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Trademarks, Licenses and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Trademarks, Licenses and Other Intangible Assets |
| (8) | Trademarks, Licenses and Other Intangible Assets
Schedule of trademarks, licenses and other intangible assets
2023 |  | Gross |  |  | Accumulated |  |  | Net Book |
|  | Amount |  |  | Amortization |  |  | Value |
Trademarks (indefinite lives) |  | $ | 108,760 |  |  | $ | — |  |  | $ | 108,760 |
Trademarks (finite lives) |  |  | 42,752 |  |  |  | 66 |  |  |  | 42,686 |
Licenses (finite lives) |  |  | 215,307 |  |  |  | 73,264 |  |  |  | 142,043 |
Other intangible assets (finite lives) |  |  | 19,524 |  |  |  | 16,657 |  |  |  | 2,867 |
Subtotal |  |  | 277,583 |  |  |  | 89,987 |  |  |  | 187,596 |
Total |  | $ | 386,343 |  |  | $ | 89,987 |  |  | $ | 296,356 |
2022 |  | Gross |  |  | Accumulated |  |  | Net Book |
|  | Amount |  |  | Amortization |  |  | Value |
Trademarks (indefinite lives) |  | $ | 105,022 |  |  | $ | — |  |  | $ | 105,022 |
Trademarks (finite lives) |  |  | 41,267 |  |  |  | 64 |  |  |  | 41,203 |
Licenses (finite lives) |  |  | 205,235 |  |  |  | 63,535 |  |  |  | 141,700 |
Other intangible assets (finite lives) |  |  | 17,849 |  |  |  | 14,921 |  |  |  | 2,928 |
Subtotal |  |  | 264,351 |  |  |  | 78,520 |  |  |  | 185,831 |
Total |  | $ | 369,373 |  |  | $ | 78,520 |  |  | $ | 290,853 |
Amortization expense was $7.5 million, $6.8 million and $5.9 million in 2023, 2022 and 2021, respectively. Amortization expense is expected to approximate $14.3 million in 2024, $13.6 million in 2025, $12.0 million in 2026, and $11.4 million in 2027 and 2028. The weighted average amortization period for trademarks, licenses and other intangible assets with finite lives are 18 years, 14.3 years and 2.5 years, respectively, and 14 years on average. The Company reviews intangible assets with indefinite lives for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. There was an impairment charge for trademarks with indefinite useful lives of $0 million, $6.8 million and $2.4 million in 2023, 2022 and 2021, respectively, relating to our Rochas fashion business and an impairment charge for trademarks with indefinite useful lives of $0.9 million in 2022 relating to our Intimate trademark. The fair values used in our evaluations are estimated based upon discounted future cash flow projections using a weighted average cost of capital of 10.39%, 9.80%, and 7.47% as of December 31, 2023, 2022 and 2021, respectively. The cash flow projections are based upon a number of assumptions, including, future sales levels and future cost of goods and operating expense levels, as well as economic conditions, changes to our business model or changes in consumer acceptance of our products which are more subjective in nature. The Company believes that the assumptions it has made in projecting future cash flows for the evaluations described above are reasonable and currently no other impairment indicators exist for our indefinite-lived assets. However, if future actual results do not meet our expectations, the Company may be required to record an impairment charge, the amount of which could be material to our results of operations. The cost of trademarks, licenses and other intangible assets with finite lives is being amortized by the straight-line method over the term of the respective license or the intangible assets estimated useful life which range from three to twenty years. If the residual value of a finite life intangible asset exceeds its carrying value, then the asset is not amortized. The Company reviews intangible assets with finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Trademarks (finite lives) primarily represent Lanvin brand names and trademarks and in connection with their purchase, Lanvin was granted the right to repurchase the brand names and trademarks on July 1, 2027 for €70 million (approximately $77 million), representing the residual value, in accordance with an amendment signed in 2021. Because the residual value of the intangible asset exceeds its carrying value, the asset is not being amortized.

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