| Revenue |
The Group generates revenue primarily from the sale of its products (net of returns and discounts), and from fees for royalties and licenses received from third parties. Breakdown of revenue by sales channel: | | | | | | | | | For the years ended December 31, | (Euro thousands) | | 2025 | | 2024* | | 2023* | Direct To Consumer (DTC) | | 164,049 | | 200,752 | | 246,973 | Wholesale | | 66,670 | | 78,898 | | 122,354 | Other(1) | | 9,779 | | 12,214 | | 17,649 | Total revenue by sales channel | | 240,498 | | 291,864 | | 386,976 |
* | In accordance with IFRS 5, the revenue information for 2024 and 2023 has been restated, with the Caruso Brand presented as a discontinued operation (see Note 12). |
(1)Other revenues mainly include royalties and certain sales of old season products. Breakdown of revenue by geographic area: | | | | | | | | | For the years ended December 31, | (Euro thousands) | | 2025 | | 2024* | | 2023* | North America | | 116,048 | | 123,786 | | 142,765 | EMEA | | 90,529 | | 114,667 | | 169,175 | Greater China | | 19,487 | | 33,882 | | 53,153 | Other Asia | | 14,434 | | 19,529 | | 21,883 | Total revenue by geographic area | | 240,498 | | 291,864 | | 386,976 |
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