The Chinese market is the company’s most significantly declining market.

Analysts stated that the revised outlook still appears conservative, expressing optimism about future growth opportunities.

In the first nine months, the company’s gross profit margin reached 55.4%, and its operating profit margin was 17.4%, both setting record highs for the second consecutive year.

At constant exchange rates, sales in the Asia-Pacific region contracted by 18%. Although certain markets, including South Korea and Malaysia, experienced growth, combined sales in the Chinese Mainland, Hong Kong, and Macau declined by 27%.

In the third quarter, Ferrari’s global total shipments reached 3,383 units, a decrease of 2.2% compared to the previous year.

In the first nine months of 2024, Zegna Group’s total revenue amounted to €1.3574 billion, marking a year-on-year increase of 1.7%, though with a 4.0% decline on an organic basis.

Sales in Greater China grew by 5.7% year-on-year, with additional year-on-year growth achieved during the Golden Week holiday.

Pop Mart’s Q3 revenue in Hong Kong, Macau, Taiwan, and overseas markets surged 440%-445% year-on-year.

The Chinese market accounts for more than half of the company’s total sales.

Gucci’s leather goods category is undergoing a comprehensive overhaul, while Bottega Veneta’s outstanding performance continues to be driven by the significant success of its leather goods collections.