In a more complex economic and geopolitical environment, the group expressed confidence in its outlook for 2025.

In the Asia-Pacific market, Brooks saw a 228% year-over-year sales increase in China, the world’s second-largest running market.

Greater China recorded €509.4 million in full-year sales revenue, representing a 14.5% year-on-year decline (organic decline of 13.7%). The region accounted for 26% of the group’s total revenue, making it the third-largest market for the group.

LVMH’s sales in the Asia-Pacific region, led by the Greater China market (excluding Japan), declined by 10% in the fourth quarter and 11% for the full year.

In the third fiscal quarter, all Richemont business segments showed significant sales improvement compared to the first half of the fiscal year.

In the first 11 months of this year, the global export value of Swiss watches was approximately CHF 23.9 billion, a year-on-year decrease of 2.7%.

“We have been overly promotional… the level of markdowns has not only impacted our brand but also disrupted the overall market and the profitability of our partners.”

Sales in the Chinese market grew by high single digits year-over-year on a reported basis, and by low double digits on a constant currency basis.

Barrie was acquired by Chanel in 2012 and relaunched in 2014.

The branded down apparel business remains the group’s largest revenue source, with its contribution further increasing to 68.9%.