Lanvin Group’s path to Wall Street has been cleared and the luxury company is ready to launch into the public markets.
Shareholders of both the Primavera Capital Acquisition Corp., a publicly traded SPAC, and Lanvin approved the combination of the two companies.
The deal is expected to close on Wednesday and PCAC will take the name Lanvin Group and begin trading under the “LANV” ticker on the New York Stock Exchange on Thursday.
Management from both companies as well as the leadership teams of Lavin’s brands — Lanvin, Wolford, Sergio Rossi, St. John Knits and Caruso — will be on hand to ring the opening bell at the exchange.
That’s a right of passage that has been rare for fashion this year. While there was a wave of listings in 2021 — including Allbirds Inc., Warby Parker Inc., Rent the Runway Inc. and On Holding — IPOs and other offerings slowed when the market took a turn down as inflation shot up and recession loomed.
Lanvin has continued to grow with the luxury crowd, posting a 73 percent gain in first-half revenues, but has also reflected some of the dynamic in the broader market. In October, the company’s pre-money equity valuation was lowered to $1 billion from $1.25 billion.
Soon it will be up to the broader market to decide just how much the company’s worth.
Joann Cheng, chairman and chief executive officer of Lanvin, said: “Going public is a natural step for Lanvin Group right now. We have built an iconic portfolio of heritage brands and recorded strong growth over recent years. Looking forward, our strategy is driving continuous organic growth through geographic, channel and product expansion for our brands, combined with disciplined investment in the luxury fashion sector. Against a background of proven resilience in the luxury market, we are confident that this strategy will enable us to deliver sustained long-term growth and value for our shareholders.”