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Lanvin Group Posts Record Sales and Continued Margin Improvement in 2022. Revenues Up 37% Year-over-Year.
Lanvin Group Posts Record Sales and Continued Margin Improvement in 2022. Revenues Up 37% Year-over-Year.
PR Newswire
NEW YORK, April 20, 2023
Revenues of €422 million for FY2022, a 37% increase over FY2021Margin profile improvement with Group gros…
Lanvin Group Posts Record Sales and Continued Margin Improvement in 2022. Revenues Up 37% Year-over-Year.
PR Newswire
NEW YORK, April 20, 2023
- Revenues of €422 million for FY2022, a 37% increase over FY2021
- Margin profile improvement with Group gross profit margin increasing to 56% and both contribution profit(1) and adjusted EBITDA margins steadily improving
- All portfolio brands delivered revenue growth; Group revenues increased in all channels and geographies
- Flagship brand Lanvin had strong growth of 64% YoY and showed improvement in gross, contribution profit, and adjusted EBITDA margins
- Implementation of balanced global growth strategy resulted in 39% growth in EMEA, 36% growth in North America, and 15% growth in Greater China, despite COVID impact
- Ongoing implementation of strategic plans in 2023 to drive further revenue growth and margin improvement to achieve breakeven in FY2024
NEW YORK, April 20, 2023 /PRNewswire/ -- Lanvin Group (NYSE: LANV, the "Group"), a global luxury fashion group with Lanvin, Wolford, Sergio Rossi, St. John and Caruso in its portfolio of brands, today announced its results for the full-year 2022. The Group achieved revenues of €422 million, a 37% increase year-over-year versus 2021; and gross profits of €238 million, representing a 56% gross margin and a 40% increase versus 2021.
Joann Cheng, Chairman and CEO of Lanvin Group, said: "We are pleased with the progress we made in 2022. Not only did we achieve record revenues, we also made great strides in improving our cost structure and streamlining our operations. Our progress in 2022 has laid a strong foundation for 2023, and notwithstanding current macroeconomic conditions, we remain optimistic for the current year, especially with the continued resurgence of Greater China."
Review of the Full-Year 2022 Results
Lanvin Group Revenue by Segment | Revenue | Growth % | |||
2021A | 2021PF | 2022A | 2022A vs | 2022A vs | |
Audited | Non-Audited | Audited | 2021A | 2021PF | |
Lanvin | 72,872 | 72,872 | 119,847 | 64 % | 64 % |
Wolford | 109,332 | 109,332 | 125,514 | 15 % | 15 % |
St. John | 73,094 | 73,094 | 85,884 | 17 % | 17 % |
Sergio Rossi | 28,737 | 59,206 | 61,929 | 116 % | 5 % |
Caruso | 24,695 | 24,695 | 30,819 | 25 % | 25 % |
Total Brand | 308,730 | 339,199 | 423,993 | 37 % | 25 % |
Eliminations | 92 | 92 | -1,681 | -1927 % | -1927 % |
Total Group | 308,822 | 339,291 | 422,312 | 37 % | 24 % |
Lanvin Group Key Financials | 2020A | 2021A | 2022A | |||
Audited | % | Audited | % | Audited | % | |
Revenue | 222,612 | 100 % | 308,822 | 100 % | 422,312 | 100 % |
Gross profit | 117,394 | 53 % | 169,902 | 55 % | 237,944 | 56 % |
Contribution profit | -34,237 | -15 % | 4,400 | 1 % | 13,211 | 3 % |
Adjusted EBITDA | -88,116 | -40 % | -58,945 | -19 % | -71,958 | -17 % |
Selected Highlights
Strong growth achieved at all brands and in all channels and regions: All five brands showed year-over-year growth. Lanvin, the Group's flagship brand, grew global revenue by 64%, with record 145% growth in its Wholesale business, and 27% growth in its DTC business. Additionally, revenues in each of the Group's regions and channels showed strong growth, with EMEA and North America growing 39% and 36%, respectively. Of note, Greater China, hampered by the pandemic, grew by 15%.
Continued positive progress with margin profile: Margins at all levels, Gross, Contribution, and Adjusted EBITDA all saw improvement in 2022. Gross margins increased to 56% and Adjusted EBITDA as a percent of sales has increased by an impressive 23 points since 2020. Operational improvement strategies implemented in 2022 began to show results in the second half of the year, resulting in continued margin profile improvement that will have significant impact in 2023.
Refocused brand and product strategies showing results: One of the main drivers of growth in 2022 was the refocus of brand strategies and optimization of product categories and mix. New product lines and categories, collaborations, and a focus on accessories all impacted the growth and margins. Furthermore, improving digital engagement as a part of the overall strategy succeeded in attracting new and younger customers.
Digital strategies successfully initiated: Digital marketing had a strong effect on the 2022 results with the brands increasingly attracting new and younger demographics. In the second half of 2022, the Group established a shared digital platform with a North American partner to distribute the Group's brand online. Sergio Rossi and Lanvin have already successfully transitioned their North American eCommerce to this platform, which is expected to bring further growth to the brands in the coming years.
Significant progress optimizing store network: The Group successfully launched 47 new retail doors, systemwide. Improved store strategies implemented in 2022 have improved the unit economics, with the Group's whole network of retail doors achieving double-digit growth on a like-for-like basis. Additionally, the Group with the brand-level management teams worked aggressively to cull the network, including closing 49 underperforming stores throughout its network. These initiatives provide a strong foundation for physical footprint growth in 2023 and beyond.
Review of FY2022 Financials
Revenues
For FY2022, the Group generated revenues of €422 million, a 37% increase year-over-year. All brands showed strong growth with Lanvin leading the way with a 64% increase year-over-year. The DTC and Wholesale channels grew by 32% and 41%, respectively. The Group maintained its strong growth trend with a compound annual growth rate of 38% since 2020. Full details of the Group's revenues can be found in our Annual Report on Form 20-F for the year ended December 31, 2022
Gross Profit
Gross profit increased to €238 million, representing a 56% margin versus €170 million in 2021 at a margin of 55%, a year-over-year growth of 40%. Gross profit has more than doubled since 2020, when the Group had €117 million at a margin of 53%. The Group has continued to improve its margin profile through its brand-level operational initiatives.
Contribution Profit(1)
The Group uses a measure, internally, called contribution profit, defined as gross profit less selling & marketing expenses to gauge the variable profitability performance and analyze the improvements at our brands. Contribution profit for the year was €13 million, an improvement of €9 million from 2021, the first year of positive contribution profits, and a tremendous increase from 2020 when it measured negative €34 million.
Adjusted EBITDA
Adjusted EBITDA remained at loss for 2022, but as a percentage of sales, continued to improve going from (40%) in 2020 to (19%) in 2021 and (17%) in 2022.
Profit Results by Segment
Lanvin: Gross profits increased to €61 million, at a margin of 50%, from €34 million, at a margin of 47%, in 2021. Gross profit improved from higher sell-through rates in all product categories as well as increasing economies of scale. Contribution profits continued to improve going from a contribution loss of €24 million in 2021 to a contribution loss of €15 million in 2022 with the percentage of sales improving 20 points year-over-year from negative 33% to negative 13%.
Wolford: Gross profits increased to €86 million from €79 million, in 2021. Margins declined slightly due to materials inflation as well as production personnel costs increasing from furloughed employees returning to work at higher wages. Contribution profits fell to €4 million from €20 million mainly driven by non-recurring expenses. These include legacy operational improvement consulting fees charged in the first half of the year, prior to the new management team taking over in the second-half of 2022, as well as a cyberattack in December 2022 at a third-party logistics provider that disrupted deliveries during the peak holiday season.
Sergio Rossi: Sergio Rossi was acquired in July 2021. Since then, gross margins increased from 46% to 50% in 2022. Gross margins improved from an increased proportion of higher-margin DTC sales. Contribution margins declined slightly in 2022 from 13% to 11% due to higher investments in personnel, marketing and rental expenses.
St. John: St. John's margin profile improved dramatically with gross profit growing from €39 million to €53 million in 2022; with margins increasing from 53% to 61%. Contribution profits also increased from €1 million to €10 million; margins increased from 2% to 12%. St. John represents the culmination of the Group's brand-level strategic planning with many of its initiatives nearing completion and bearing results.
Caruso: Caruso continued its strong, steady performance with its gross profits increasing from €4 million to €7 million in 2022, and margins increasing from 18% to 23%. Contribution profits also increased from €3 million to €6 million, and contribution margins increased markedly from 13% to 18%. Caruso leveraged higher sales from new accounts and deeper penetration with current customers to increase its profitability through economies of scale coupled with better management of factory labor costs as well as selling and marketing expenses.
2023 Outlook
Notwithstanding the continuing macroeconomic issues, the Group expects to maintain its 2022 momentum into 2023 and achieve solid margin improvement as the year progresses.
Many of the "nuts and bolts" initiatives started in 2022 will reach completion in 2023 resulting in continued margin improvement. Additionally, a significant portion of the store optimization has taken place and while the Group will continue to enhance its retail network in 2023, we believe the foundation is in placed to opportunistically grow its footprint. The Group remains on track for breakeven profitability in FY2024.
The Group is built upon a collaborative eco-system and continues to work with their strategic partners to build the platform. As such, the Group continues to seek and review potential new investment and acquisition opportunities to further enhance its brands and platform.
Note: All % changes are calculated on an actual currency exchange rate basis. |
Note: Lanvin Group acquired a majority stake in Sergio Rossi in July 2021 and Sergio Rossi was consolidated into Lanvin Group's consolidated revenue starting from the acquisition date. |
Note: This communication includes certain non-IFRS financial measures such as contribution profit, contribution margin, adjusted earnings before interest and taxes ("Adjusted EBIT"), and adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"). Please see Non-IFRS Financial Measures and Definition. |
(1) Contribution profit defined as gross profit less Selling and Marketing Expenses |
Annual Report on Form 20-F
Our annual report on Form 20-F, including the consolidated financial statements for the fiscal year ended December 31, 2022, can be downloaded from the Company's investor relations website (ir.lanvin-group.com) under the section Financials / SEC Filings, or from the SEC's website (www.sec.gov).
Conference Call
As previously announced, today at 8:00AM EST/8:00PM CST/2:00PM CET, Lanvin Group will host a conference call to discuss its results for the full-year 2022 and provide an outlook for 2023. Management will refer to a slide presentation during the call, which will be made available on the day of the call. To view the presentation, please visit the "Events" tab of the Group's investor relations website at https://ir.lanvin-group.com. To participant in the conference call, please dial into the following numbers:
United States Toll Free: 1-888-346-8982
International: 1-412-902-4272
Mainland China Toll Free: 4001-201203
Hong Kong Toll Free: 800-905945
Hong Kong-Local Toll: 852-301-84992
Singapore Toll Free: 800-120-6157
A replay of the conference call will be accessible approximately one hour after the live call until April 27, 2023, by dialing the following numbers:
US Toll Free: 1-877-344-7529
International Toll: 1-412-317-0088
Canada Toll Free: 855-669-9658
Replay Access Code: 3267257
A recorded webcast of the conference call and a slide presentation will also be available on the Group's investor relations website at https://ir.lanvin-group.com.
Next Scheduled Announcement
The next scheduled announcement will be the H1 2023 earnings results release in August 2023. To receive email alerts of the timing of future financial news releases, as well as future announcements, please register at https://ir.lanvin-group.com.
About Lanvin Group
Lanvin Group is a leading global luxury fashion group headquartered in Shanghai, China, managing iconic brands worldwide including Lanvin, Wolford, Sergio Rossi, St. John Knits, and Caruso. Harnessing the power of its unique strategic alliance of industry-leading partners in the luxury fashion sector, Lanvin Group strives to expand the global footprint of its portfolio brands and achieve sustainable growth through strategic investment and extensive operational know-how, combined with an intimate understanding and unparalleled access to the fastest-growing luxury fashion markets in the world. Lanvin Group is listed on the New York Stock Exchange under the ticker symbol 'LANV'. For more information about Lanvin Group, please visit www.lanvin-group.com, and to view our investor presentation, please visit https://ir.lanvin-group.com.
Forward-Looking Statements
This communication, including the section "2023 Outlook", contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," "project" and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of the respective management of Lanvin Group and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and must not be relied on by an investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Lanvin Group. Potential risks and uncertainties that could cause the actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, changes adversely affecting the business in which Lanvin Group is engaged; Lanvin Group's projected financial information, anticipated growth rate, profitability and market opportunity may not be an indication of its actual results or future results; management of growth; the impact of COVID-19 or similar public health crises on Lanvin Group's business; Lanvin Group's ability to safeguard the value, recognition and reputation of its brands and to identify and respond to new and changing customer preferences; the ability and desire of consumers to shop; Lanvin Group's ability to successfully implement its business strategies and plans; Lanvin Group's ability to effectively manage its advertising and marketing expenses and achieve desired impact; its ability to accurately forecast consumer demand; high levels of competition in the personal luxury products market; disruptions to Lanvin Group's distribution facilities or its distribution partners; Lanvin Group's ability to negotiate, maintain or renew its license agreements; Lanvin Group's ability to protect its intellectual property rights; Lanvin Group's ability to attract and retain qualified employees and preserve craftmanship skills; Lanvin Group's ability to develop and maintain effective internal controls; general economic conditions; the result of future financing efforts; and those factors discussed in the reports filed by Lanvin Group from time to time with the SEC. If any of these risks materialize or Lanvin Group's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Lanvin Group presently does not know, or that Lanvin Group currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Lanvin Group's expectations, plans, or forecasts of future events and views as of the date of this communication. Lanvin Group anticipates that subsequent events and developments will cause Lanvin Group's assessments to change. However, while Lanvin Group may elect to update these forward-looking statements at some point in the future, Lanvin Group specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Lanvin Group's assessments of any date subsequent to the date of this communication. Accordingly, reliance should not be placed upon the forward-looking statements.
Use of Non-IFRS Financial Metrics
This communication includes certain non-IFRS financial measures such as contribution profit, contribution margin, adjusted earnings before interest and taxes ("Adjusted EBIT"), and adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"). These non-IFRS measures are an addition, and not a substitute for or superior to measures of financial performance prepared in accordance with IFRS and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with IFRS. Reconciliations of non-IFRS measures to their most directly comparable IFRS counterparts are included in the Appendix to this communication. Lanvin Group believes that these non-IFRS measures of financial results provide useful supplemental information to investors about Lanvin Group. Lanvin Group believes that the use of these non-IFRS financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and in comparing Lanvin Group's financial measures with other similar companies, many of which present similar non-IFRS financial measures to investors. However, there are a number of limitations related to the use of these non-IFRS measures and their nearest IFRS equivalents. For example, other companies may calculate non-IFRS measures differently, or may use other measures to calculate their financial performance, and therefore Lanvin Group's non-IFRS measures may not be directly comparable to similarly titled measures of other companies. Lanvin Group does not consider these non-IFRS measures in isolation or as an alternative to financial measures determined in accordance with IFRS. The principal limitation of these non-IFRS financial measures is that they exclude significant expenses, income and tax liabilities that are required by IFRS to be recorded in Lanvin Group's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgements by Lanvin Group about which expense and income are excluded or included in determining these non-IFRS financial measures. In order to compensate for these limitations, Lanvin Group presents non-IFRS financial measures in connection with IFRS results.
Enquiries:
Media
Lanvin Group
Miya He
miya.he@lanvin-group.com
Investors
Lanvin Group
James Kim
james.kim@lanvin-group.com
Appendix
Lanvin Group Consolidated Income Statement | ||||||
(€ in Thousands, unless otherwise noted) | ||||||
Lanvin Group Consolidated P&L | 2020A | 2021A | 2022A | |||
FY | % | FY | % | FY | % | |
Revenue | 222,612 | 100 % | 308,822 | 100 % | 422,312 | 100 % |
Cost of sales | -105,218 | -47 % | -138,920 | -45 % | -184,368 | -44 % |
Gross profit | 117,394 | 53 % | 169,902 | 55 % | 237,944 | 56 % |
Marketing and selling expenses | -151,631 | -68 % | -165,502 | -54 % | -224,733 | -53 % |
General and administrative expenses | -115,181 | -52 % | -122,497 | -40 % | -153,138 | -36 % |
Other operating income and expenses | -18,399 | -8 % | 10,083 | 3 % | -2,340 | -1 % |
Loss from operations before non- | -167,817 | -75 % | -108,014 | -35 % | -142,267 | -34 % |
Non-underlying items (1) | 43,546 | 20 % | 45,206 | 15 % | -83,057 | -20 % |
Loss from operations | -124,271 | -56 % | -62,808 | -20 % | -225,324 | -53 % |
Finance cost – net | -12,989 | -6 % | -9,313 | -3 % | -14,556 | -3 % |
Loss before income tax | -137,260 | -62 % | -72,121 | -23 % | -239,880 | -57 % |
Income tax benefits / (expenses) | 1,603 | 1 % | -4,331 | -1 % | 129 | 0 % |
Loss for the year | -135,657 | -61 % | -76,452 | -25 % | -239,751 | -57 % |
Contribution profit (2) | -34,237 | -15 % | 4,400 | 1 % | 13,211 | 3 % |
Adjusted EBIT (2) | -162,428 | -73 % | -100,806 | -33 % | -134,836 | -32 % |
Adjusted EBITDA (2) | -88,116 | -40 % | -58,945 | -19 % | -71,958 | -17 % |
Lanvin Group Consolidated Balance Sheet | |||
(€ in Thousands, unless otherwise noted) | |||
Lanvin Group Consolidated Balance Sheet | 2020A | 2021A | 2022A |
FY | FY | FY | |
Assets | |||
Non-current assets | |||
Intangible assets | 175,542 | 181,234 | 181,485 |
Goodwill | 69,323 | 69,323 | 69,323 |
Property, plant and equipment | 26,879 | 40,564 | 46,801 |
Right-of-use assets | 117,917 | 118,775 | 121,731 |
Deferred income tax assets | 13,608 | 17,070 | 17,297 |
Other non-current assets | 8,280 | 15,742 | 15,265 |
411,549 | 442,708 | 451,902 | |
Current assets | |||
Inventories | 75,842 | 92,335 | 109,094 |
Trade receivables | 22,191 | 39,781 | 48,868 |
Other current assets | 23,353 | 41,706 | 30,467 |
Cash and bank balances | 44,935 | 88,981 | 91,897 |
166,321 | 262,803 | 280,326 | |
Total assets | 577,870 | 705,511 | 732,228 |
Liabilities | |||
Non-current liabilities | |||
Non-current borrowings | 11,399 | 11,212 | 18,115 |
Non-current lease liabilities | 104,382 | 102,987 | 105,986 |
Non-current provisions | 3,286 | 4,166 | 4,111 |
Employee benefits | 19,085 | 18,464 | 15,128 |
Deferred income tax liabilities | 53,284 | 54,179 | 54,660 |
Other non-current liabilities | 1,338 | 1,080 | 690 |
192,774 | 192,088 | 198,690 | |
Current liabilities | |||
Trade payables | 47,436 | 58,151 | 73,114 |
Bank overdrafts | 764 | 14 | 148 |
Current borrowings | 7,438 | 55,559 | 15,370 |
Current lease liabilities | 32,503 | 37,072 | 34,605 |
Current provisions | 2,490 | 3,141 | 3,014 |
Other current liabilities | 44,070 | 68,660 | 106,481 |
134,701 | 222,597 | 232,732 | |
Total liabilities | 327,475 | 414,685 | 431,422 |
Net assets | 250,395 | 290,826 | 300,806 |
Equity | |||
Equity attributable to owners of the Company | |||
Share capital | 289,165 | 339,259 | 0 |
Treasury shares | 0 | -3 | -25,023 |
Other reserves | 81,198 | 149,460 | 762,962 |
Accumulated losses | -158,974 | -224,328 | -442,618 |
211,389 | 264,388 | 295,320 | |
Non- controlling interests | 39,006 | 26,438 | 5,486 |
Total equity | 250,395 | 290,826 | 300,806 |
Lanvin Group Consolidated Cash Flow | |||||
(€ in Thousands, unless otherwise noted) | |||||
Lanvin Group Consolidated Cash Flow | 2020A | 2021A | 2022A | ||
FY | FY | FY | |||
Net cash used in operating activities | -87,297 | -73,088 | -80,851 | ||
Net cash flows from/(used in) investing activities | 67,038 | 6,346 | -21,799 | ||
Net cash flows generated from financing activities | -41,447 | 110,065 | 104,937 | ||
Net increase/(decrease) in cash and cash equivalents | -61,706 | 43,323 | 2,287 | ||
Cash and cash equivalents less bank overdrafts at the beginning of the year | 106,642 | 44,171 | 88,658 | ||
Effect of foreign exchange rate changes | -765 | 1,164 | 804 | ||
Cash and cash equivalents less bank overdrafts at end of the year | 44,171 | 88,658 | 91,749 |
Lanvin Brand Key Financials(3) | |||||||||||||||||
(€ in Thousands, unless otherwise noted) | |||||||||||||||||
Lanvin Brand Key Financials | 2020A | 2021A | 2022A | 2021A v | 2022A v | 20-22 | |||||||||||
FY | % | FY | % | FY | % | 2020A | 2021A | CAGR | |||||||||
Key Financials on P&L | |||||||||||||||||
Revenues | 34,989 | 100 % | 72,872 | 100 % | 119,847 | 100 % | 108 % | 64 % | 85 % | ||||||||
Gross profit | 13,573 | 39 % | 34,028 | 47 % | 60,513 | 50 % | |||||||||||
Selling and distribution | -43,147 | -123 % | -58,124 | -80 % | -75,852 | -63 % | |||||||||||
Contribution profit (2) | -29,574 | -85 % | -24,096 | -33 % | -15,339 | -13 % | |||||||||||
Revenues by Geography | |||||||||||||||||
EMEA | 18,501 | 53 % | 31,683 | 43 % | 61,092 | 51 % | 71 % | 93 % | 82 % | ||||||||
North America | 4,525 | 13 % | 15,964 | 22 % | 28,524 | 24 % | 253 % | 79 % | 151 % | ||||||||
Greater China | 10,054 | 29 % | 23,541 | 32 % | 25,742 | 21 % | 134 % | 9 % | 60 % | ||||||||
Other | 1,909 | 5 % | 1,684 | 2 % | 4,489 | 4 % | -12 % | 167 % | 53 % |
(€ in Thousands, unless otherwise noted) | |||||||||||||||
Lanvin Brand Key Financials | 2020A | 2021A | 2022A | 2021A v | 2022A v | 20-22 | |||||||||
FY | % | FY | % | FY | % | 2020A | 2021A | CAGR | |||||||
Key Financials on P&L | |||||||||||||||
Revenues | 34,989 | 100 % | 72,872 | 100 % | 119,847 | 100 % | 108 % | 64 % | 85 % | ||||||
Gross profit | 13,573 | 39 % | 34,028 | 47 % | 60,513 | 50 % | |||||||||
Selling and distribution | -43,147 | -123 % | -58,124 | -80 % | -75,852 | -63 % | |||||||||
Contribution profit (2) | -29,574 | -85 % | -24,096 | -33 % | -15,339 | -13 % | |||||||||
Revenues by Geography | |||||||||||||||
EMEA | 18,501 | 53 % | 31,683 | 43 % | 61,092 | 51 % | 71 % | 93 % | 82 % | ||||||
North America | 4,525 | 13 % | 15,964 | 22 % | 28,524 | 24 % | 253 % | 79 % | 151 % | ||||||
Greater China | 10,054 | 29 % | 23,541 | 32 % | 25,742 | 21 % | 134 % | 9 % | 60 % | ||||||
Other | 1,909 | 5 % | 1,684 | 2 % | 4,489 | 4 % | -12 % | 167 % | 53 % | ||||||
Revenues by Channel | |||||||||||||||
DTC | 16,959 | 48 % | 46,134 | 63 % | 58,536 | 49 % | 172 % | 27 % | 86 % | ||||||
Wholesale | 12,974 | 37 % | 21,161 | 29 % | 51,898 | 43 % | 63 % | 145 % | 100 % | ||||||
Other | 5,056 | 14 % | 5,577 | 8 % | 9,413 | 8 % | 10 % | 69 % | 36 % |
Wolford Brand Key Financials(3) | |||||||||||||||
(€ in Thousands, unless otherwise noted) | |||||||||||||||
Wolford Brand Key Financials | 2020A | 2021A | 2022A | 2021A v | 2022Av | 20-22 | |||||||||
FY | % | FY | % | FY | % | 2020A | 2021A | CAGR | |||||||
Key Financials on P&L | |||||||||||||||
Revenues | 95,384 | 100 % | 109,332 | 100 % | 125,514 | 100 % | 15 % | 15 % | 15 % | ||||||
Gross profit | 65,865 | 69 % | 79,070 | 72 % | 86,228 | 69 % | |||||||||
Selling and distribution | -65,006 | -68 % | -59,351 | -54 % | -81,901 | -65 % | |||||||||
Contribution profit (2) | 859 | 1 % | 19,719 | 18 % | 4,327 | 3 % | |||||||||
Revenues by Geography | |||||||||||||||
EMEA | 73,794 | 77 % | 79,236 | 72 % | 86,501 | 69 % | 7 % | 9 % | 8 % | ||||||
North America | 16,367 | 17 % | 21,824 | 20 % | 31,535 | 25 % | 33 % | 44 % | 39 % | ||||||
Greater China | 4,867 | 5 % | 7,289 | 7 % | 6,791 | 5 % | 50 % | -7 % | 18 % | ||||||
Other | 356 | 0 % | 983 | 1 % | 687 | 1 % | 176 % | -30 % | 39 % | ||||||
Revenues by Channel | |||||||||||||||
DTC | 62,323 | 65 % | 74,622 | 68 % | 90,408 | 72 % | 20 % | 21 % | 20 % | ||||||
Wholesale | 33,061 | 35 % | 34,710 | 32 % | 34,426 | 27 % | 5 % | -1 % | 2 % | ||||||
Other | 0 | 0 % | 0 | 0 % | 680 | 1 % |
Sergio Rossi Brand Key Financials(3) | |||||||||
(€ in Thousands, unless otherwise noted) | |||||||||
Sergio Rossi Brand Key Financials | 2021PF | 2021A | 2022A | 2022A v | 2022A v | ||||
FY | % | FY | % | FY | % | 2021PF | 2021A | ||
Key Financials on P&L | |||||||||
Revenues | 59,206 | 100 % | 28,737 | 100 % | 61,929 | 100 % | 5 % | 116 % | |
Gross profit | 13,319 | 46 % | 31,048 | 50 % | |||||
Selling and distribution expenses | -9,489 | -33 % | -24,502 | -40 % | |||||
Contribution profit (2) | 3,830 | 13 % | 6,546 | 11 % | |||||
Revenues by Geography | |||||||||
EMEA | 33,435 | 56 % | 17,009 | 59 % | 35,023 | 57 % | 5 % | 106 % | |
North America | 1,290 | 2 % | 107 | 0 % | 1,181 | 2 % | -8 % | 1004 % | |
Greater China | 11,331 | 19 % | 4,595 | 16 % | 10,809 | 17 % | -5 % | 135 % | |
Other | 13,150 | 22 % | 7,027 | 24 % | 14,916 | 24 % | 13 % | 112 % | |
Revenues by Channel | |||||||||
DTC | 28,911 | 49 % | 14,349 | 50 % | 31,910 | 52 % | 10 % | 122 % | |
Wholesale | 30,295 | 51 % | 14,389 | 50 % | 30,019 | 48 % | -1 % | 109 % | |
Other | 0 | 0 % | 0 | 0 % | 0 | 0 % |
St. John Brand Key Financials(3) | |||||||||||||||||
(€ in Thousands, unless otherwise noted) | |||||||||||||||||
St. John Brand Key Financials | 2020A | 2021A | 2022A | 2021A v | 2022A v | 20-22 | |||||||||||
FY | % | FY | % | FY | % | 2020A | 2021A | CAGR | |||||||||
Key Financials on P&L | |||||||||||||||||
Revenues | 66,512 | 100 % | 73,094 | 100 % | 85,884 | 100 % | 10 % | 17 % | 14 % | ||||||||
Gross profit | 32,987 | 50 % | 38,987 | 53 % | 52,642 | 61 % | |||||||||||
Selling and distribution | -42,273 | -64 % | -37,697 | -52 % | -42,498 | -49 % | |||||||||||
Contribution profit (2) | -9,286 | -14 % | 1,290 | 2 % | 10,144 | 12 % | |||||||||||
Revenues by Geography | |||||||||||||||||
EMEA | 2,254 | 3 % | 779 | 1 % | 1,224 | 1 % | -65 % | 57 % | -26 % | ||||||||
North America | 60,528 | 91 % | 65,534 | 90 % | 78,774 | 92 % | 8 % | 20 % | 14 % | ||||||||
Greater China | 2,919 | 4 % | 6,467 | 9 % | 5,153 | 6 % | 122 % | -20 % | 33 % | ||||||||
Other | 811 | 1 % | 315 | 0 % | 733 | 1 % | -61 % | 133 % | -5 % | ||||||||
Revenues by Channel | |||||||||||||||||
DTC | 44,778 | 67 % | 51,581 | 71 % | 66,412 | 77 % | 15 % | 29 % | 22 % | ||||||||
Wholesale | 21,734 | 33 % | 21,513 | 29 % | 19,077 | 22 % | -1 % | -11 % | -6 % | ||||||||
Other | 0 | 0 % | 0 | 0 % | 395 | 0 % |
Caruso Brand Key Financials(3) | ||||||||||
(€ in Thousands, unless otherwise noted) | ||||||||||
Caruso Brand Key Financials | 2020A | 2021A | 2022A | 2021A v | 2022A v | 20-22 | ||||
FY | % | FY | % | FY | % | 2020A | 2021A | CAGR | ||
Key Financials on P&L | ||||||||||
Revenues | 26,351 | 100 % | 24,695 | 100 % | 30,819 | 100 % | -6 % | 25 % | 8 % | |
Gross profit | 4,881 | 19 % | 4,449 | 18 % | 7,147 | 23 % | ||||
Selling and distribution expenses | -1,708 | -6 % | -1,144 | -5 % | -1,446 | -5 % | ||||
Contribution profit (2) | 3,173 | 12 % | 3,305 | 13 % | 5,701 | 18 % | ||||
Revenues by Geography | ||||||||||
EMEA | 20,318 | 77 % | 19,475 | 79 % | 23,050 | 75 % | -4 % | 18 % | 7 % | |
North America | 4,252 | 16 % | 3,272 | 13 % | 5,833 | 19 % | -23 % | 78 % | 17 % | |
Greater China | 480 | 2 % | 549 | 2 % | 559 | 2 % | 14 % | 2 % | 8 % | |
Other | 1,301 | 5 % | 1,399 | 6 % | 1,377 | 4 % | 8 % | -2 % | 3 % | |
Revenues by Channel | ||||||||||
DTC | 0 | 0 % | 0 | 0 % | 0 | 0 % | ||||
Wholesale | 26,351 | 100 % | 24,695 | 100 % | 30,819 | 100 % | -6 % | 25 % | 8 % | |
Other | 0 | 0 % | 0 | 0 % | 0 | 0 % |
Lanvin Group Brand Footprint | ||||
Footprint by Brand | 2021 | 2022 | ||
DOS (4) | POS (5) | DOS (4) | POS (5) | |
Lanvin | 27 | 287 | 31 | 339 |
Wolford | 167 | 227 | 163 | 225 |
St. John | 48 | 133 | 46 | 106 |
Sergio Rossi | 50 | 328 | 50 | 346 |
Caruso | 1 | 144 | 1 | 189 |
Total | 293 | 1,119 | 291 | 1,205 |
Non-IFRS Financial Measures Reconciliation | |||
(€ in Thousands, unless otherwise noted) | |||
Reconciliation of Contribution Margin | 2020A | 2021A | 2022A |
FY | FY | FY | |
Revenue | 222,612 | 308,822 | 422,312 |
Cost of sales | -105,218 | -138,920 | -184,368 |
Gross profit | 117,394 | 169,902 | 237,944 |
Marketing and selling expenses | -151,631 | -165,502 | -224,733 |
Contribution profit (2) | -34,237 | 4,400 | 13,211 |
(€ in Thousands, unless otherwise noted) | |||
Reconciliation of Adjusted EBIT | 2020A | 2021A | 2022A |
FY | FY | FY | |
Loss for the year | -135,657 | -76,452 | -239,751 |
Add / (Deduct) the impact of: | |||
Income tax benefits / (expenses) | -1,603 | 4,331 | -129 |
Finance cost—net | 12,989 | 9,313 | 14,556 |
Non-underlying items (1) | -43,546 | -45,206 | 83,057 |
Loss from operations before non-underlying items | -167,817 | -108,014 | -142,267 |
Add / (Deduct) the impact of: | |||
Share based compensation | 5,389 | 7,208 | 7,431 |
Adjusted EBIT (2) | -162,428 | -100,806 | -134,836 |
(€ in Thousands, unless otherwise noted) | |||
Reconciliation of Adjusted EBITDA | 2020A | 2021A | 2022A |
FY | FY | FY | |
Loss for the year | -135,657 | -76,452 | -239,751 |
Add / (Deduct) the impact of: | |||
Income tax benefits / (expenses) | -1,603 | 4,331 | -129 |
Finance cost—net | 12,989 | 9,313 | 14,556 |
Non-underlying items (1) | -43,546 | -45,206 | 83,057 |
Loss from operations before non-underlying items | -167,817 | -108,014 | -142,267 |
Add / (Deduct) the impact of: | |||
Share based compensation | 5,389 | 7,208 | 7,431 |
Provisions and impairment losses | 22,676 | 10,766 | 16,729 |
Net foreign exchange (gains) / losses | 3,304 | -10,489 | 339 |
Depreciation / Amortization | 48,332 | 41,584 | 45,810 |
Adjusted EBITDA (2) | -88,116 | -58,945 | -71,958 |
Note: |
(1) 2022 was impacted by a €84 million cost related to the Reverse Recapitalization that occurred as part of the SPAC merger; this cost is non-recurring in nature. |
(2) These are Non-IFRS Financial Measures and will be mentioned throughout this communication. Please see Non-IFRS Financial Measures and Definition. |
(3) Brand-level results are presented exclusive of eliminations. |
(4) DOS refers to Directly Operated Stores which include boutiques, outlets, concession shop-in-shops and pop-up stores. |
(5) POS refers to Point of Sales which include DOS and wholesale accounts. |
Non-IFRS Financial Measures and Definition
Our management monitors and evaluates operating and financial performance using several non-IFRS financial measures including: contribution profit, contribution margin, Adjusted EBIT and Adjusted EBITDA. Our management believes that these non-IFRS financial measures provide useful and relevant information regarding our performance and improve their ability to assess financial performance and financial position. They also provide comparable measures that facilitate management's ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions. While similar measures are widely used in the industry in which we operate, the financial measures that we use may not be comparable to other similarly named measures used by other companies nor are they intended to be substitutes for measures of financial performance or financial position as prepared in accordance with IFRS.
Contribution profit is defined as revenues less the cost of sales and selling and marketing expenses. Contribution profit subtracts the main variable expenses of selling and marketing expenses from gross profit, and our management believes this measure is an important indicator of profitability at the marginal level. Below contribution profit, the main expenses are general administrative expenses and other operating expenses (which include foreign exchange gains or losses and impairment losses). As we continue to improve the management of our portfolio brands, we believe we can achieve greater economy of scale across the different brands by maintaining the fixed expenses at a lower level as a proportion of revenue. We therefore use contribution profit margin as a key indicator of profitability at the group level as well as the portfolio brand level.
Contribution margin is defined as contribution profit divided by revenues.
Adjusted EBIT is defined as profit or loss before income taxes, net finance cost, share based compensation, adjusted for income and costs which are significant in nature and that management considers not reflective of underlying operational activities, mainly including net gains on disposal of long-term assets, negative goodwill from acquisition of Sergio Rossi, gain on debt restructuring and government grants.
Adjusted EBITDA is defined as profit or loss before income taxes, net finance cost, exchange gains/(losses), depreciation, amortization, share based compensation and provisions and impairment losses adjusted for income and costs which are significant in nature and that management considers not reflective of underlying operational activities, mainly including net gains on disposal of long-term assets, negative goodwill from acquisition of Sergio Rossi, gain on debt restructuring and government grants.
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SOURCE Lanvin Group
Uncategorized
February Employment Situation
By Paul Gomme and Peter Rupert The establishment data from the BLS showed a 275,000 increase in payroll employment for February, outpacing the 230,000…
By Paul Gomme and Peter Rupert
The establishment data from the BLS showed a 275,000 increase in payroll employment for February, outpacing the 230,000 average over the previous 12 months. The payroll data for January and December were revised down by a total of 167,000. The private sector added 223,000 new jobs, the largest gain since May of last year.
Temporary help services employment continues a steep decline after a sharp post-pandemic rise.
Average hours of work increased from 34.2 to 34.3. The increase, along with the 223,000 private employment increase led to a hefty increase in total hours of 5.6% at an annualized rate, also the largest increase since May of last year.
The establishment report, once again, beat “expectations;” the WSJ survey of economists was 198,000. Other than the downward revisions, mentioned above, another bit of negative news was a smallish increase in wage growth, from $34.52 to $34.57.
The household survey shows that the labor force increased 150,000, a drop in employment of 184,000 and an increase in the number of unemployed persons of 334,000. The labor force participation rate held steady at 62.5, the employment to population ratio decreased from 60.2 to 60.1 and the unemployment rate increased from 3.66 to 3.86. Remember that the unemployment rate is the number of unemployed relative to the labor force (the number employed plus the number unemployed). Consequently, the unemployment rate can go up if the number of unemployed rises holding fixed the labor force, or if the labor force shrinks holding the number unemployed unchanged. An increase in the unemployment rate is not necessarily a bad thing: it may reflect a strong labor market drawing “marginally attached” individuals from outside the labor force. Indeed, there was a 96,000 decline in those workers.
Earlier in the week, the BLS announced JOLTS (Job Openings and Labor Turnover Survey) data for January. There isn’t much to report here as the job openings changed little at 8.9 million, the number of hires and total separations were little changed at 5.7 million and 5.3 million, respectively.
As has been the case for the last couple of years, the number of job openings remains higher than the number of unemployed persons.
Also earlier in the week the BLS announced that productivity increased 3.2% in the 4th quarter with output rising 3.5% and hours of work rising 0.3%.
The bottom line is that the labor market continues its surprisingly (to some) strong performance, once again proving stronger than many had expected. This strength makes it difficult to justify any interest rate cuts soon, particularly given the recent inflation spike.
unemployment pandemic unemploymentUncategorized
Mortgage rates fall as labor market normalizes
Jobless claims show an expanding economy. We will only be in a recession once jobless claims exceed 323,000 on a four-week moving average.
Everyone was waiting to see if this week’s jobs report would send mortgage rates higher, which is what happened last month. Instead, the 10-year yield had a muted response after the headline number beat estimates, but we have negative job revisions from previous months. The Federal Reserve’s fear of wage growth spiraling out of control hasn’t materialized for over two years now and the unemployment rate ticked up to 3.9%. For now, we can say the labor market isn’t tight anymore, but it’s also not breaking.
The key labor data line in this expansion is the weekly jobless claims report. Jobless claims show an expanding economy that has not lost jobs yet. We will only be in a recession once jobless claims exceed 323,000 on a four-week moving average.
From the Fed: In the week ended March 2, initial claims for unemployment insurance benefits were flat, at 217,000. The four-week moving average declined slightly by 750, to 212,250
Below is an explanation of how we got here with the labor market, which all started during COVID-19.
1. I wrote the COVID-19 recovery model on April 7, 2020, and retired it on Dec. 9, 2020. By that time, the upfront recovery phase was done, and I needed to model out when we would get the jobs lost back.
2. Early in the labor market recovery, when we saw weaker job reports, I doubled and tripled down on my assertion that job openings would get to 10 million in this recovery. Job openings rose as high as to 12 million and are currently over 9 million. Even with the massive miss on a job report in May 2021, I didn’t waver.
Currently, the jobs openings, quit percentage and hires data are below pre-COVID-19 levels, which means the labor market isn’t as tight as it once was, and this is why the employment cost index has been slowing data to move along the quits percentage.
3. I wrote that we should get back all the jobs lost to COVID-19 by September of 2022. At the time this would be a speedy labor market recovery, and it happened on schedule, too
Total employment data
4. This is the key one for right now: If COVID-19 hadn’t happened, we would have between 157 million and 159 million jobs today, which would have been in line with the job growth rate in February 2020. Today, we are at 157,808,000. This is important because job growth should be cooling down now. We are more in line with where the labor market should be when averaging 140K-165K monthly. So for now, the fact that we aren’t trending between 140K-165K means we still have a bit more recovery kick left before we get down to those levels.
From BLS: Total nonfarm payroll employment rose by 275,000 in February, and the unemployment rate increased to 3.9 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, in government, in food services and drinking places, in social assistance, and in transportation and warehousing.
Here are the jobs that were created and lost in the previous month:
In this jobs report, the unemployment rate for education levels looks like this:
- Less than a high school diploma: 6.1%
- High school graduate and no college: 4.2%
- Some college or associate degree: 3.1%
- Bachelor’s degree or higher: 2.2%
Today’s report has continued the trend of the labor data beating my expectations, only because I am looking for the jobs data to slow down to a level of 140K-165K, which hasn’t happened yet. I wouldn’t categorize the labor market as being tight anymore because of the quits ratio and the hires data in the job openings report. This also shows itself in the employment cost index as well. These are key data lines for the Fed and the reason we are going to see three rate cuts this year.
recession unemployment covid-19 fed federal reserve mortgage rates recession recovery unemploymentUncategorized
Inside The Most Ridiculous Jobs Report In History: Record 1.2 Million Immigrant Jobs Added In One Month
Inside The Most Ridiculous Jobs Report In History: Record 1.2 Million Immigrant Jobs Added In One Month
Last month we though that the January…
Last month we though that the January jobs report was the "most ridiculous in recent history" but, boy, were we wrong because this morning the Biden department of goalseeked propaganda (aka BLS) published the February jobs report, and holy crap was that something else. Even Goebbels would blush.
What happened? Let's take a closer look.
On the surface, it was (almost) another blockbuster jobs report, certainly one which nobody expected, or rather just one bank out of 76 expected. Starting at the top, the BLS reported that in February the US unexpectedly added 275K jobs, with just one research analyst (from Dai-Ichi Research) expecting a higher number.
Some context: after last month's record 4-sigma beat, today's print was "only" 3 sigma higher than estimates. Needless to say, two multiple sigma beats in a row used to only happen in the USSR... and now in the US, apparently.
Before we go any further, a quick note on what last month we said was "the most ridiculous jobs report in recent history": it appears the BLS read our comments and decided to stop beclowing itself. It did that by slashing last month's ridiculous print by over a third, and revising what was originally reported as a massive 353K beat to just 229K, a 124K revision, which was the biggest one-month negative revision in two years!
Of course, that does not mean that this month's jobs print won't be revised lower: it will be, and not just that month but every other month until the November election because that's the only tool left in the Biden admin's box: pretend the economic and jobs are strong, then revise them sharply lower the next month, something we pointed out first last summer and which has not failed to disappoint once.
In the past month the Biden department of goalseeking stuff higher before revising it lower, has revised the following data sharply lower:
— zerohedge (@zerohedge) August 30, 2023
- Jobs
- JOLTS
- New Home sales
- Housing Starts and Permits
- Industrial Production
- PCE and core PCE
To be fair, not every aspect of the jobs report was stellar (after all, the BLS had to give it some vague credibility). Take the unemployment rate, after flatlining between 3.4% and 3.8% for two years - and thus denying expectations from Sahm's Rule that a recession may have already started - in February the unemployment rate unexpectedly jumped to 3.9%, the highest since February 2022 (with Black unemployment spiking by 0.3% to 5.6%, an indicator which the Biden admin will quickly slam as widespread economic racism or something).
And then there were average hourly earnings, which after surging 0.6% MoM in January (since revised to 0.5%) and spooking markets that wage growth is so hot, the Fed will have no choice but to delay cuts, in February the number tumbled to just 0.1%, the lowest in two years...
... for one simple reason: last month's average wage surge had nothing to do with actual wages, and everything to do with the BLS estimate of hours worked (which is the denominator in the average wage calculation) which last month tumbled to just 34.1 (we were led to believe) the lowest since the covid pandemic...
... but has since been revised higher while the February print rose even more, to 34.3, hence why the latest average wage data was once again a product not of wages going up, but of how long Americans worked in any weekly period, in this case higher from 34.1 to 34.3, an increase which has a major impact on the average calculation.
While the above data points were examples of some latent weakness in the latest report, perhaps meant to give it a sheen of veracity, it was everything else in the report that was a problem starting with the BLS's latest choice of seasonal adjustments (after last month's wholesale revision), which have gone from merely laughable to full clownshow, as the following comparison between the monthly change in BLS and ADP payrolls shows. The trend is clear: the Biden admin numbers are now clearly rising even as the impartial ADP (which directly logs employment numbers at the company level and is far more accurate), shows an accelerating slowdown.
But it's more than just the Biden admin hanging its "success" on seasonal adjustments: when one digs deeper inside the jobs report, all sorts of ugly things emerge... such as the growing unprecedented divergence between the Establishment (payrolls) survey and much more accurate Household (actual employment) survey. To wit, while in January the BLS claims 275K payrolls were added, the Household survey found that the number of actually employed workers dropped for the third straight month (and 4 in the past 5), this time by 184K (from 161.152K to 160.968K).
This means that while the Payrolls series hits new all time highs every month since December 2020 (when according to the BLS the US had its last month of payrolls losses), the level of Employment has not budged in the past year. Worse, as shown in the chart below, such a gaping divergence has opened between the two series in the past 4 years, that the number of Employed workers would need to soar by 9 million (!) to catch up to what Payrolls claims is the employment situation.
There's more: shifting from a quantitative to a qualitative assessment, reveals just how ugly the composition of "new jobs" has been. Consider this: the BLS reports that in February 2024, the US had 132.9 million full-time jobs and 27.9 million part-time jobs. Well, that's great... until you look back one year and find that in February 2023 the US had 133.2 million full-time jobs, or more than it does one year later! And yes, all the job growth since then has been in part-time jobs, which have increased by 921K since February 2023 (from 27.020 million to 27.941 million).
Here is a summary of the labor composition in the past year: all the new jobs have been part-time jobs!
But wait there's even more, because now that the primary season is over and we enter the heart of election season and political talking points will be thrown around left and right, especially in the context of the immigration crisis created intentionally by the Biden administration which is hoping to import millions of new Democratic voters (maybe the US can hold the presidential election in Honduras or Guatemala, after all it is their citizens that will be illegally casting the key votes in November), what we find is that in February, the number of native-born workers tumbled again, sliding by a massive 560K to just 129.807 million. Add to this the December data, and we get a near-record 2.4 million plunge in native-born workers in just the past 3 months (only the covid crash was worse)!
The offset? A record 1.2 million foreign-born (read immigrants, both legal and illegal but mostly illegal) workers added in February!
Said otherwise, not only has all job creation in the past 6 years has been exclusively for foreign-born workers...
... but there has been zero job-creation for native born workers since June 2018!
This is a huge issue - especially at a time of an illegal alien flood at the southwest border...
... and is about to become a huge political scandal, because once the inevitable recession finally hits, there will be millions of furious unemployed Americans demanding a more accurate explanation for what happened - i.e., the illegal immigration floodgates that were opened by the Biden admin.
Which is also why Biden's handlers will do everything in their power to insure there is no official recession before November... and why after the election is over, all economic hell will finally break loose. Until then, however, expect the jobs numbers to get even more ridiculous.
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