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From VF to Lanvin to L Catterton, What’s Happening in Retail Right Now

As 2022 closes, fashion is looking at future plans for 2023.

Lanvin Group

The Lanvin Group will enter the new year as a public company after it successfully launched an initial public offering (IPO) on Thursday and is trading under the ticker symbol “LANV” on the New York Stock Exchange (NYSE)

Formerly known as Fosun Fashion Group, the luxury fashion company joined forces with Primavera Capital Acquisition Corp. (PCAC), a SPAC, or special purpose acquisition company. SPACs give companies an alternative route to floating on the public markets than that traditional paperwork-intensive IPO.

“Listing on the NYSE today marks an important milestone in our strategy to build a portfolio of iconic luxury fashion brands. The Group’s rapidly improving performance in recent years has demonstrated the strength of our global platform and the success of our innovative growth strategy,” Lanvin chairman and CEO Joann Cheng said.

The debt-free company has raised more than $150 million, positioning the luxury giant to “accelerate growth across our portfolio with our unique proposition to transform heritage for tomorrow’s customers,” Cheng said.

“We are confident the Group will further develop its fast-growing global business to become a unique global luxury powerhouse by leveraging the rich heritage of its brand portfolio and its differentiated business strategy,” said Max Chen, PCAC chairman and CEO and a partner at Primarvera Capital, who’s also on the Lanvin board.

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Lanvin reported first-half 2022 revenue of 202 million euros ($214 million).

Shares of Lanvin opened at $22.81, but closed at $7.63 a share on Thursday. On Friday, its shares rose 31.1 percent to close at $10 a share.

Founded in 1889, Lanvin is the oldest operating French couture house. Other brands in the Lanvin Group include hosiery specialist Wolford, Italian luxury footwear brand Sergio Rossi, American luxury knit brand St. John Knits, and Neapolitan tailor Caruso.

Could VF sell Jansport?

VF Corp. might be rethinking its portfolio. Could the apparel giant already have eyes on another brand to buy?

Bloomberg first reported that the Denver company might be considering selling Jansport in a deal valuing the backpack brand at $500 million.

While Jansport is a big name in VF‘s outdoor group, it’s not at the level of the Big Three brands of Vans, The North Face and Timberland. Jansport also doesn’t have the same growth prospects of a hot commodity like Supreme either. On top of that, Jansport appears to have limited expansion opportunities, unlike work wear brand Dickies.

Ditching Jansport could help VF hone its focus on outdoors and active lifestyle brands.

Since January 2020, the company has sold nine workwear brands and acquired Supreme.

A spokesman for VF declined comment.

BloomChic gets L Catterton’s attention

Digitally native plus-sized fashion brand BloomChic Partners said Monday it has received an investment from L Catterton to help fund future growth plans.

BloomChic said the investment will help it “further realize its vision of enabling mid- and plus-size women to easily find clothes that fit them and their lives, in line with the company’s core values of inclusivity, empowerment and accessibility.” The company said about two-thirds of women in the U.S. wear sized 14 and above, although less than half of the U.S. apparel market and only around 2 percent of the women’s apparel stores are focused on selling plus sizes.

Having the private equity firm as an investor will also give BloomChic access to L Catterton’s operating capabilities. L Catterton was formed in January 2016 when Catterton partnered with LVMH and Groupe Arnault, the family holding company of LVMH chairman Bernard Arnault, to form L Catterton. The private equity firm counts Just Over The Topp, Ganni, Savage X Fenty and ThirdLove as portfolio investments. L Catterton exited stakes in Groupe SMCP for the Sandro, Maje and Claudie Pierlot brands and Sweaty Betty. The private equity firm retains a minority stake in affordable fashion brand Ba&sh after selling a majority stake in March to European investment group HLD.

“BloomChic puts its customers at the center of everything it does,” Scott Chen, an L Catterton managing partner, said. “This is evident not only from the range and quality of its products, but also the meaningful connections it has formed with customers and its culture of ensuring that the plus-size voice is heard.”

BloomChic uses its social media presence to share informative content with followers. It also hosts in-person events with brand ambassadors who try on new products and provide real-time feedback on style, fit and quality.

“L Catterton has an impressive track record of helping companies to build iconic brands, broaden product suites, enter new geographic markets, and attract talent. We are thrilled to begin working together to better serve the global plus-size women’s community,” BloomChic founder and CEO Bill Hu said.

The terms of the investment and financial stake were not disclosed.