To be honest, I don't know what they're doing with this brand. I know that they intially bought the house for the "Joy" name and that it was Henry's idea to do a revival, but the brand direction/management here feels so nonexistent.
The first misstep is Henry's vision:
The house may be LVMH funded, but it's still new to the eye of the fashion public. When a house is new or freshly revived, it needs a strong identity to cement itself, which means creating very directional collections. Personally, I would've taken the shapes of 60s/70s Saint Laurent Rive Gauche with Lacroix's colourist properties.
The second misstep is the merchandising:
The seasonal collections are too severally editted for the stores, making it feel they're all blending together. Also as a newly revived house, Patou doesn't have the indie coolness or superbrand caché to justify pushing so much logoed merchandise.
The third misstep is the marketing:
The house has a almost silent relaunch, starting with showroom presentations and lookbooks. While cost effective, it doesn't get the attention or excitement a brand revival really needs. Holding an actual runway show at Paris in front of Vogue, Elle, WWD and a couple indie/semi-indie magazines, critics and emerging celebrities would've done the trick to spread awareness of the brand. Otherwise, they could've gone for films to show each collection along with an open-to-public presentation.
For example, Filippa K is currently going through a "revival" with Liisa Kessler, a designer from Saint Laurent's studio, at the helm. While they would definitely benefit from switching to Paris or Milan Fashion Week to cement their presence, the brand seems to be well directed and managed from all sides.