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Qualitative and quantitative information on financial risks (Tables) | 12 Months Ended
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Dec. 31, 2025
Disclosure of detailed information about financial instruments [abstract] |
Summary of Potential Effects on Profit Before Tax of Hypothetical Change in Exchange Rates | The following table presents the potential effects on profit before tax of a hypothetical change of +/- 500 bps in year-end exchange-rates, applied to the Group’s net balances of receivables and payables in foreign currencies.
| At December 31, 2025 |  | At December 31, 2024
(€ thousands, except basis points) | Receivables and payables |  | +500 bps |  | -500 bps |  | Receivables and payables |  | +500 bps |  | -500 bps
Currency |  | Impact on profit before tax |  |  | Impact on profit before tax
USD | (14,965) |  | 713 |  |  | (788) |  |  | 121,093 |  | (5,766) |  |  | 6,373 |
CAD | 12,614 |  | (601) |  |  | 664 |  |  | — |  | — |  |  | — |
JPY | 22,279 |  | (1,061) |  |  | 1,172 |  |  | 16,506 |  | (786) |  |  | 869 |
CNY | 77,766 |  | (3,703) |  |  | 4,093 |  |  | 113,604 |  | (5,410) |  |  | 5,979 |
HKD | 24,115 |  | (1,148) |  |  | 1,269 |  |  | 29,115 |  | (1,386) |  |  | 1,532 |
GBP | 10,802 |  | (514) |  |  | 569 |  |  | 7,516 |  | (358) |  |  | 396 |
SGD | 16,846 |  | (802) |  |  | 887 |  |  | 14,279 |  | (680) |  |  | 752 |
CHF | (16,975) |  | 808 |  |  | (893) |  |  | (15,994) |  | 762 |  |  | (842) |
KRW | 45,800 |  | (2,181) |  |  | 2,410 |  |  | 40,492 |  | (1,928) |  |  | 2,131 |
Total | 178,282 |  | (8,489) |  |  | 9,383 |  |  | 326,611 |  | (15,552) |  |  | 17,190 |
The following table presents the potential impact on profit before tax of a hypothetical change of +/- 500 bps in year-end exchange-rates, applied to the Group’s hedged positions on the main currencies to which the Group is exposed.
| At December 31, 2025 |  | At December 31, 2024
(€ thousands, except basis points) | Notional amount |  | +500 bps |  | -500 bps |  | Notional amount |  | +500 bps |  | -500 bps
Currency |  | Impact on profit before tax |  |  | Impact on profit before tax
USD | (66,449) |  | (3,164) |  |  | 3,497 |  |  | 99,801 |  | 4,752 |  |  | (5,253) |
CAD | 7,195 |  | 343 |  |  | 380 |  |  | — |  | — |  |  | — |
JPY | 27,275 |  | 1,299 |  |  | (1,436) |  |  | 16,428 |  | 782 |  |  | (865) |
CNY | 88,046 |  | 4,193 |  |  | (4,634) |  |  | 98,343 |  | 4,683 |  |  | (5,176) |
HKD | 12,247 |  | 583 |  |  | (645) |  |  | 18,493 |  | 881 |  |  | (973) |
GBP | 3,513 |  | 167 |  |  | (185) |  |  | 10,223 |  | 487 |  |  | (538) |
SGD | 17,629 |  | 839 |  |  | (928) |  |  | 14,888 |  | 709 |  |  | (784) |
KRW | 24,692 |  | 1,176 |  |  | (1,299) |  |  | 19,189 |  | 914 |  |  | (1,010) |
Total | 114,148 |  | 5,436 |  |  | (5,250) |  |  | 277,365 |  | 13,208 |  |  | (14,599) |
The following table presents the potential change in equity gross of tax of a hypothetical change of +/- 500 bps in year-end exchange-rates, applied to the Group’s foreign currency hedging instruments on highly probable transactions.
| At December 31, 2025 |  | At December 31, 2024
(€ thousands, except basis points) | Notional amount |  | +500 bps |  | -500 bps |  | Notional amount |  | +500 bps |  | -500 bps
Currency |  | Impact on hedge reserve |  |  | Impact on hedge reserve
USD | 43,124 |  | 2,054 |  |  | (2,270) |  |  | 139,582 |  | 6,647 |  |  | (7,346) |
CAD | 8,624 |  | 411 |  |  | (454) |  |  | — |  | — |  |  | — |
JPY | 10,332 |  | 491 |  |  | (544) |  |  | 20,469 |  | 975 |  |  | (1,077) |
CNY | 172,390 |  | 8,209 |  |  | (9,073) |  |  | 160,344 |  | 7,635 |  |  | (8,439) |
HKD | 10,078 |  | 480 |  |  | (530) |  |  | 17,697 |  | 843 |  |  | (931) |
GBP | 12,512 |  | 596 |  |  | (659) |  |  | 27,941 |  | 1,331 |  |  | (1,471) |
SGD | 4,845 |  | 231 |  |  | (255) |  |  | 8,114 |  | 386 |  |  | (427) |
KRW | — |  | — |  |  | — |  |  | 3,150 |  | 150 |  |  | (166) |
Total | 261,905 |  | 12,472 |  |  | (13,785) |  |  | 377,297 |  | 17,967 |  |  | (19,857) |
The following table presents the potential impact on profit before tax of a hypothetical change of +/- 500 bps in the EUR/USD year-end exchange-rate, applied to the Thom Browne put option in U.S. Dollars on non-controlling interests (recorded within other non-current financial liabilities).
| At December 31, 2025 |  | At December 31, 2024
(€ thousands, except basis points) | Notional amount |  | +500 bps |  | -500 bps |  | Notional amount |  | +500 bps |  | -500 bps
Currency |  | Impact on profit before tax |  |  | Impact on profit before tax
USD | (90,295) |  | 4,300 |  | (4,752) |  | (127,072) |  | 6,051 |  |  | (6,688) |
Total | (90,295) |  | 4,300 |  | (4,752) |  | (127,072) |  | 6,051 |  |  | (6,688) |
Summary of Sensitivity on Floating Rate Borrowings | The following table presents the sensitivity on floating rate borrowings not covered by interest rate swaps.
At December 31, 2025
Amount |  | Total interest rate (*) |  | Interest expense |  | -20% |  | Impact on profit before tax |  | +20% |  | Impact on profit before tax
(€ thousands, except percentages)
50,000 |  | 3.000% |  | 1,500 |  | 2.580% |  | 1,290 |  | 3.420% |  | 1,710
18,824 |  | 2.890% |  | 544 |  | 2.476% |  | 466 |  | 3.304% |  | 622
13,426 |  | 2.990% |  | 401 |  | 2.547% |  | 342 |  | 3.427% |  | 460
40,000 |  | 3.080% |  | 1,230 |  | 2.649% |  | 1,060 |  | 3.503% |  | 1,401
10,000 |  | 2.960% |  | 296 |  | 2.558% |  | 256 |  | 3.364% |  | 336
10,000 |  | 2.880% |  | 288 |  | 2.472% |  | 247 |  | 3.284% |  | 328
10,000 |  | 2.940% |  | 294 |  | 2.529% |  | 253 |  | 3.343% |  | 334
163 |  | 4.130% |  | 7 |  | 3.703% |  | 6 |  | 4.549% |  | 7
152,413 |  |  |  | 4,560 |  |  |  | 3,920 |  |  |  | 5,200
______________________ *The overall rate indicated is compounded of the fixed spread plus the variable rate (+-20% is on the variable rate).
At December 31, 2024
Amount |  | Total interest rate (*) |  | Interest expense |  | -20% |  | Impact on profit before tax |  | +20% |  | Impact on profit before tax
(€ thousands, except percentages)
50,000 |  | 3.854% |  | 1,927 |  | 3.263% |  | 1,632 |  | 4.445% |  | 2,223
1,452 |  | 3.822% |  | 55 |  | 3.245% |  | 47 |  | 4.399% |  | 64
20,000 |  | 3.732% |  | 746 |  | 3.150% |  | 630 |  | 4.314% |  | 863
20,000 |  | 3.460% |  | 692 |  | 2.922% |  | 584 |  | 3.998% |  | 800
40,000 |  | 3.612% |  | 1,445 |  | 3.085% |  | 1,234 |  | 4.139% |  | 1,656
10,000 |  | 4.271% |  | 427 |  | 3.606% |  | 361 |  | 4.936% |  | 494
10,000 |  | 4.222% |  | 422 |  | 3.548% |  | 355 |  | 4.896% |  | 490
370 |  | 4.433% |  | 16 |  | 3.891% |  | 14 |  | 4.975% |  | 18
15,000 |  | 2.840% |  | 426 |  | 2.272% |  | 341 |  | 3.408% |  | 511
35,000 |  | 2.840% |  | 994 |  | 2.272% |  | 795 |  | 3.408% |  | 1,193
40,000 |  | 3.846% |  | 1,538 |  | 3.237% |  | 1,295 |  | 4.455% |  | 1,782
241,822 |  |  |  | 8,690 |  |  |  | 7,288 |  |  |  | 10,092
______________________ *The overall rate indicated is compounded of the fixed spread plus the variable rate (+-20% is on the variable rate). The following table presents the sensitivity of a hypothetical change of +/- 100 bps in year-end cost of debt rate for written put option on non-controlling interests:
| At December 31, 2025 |  | At December 31, 2024
(€ thousands, except basis points) | Notional amount |  | +100 bps |  | -100 bps |  | Notional amount |  | +100 bps |  | -100 bps
|  | Impact on profit before tax |  |  | Impact on profit before tax
Thom Browne | (90,295) |  |  | 3,471 |  |  | (3,654) |  |  | (127,072) |  |  | 6,043 |  |  | (6,419) |
Dondi | (15,337) |  |  | 860 |  |  | (930) |  |  | (19,266) |  |  | 1,261 |  |  | (1,375) |
Total | (105,632) |  |  | 4,331 |  |  | (4,584) |  |  | (146,338) |  |  | 7,304 |  |  | (7,794) |
Summary of Groups Financial Liabilities into Relevant Maturity Groupings | The following tables summarize the Group’s financial liabilities into relevant maturity groupings based on their contractual maturities:
| Contractual cash flows at December 31, 2025 |  |
(€ thousands) | Within 1 year |  | Between 1 and 2 years |  | Between 2 and 3 years |  | Beyond 3 years |  | Total contractual cash flows |  | Carrying amount at December 31, 2025
Derivative financial instruments | 4,315 |  | 261 |  | — |  | — |  | 4,576 |  | 4,576
Trade payables and customer advances | 326,245 |  | — |  | — |  | — |  | 326,245 |  | 326,245
Borrowings | 89,717 |  | 102,005 |  | 60,305 |  | 4,769 |  | 256,796 |  | 246,189
Lease liabilities | 166,666 |  | 143,825 |  | 122,889 |  | 402,856 |  | 836,236 |  | 731,589
Other current and non-current financial liabilities | — |  | — |  | — |  | 105,632 |  | 105,632 |  | 105,632
Total | 586,943 |  | 246,091 |  | 183,194 |  | 513,257 |  | 1,529,485 |  | 1,414,231
| Contractual cash flows at December 31, 2024 |  |
(€ thousands) | Within 1 year |  | Between 1 and 2 years |  | Between 2 and 3 years |  | Beyond 3 years |  | Total contractual cash flows |  | Carrying amount at December 31, 2024
Derivative financial instruments | 14,699 |  | — |  | 439 |  | — |  | 15,138 |  | 15,138
Trade payables and customer advances | 309,771 |  | — |  | — |  | — |  | 309,771 |  | 309,771
Borrowings | 186,029 |  | 88,347 |  | 101,273 |  | 13,824 |  | 389,473 |  | 373,567
Lease liabilities | 165,596 |  | 132,995 |  | 114,623 |  | 336,032 |  | 749,246 |  | 661,685
Other current and non-current financial liabilities | — |  | — |  | — |  | 146,447 |  | 146,447 |  | 146,448
Total | 676,095 |  | 221,342 |  | 216,335 |  | 496,303 |  | 1,610,075 |  | 1,506,609
Summary of Aging of Trade Receivables | The following table provides the aging of trade receivables:
(€ thousands) | Not yet due |  | 0-120 days overdue |  | 121-180 days overdue |  | >180 days overdue |  | Total
Trade receivables, gross | 186,695 |  | 36,249 |  | 9,666 |  | 17,529 |  | 250,139
Loss allowance | (3,777) |  | (8,827) |  | (2,050) |  | (8,398) |  | (23,052)
Total trade receivables at December 31, 2025 | 182,918 |  | 27,422 |  | 7,616 |  | 9,131 |  | 227,087
Trade receivables, gross | 180,176 |  | 60,283 |  | 6,231 |  | 16,690 |  | 263,380
Loss allowance | 31 |  | (1,503) |  | (771) |  | (12,347) |  | (14,590)
Total trade receivables at December 31, 2024 | 180,207 |  | 58,780 |  | 5,460 |  | 4,343 |  | 248,790

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