Revenue was down by 7.2% at constant exchange rates and the company attributed the decline to accelerating its “creative transition while continuing in the optimisation of the wholesale and retail networks”.

The retail channel saw a decline of 5.9% in the half (4.5% at constant exchange rates), while wholesale was down by 13.3% (14.3%).

Regionally, the Asia Pacific had a drop of 12.9% (10.4% at constant exchange rates) in net sales in the period, particularly attributed to South Korea, while Japan was down by 11.4% (3.8%). EMEA had growth of 10.8% (10.9%) in the half, North America was down by 17.3% (18.6%) and Central and South America was relatively flat at 0.4% (7.3%).

Operating profit was down by 50.8% to €47 million and net profit for the first half of the year totalled €21 million, falling by 65.4% year-on-year.

CEO Marco Gobbetti said: “In this first part of the year, we made good progress in the execution of our strategic priorities, in line with our plans. We kept the focus on the operating improvements and brand initiatives to support a new offering that is relevant for our customer aspirations, while continuing the optimisation of our retail and wholesale networks.

“As we move further into the year, the higher share of new products, the continued marketing investments, together with compelling store and on‐line execution, will strengthen the brand image and create engagement with existing and new audiences. While conscious of an increasingly uncertain market environment, the choices and work we have done reinforce the commitment to our strategic priorities and the confidence in our medium‐term ambition.”