Lanvin Group Holdings Limited Ordinary Shares (LANV) fair value

ACCE thesis

Lanvin Group designs and sells Lanvin and Lanvin en Bleu ready-to-wear, handbags and fragrances, alongside the Sergio Rossi footwear label. The one structural asset is the Lanvin heritage brand, founded in 1889 and with a 58.8% gross margin, which shows that pricing power survives even as the business loses money. That margin is outweighed by the operating line, where the operating margin is -45.4%, and revenue fell 12.9% in the latest year, so the question is whether cost cuts or a brand turnaround can close that gap before the balance sheet forces the issue. With a market cap of about $121M, a score of 18/100, no index membership and a return on equity of -285.3%, the name fits a deep-value or distressed-recovery screen more than a quality-compounder thesis. It merits a deeper look only if the turnaround has measurable evidence in sell-through, inventory and cash burn, which the current data does not show.