3Q Performance3Q was below our estimates and extremely weak, impacted by the tough market context and by some specific difficulties in the contract business.
Luxury Contract ChallengesLuxury Contract remains the main element of weakness, as some luxury brand clients are postponing or canceling their store opening plans.
Market ContextOrganic revenues were lower due to a weak context and a more cautious attitude in the project business, particularly affecting the Soft Contract channel.