Qualitative and quantitative information on financial risks (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Disclosure of detailed information about financial instruments [abstract] |
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| 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) | |
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| 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) | |
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| 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 |
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| 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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