The company noted that the result was affected by a 6% negative exchange rate effect and a 2% positive impact from its acquisition of Maui Jim.

Revenue from its directly operated store network was down by 6% on a comparable basis, which reflects lower traffic and varying regional performance. Meanwhile, wholesale and other revenue fell by 20% on a comparable basis as the group continues efforts to tight control of distribution.

In the first nine months of 2023 as a whole, the group generate revenue of €14.6 billion, down by 3% on a reported basis and 2% on a comparable basis.

For the third quarter of the year, Gucci reported revenue of €2.2 billion, down by 14% reported and 7% comparable. Sales in its directly operated retail network were down by 7% on a comparable basis while wholesale fell by 17%.

Yves Saint Laurent had a reported decline of 16% with a drop of 12% on a comparable basis to €768 million. Its directly operated retail network sales were down by 4% (comparable) while wholesale dropped by 38%.

Bottega Veneta brought in revenue of €381 million in the period, down 13% as reported and 7% on a comparable basis. Its directly operated retail network was down by 2% and wholesale was down 30%.

Other Houses totalled revenue of €805 million in the quarter, down 19% on a reported basis and 15% comparable.

François-Henri Pinault, Chairman and CEO, said: “Beyond the challenging macroeconomic conditions and softening demand across the luxury industry, the change in our revenue performance in the third quarter reflects the impact of our decisions to further elevate our brands and their distribution.

“The organisation we put in place in July will enable us to strengthen the steering of our Houses in the current market environment and to reclaim our positions and influence. With the acquisition of Creed completed last week, one of the world’s most distinguished high fragrance houses has joined our family, propelling our ambitions in beauty onto the next stage.”