網絡的行動。同時，我們也看到令人鼓舞的穩定跡象，特別是在 Wolford 與 St. John 的批發業務。展望未來，我們將持續在 DTC 與批發通路之間取得平衡，重點放在獲利能力與效率，而非單純追求規模。接下來我們談零售網絡。

As previously mentioned by Andy, store network optimization has been a very key component of our transformation since 2024, in line with broader trends across the luxury sector. The number of directly operated stores decreased from 225 in 2024 to 174 in 2025, reflecting our strategy to exit underperforming locations and concentrate resources on higher productivity stores in key markets. Despite the short-term impact on revenue, it will substantially improve the quality of our retail footprint, which is helpful for the long-term profitability of the group.

如 Andy 先前所提，自 2024 年以來，門市網絡優化一直是我們轉型中的關鍵組成部分，亦符合奢侈品產業的整體趨勢。直營門市數量由 2024 年的 225 家降至 2025 年的 174 家，反映我們退出表現不佳據點、並將資源集中於關鍵市場中生產力更高門市的策略。儘管短期內對營收造成影響，但這將大幅提升我們零售據點的品質，有助於集團的長期獲利能力。

Next, let's turn to profitability metrics. On this slide, we summarize the evolution of gross profit, contribution profit and adjusted EBITDA. I'd like to highlight that while gross profit decreased in 2025, we managed to maintain the gross margin at 58%, reflecting lower sales volumes, but relatively stable pricing and inventory management.

接下來，我們來看獲利能力指標。在這張投影片中，我們彙總了毛利、貢獻利潤與調整後 EBITDA 的變化趨勢。我想強調的是，雖然 2025 年毛利下降，但我們仍將毛利率維持在 58%，這反映了銷售量較低，但定價與庫存管理相對穩定。

Contribution profit improved slightly year over year, supported by reductions in expenses. Adjusted EBITDA improved to a loss of EUR90 million, demonstrating the early impact of our cost reduction initiatives. Overall, while our productivity remains negative, the trajectory is improving, particularly as we move into the second half of the year.

貢獻利潤較去年同期小幅改善，主要受費用下降所支撐。調整後 EBITDA 改善至虧損 9,000 萬歐元，顯示我們降本措施已開始產生早期成效。整體而言，雖然我們的生產力仍為負值，但走勢正在改善，尤其是在進入下半年之後。

Let's now break it down by brand. Wolford and St. John contributed positively to the improvement in contribution profit, reflecting improved cost discipline and operational efficiency. Sergio Rossi saw a slight decrease, although it was partially offset by strict cost-control measures. Lanvin remained broadly stable despite revenue decline, highlighting the effectiveness of cost management initiatives. At a group level, we saw a more balanced and improved cost structure.

接下來我們按品牌拆解。Wolford 與 St. John 對貢獻利潤的改善有正向貢獻，反映成本紀律與營運效率提升。Sergio Rossi 略有下滑，但部分被嚴格的成本控管措施所抵銷。Lanvin 儘管營收下滑仍大致維持穩定，凸顯成本管理措施的有效性。在集團層面，我們看到更均衡且改善的成本結構。

Let's now move to working capital. During the year, we continue to make progress in working capital management. Inventory decreased from EUR79 million in 2024 to EUR57 million in 2025 and trade receivables decreased from EUR21 million to EUR15 million, reflecting tighter operational discipline and better alignment between supply and demand.

接下來談營運資金。今年我們在營運資金管理方面持續取得進展。庫存由 2024 年的 7,900 萬歐元降至 2025 年的 5,700 萬歐元，應收帳款也由 2,100 萬歐元降至 1,500 萬歐元，反映更嚴謹的營運紀律，以及供需之間更好的匹配。

At the same time, trade payables normalized from EUR76 million to EUR46 million. As a result, the cash conversion cycle increased to 65 days in 2025 from 34 days in 2024, and trade working capital increased to 11% of revenue from 8%. While inventory and receivables showed clear improvement, overall working capital efficiency was temporarily affected by [payables].

同時，應付帳款由 7,600 萬歐元回歸常態至 4,600 萬歐元。因此，2025 年現金轉換週期由 2024 年的 34 天增加至 65 天，貿易營運資金占營收比重由 8% 上升至 11%。雖然庫存與應收帳款明顯改善，但整體營運資金效率暫時受到[應付帳款] 的影響。

I will now walk you through the performance of each brand in more detail, starting with Lanvin. Lanvin revenue declined by 30% to EUR58 million in 2025. It reflects the ongoing repositioning of the brand as well as retail network optimization and reduced reliance on previous product categories. Despite this, gross margin remained stable at around EUR58 million and contribution losses were broadly contained.

接下來我將更詳細說明各品牌表現，先從 Lanvin 開始。Lanvin 2025 年營收下滑 30% 至 5,800 萬歐元。這反映品牌持續重新定位、零售網路優化，以及降低對過往產品類別的依賴。儘管如此，毛利率仍維持穩定，貢獻虧損也大致受到控制。

Encouragingly, we saw signs of improvement in the second half, particularly following the introduction of new creative directions from Peter Copping. Looking ahead, we expect continued progress as the brand reviews its product offering and strengthens its wholesale channel.

令人鼓舞的是，我們在下半年看到改善跡象，尤其是在 Peter Copping 引入新的創意方向之後。展望未來，隨著品牌檢視產品組合並強化批發通路，我們預期將持續取得進展。

Next, let's move to Wolford. Wolford revenue declined by 14% to EUR76 million. The first half was impacted by prior logistics disruptions, but performance improved very significantly in the second half. Wholesale grew 19% year over year, supported by improved product availability and stronger execution. At the same time, contribution losses improved by EUR5 million, reflecting better cost discipline. Looking ahead, we expect continued recovery driven by improved supply chain stability, stronger marketing and enhanced customer acquisition.

接下來看 Wolford。Wolford 營收下滑 14% 至 7,600 萬歐元。上半年受到先前物流中斷影響，但下半年表現顯著改善。批發業務年增 19%，受惠於產品供應改善與執行力提升。同時，貢獻虧損改善 500 萬歐元，反映更佳的成本紀律。展望未來，我們預期在供應鏈穩定性提升、更強的行銷以及更完善的客戶獲取帶動下，復甦將持續。

Next, on Sergio Rossi. Sergio Rossi revenue declined by 30% to EUR30 million. Both DTC and wholesale channels were impacted, reflecting cautious market sentiment and ongoing brand transformation. Gross margin declined due to channel mix and lower production scale. However, cost control remained strict during the year, limiting the increase in contribution losses.

接下來是 Sergio Rossi。Sergio Rossi 營收下滑 30% 至 3,000 萬歐元。DTC 與批發通路皆受影響，反映市場情緒審慎以及品牌轉型仍在進行中。由於通路組合變化與生產規模下降，毛利率下滑。不過，全年成本控管仍然嚴格，限制了貢獻虧損的擴大。

Looking ahead, the focus is to improve production stability, strengthen wholesale partnerships and continue the asset-light transition.

展望未來，重點在於提升生產穩定性、強化批發合作夥伴關係，並持續推進輕資產轉型。

Next, let's review St. John. St. John delivered quite resilient performance during the year with revenue declining only 1% to EUR78 million. In its reporting currency, the brand grew by 3%, supported by strong performance in North America. Wholesale and e-commerce were key growth drivers, increasing by 14% and 25% in its reporting currency, respectively. Gross margin remained very strong at 69% and contribution profit improved as well. St. John continues to be a stable component of the group.

接下來我們回顧 St. John。St. John 今年表現相當具韌性，營收僅下滑 1% 至 7,800 萬歐元。以其報告幣別計，品牌成長 3%，受北美強勁表現支撐。批發與電商為主要成長動能，以其報告幣別計分別成長 14% 與 25%。毛利率維持在非常強勁的 69%，貢獻利潤亦有所改善。St. John 仍是集團穩定的組成部分。

Okay. I will turn it back to Andy for closing remarks.

好的。我把時間交回給 Andy 做結語。

Thank you, Ray. In summary, 2025 was a year of disciplined execution and structural transformation. While the top line performance reflects a challenging environment, the underlying improvements in cost structure, operational efficiency and brand positioning provide a stronger foundation for the future. We are encouraged by the momentum seen in the second half and remain focused on driving continued improvement in 2026.

謝謝你，Ray。總結來說，2025 年是嚴謹執行與結構性轉型的一年。雖然營收表現反映了充滿挑戰的環境，但成本結構、營運效率與品牌定位的內在改善，為未來奠定了更強的基礎。我們對下半年所見的動能感到鼓舞，並將持續專注於在 2026 年推動進一步改善。

This concludes our prepared remarks. We will now open the call for any questions. Thank you.

以上為我們事先準備的發言。接下來我們將開放電話會議提問。謝謝。

(Operator Instructions) There are no questions at this time. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

(接線員指示) 目前沒有任何問題。本次電話會議到此結束。感謝您參加今天的簡報。您現在可以掛線。