Growth was 4.8% at constant exchange rates. The Piquadro brand alone reported revenue of €58.5 million with growth of 9.8% year-on-year (11.7% at constant exchange rates). The brand’s wholesale channel was up by 17.3% while directly operated stores (DOS) had growth of 5.4%.

Meanwhile, The Bridge had an increase of 9.4% to €25.2 million, with an increase in the wholesale channel of 7.7% and 17.4% for DOS. Maison Lancel was down by 5.4% to €47.7 million, reportedly impacted by protests in France, which makes up 90% of its revenue.

Regionally, the group brought in 48.1% of sales from its home market of Italy, which was up by 9.8% in the period to €63.2 million. The European market, meanwhile, totalled €63.3 million and declined by 3.3% year-on-year. The rest of the world totalled €4.9 million and increased by 31.8% year-on-year, making up 3.7% of the total.

Piquadro CEO Marco Palmieri said: “Growth dynamics deteriorated in the last quarter, particularly in December, across Europe. Furthermore, China’s post-Covid recovery has not happened as hoped.”