Cash Generation ChallengesPerformance in cash generation came slightly below expectations, impacted by higher working capital and investments.
Legal And Ethical IssuesProsecutors have uncovered a systemic exploitation scheme among Chinese subcontractors operating in Italy: Dior bags sold for €2,600 assembled for just €53 each; workers paid €2–3 per hour for 10-hour shifts, seven days a week; undocumented workers forced to sleep in workshops.
Luxury Sector Weakness1H25 was still very weak, impacted by the ongoing negative luxury sector backdrop.