Overview

• Pre-tax profit plunged 66.8% to €74.5 million in 2024 from €224.5 million a year earlier.
• Annual revenue slipped 6% to €2.3 billion, reflecting a 5% decline at constant exchange rates.
• The group invested a record €332 million in flagship stores, real estate and e-commerce projects, nearly doubling year-earlier spending.
• All the investments were self-funded, reducing net cash by 40% to €569.7 million by year-end.
• Europe accounted for 49% of sales, the Americas rose to 22% and Asia-Pacific declined to 19% as demand in China softened.