| Borrowings |
24.Borrowings The following table provides a breakdown for non-current and current borrowings: | | | | | | | | | | | | | | | | | | | 2025 | | 2024 | | | | | | | | | Total | | | | | | | | Total | (Euro thousands) | | Guaranteed | | Secured | | Unsecured | | borrowings | | Guaranteed | | Secured | | Unsecured | | borrowings | At January 1, | | 5,694 | | 26,114 | | 151,954 | | 183,762 | | 8,580 | | 29,895 | | 29,626 | | 68,101 | Repayments | | (2,707) | | (102,930) | | (68,817) | | (174,454) | | (2,896) | | (97,488) | | (13,333) | | (113,717) | Proceeds | | 25 | | 81,676 | | 249,790 | | 331,491 | | 10 | | 94,019 | | 134,910 | | 228,939 | Net foreign exchange difference | | — | | (847) | | (5,197) | | (6,044) | | — | | (312) | | 751 | | 439 | At December 31, | | 3,012 | | 4,013 | | 327,730 | | 334,755 | | 5,694 | | 26,114 | | 151,954 | | 183,762 | Repayable: | | | | | | | | | | | | | | | | | - Within one year | | 2,664 | | 4,013 | | 318,390 | | 325,067 | | 3,333 | | 13,475 | | 141,732 | | 158,540 | - In the second year | | 139 | | — | | — | | 139 | | 2,014 | | 12,639 | | — | | 14,653 | - In the third year | | 139 | | — | | 9,340 | | 9,479 | | 139 | | — | | — | | 139 | - Over three years | | 70 | | — | | — | | 70 | | 208 | | — | | 10,222 | | 10,430 | | | 3,012 | | 4,013 | | 327,730 | | 334,755 | | 5,694 | | 26,114 | | 151,954 | | 183,762 | Portion classified as current liabilities | | (2,664) | | (4,013) | | (318,390) | | (325,067) | | (3,333) | | (13,475) | | (141,732) | | (158,540) | Non-current portion | | 348 | | — | | 9,340 | | 9,688 | | 2,361 | | 12,639 | | 10,222 | | 25,222 |
As at December 31, 2025, borrowings amounted to €3,012 thousand (December 31, 2024: €5,694 thousand) were guaranteed by a third party, SACE S.p.A.,the Italian export credit agency. As of December 31, 2025, the secured borrowings owed to Meritz Securities Co., Ltd. (“Meritz”) have been repaid in full (December 31, 2024: €16,710 thousand). As at December 31, 2025, borrowings amounted to €4,013 thousand (December 31, 2024: €9,404 thousand) were secured by the pledge of assets with carrying values at the end of each reporting period as follows: | | | | | | | At December 31, | (Euro thousands) | | 2025 | | 2024 | Pledge of assets: | | | | | - Inventories | | 11,161 | | 17,773 | - Property, plant and equipment | | 7,053 | | 8,977 | - Trade receivables | | 1,016 | | 1,865 | - Other current assets | | 1,039 | | 1,462 | At December 31, | | 20,269 | | 30,077 |
Apart from the above, certain borrowings are guaranteed by two subsidiaries, namely St. John Knits, Inc. and St. John Canada Corporation as at December 31, 2025. The unsecured borrowings are principally used for operation of the Group. The borrowings at rates ranging from 3.85% to 10% (2024: 4.04% to 12.00%) per annum. The main terms of the borrowings are detailed as follows: | | | | | | | | | | | | | | | | | | | At December 31, 2025 | | | Interest | | | | | | Of which current | | Of which non- | Borrower | | rate | | Terms | | Expiry date | | portion | | current portion | | | | | | | | | | (Euro thousands) | St. John Knits, Inc. | | Variable | | SOFR+6.75 | % | April 2026 | | 4,013 | | — | Fosun Fashion Group (Cayman) Limited | | Fixed | | 7.56 | % | April 2026 | | 2,305 | | — | Sergio Rossi S.p.A | | Variable | | Euribor 3m+1.90 | % | September 2026 | | 2,525 | | — | Fosun Fashion Group (Cayman) Limited | | Fixed | | 10.00 | % | December 2026 | | 313,750 | | — | Fosun Fashion Brand Management Co.,Limited | | Fixed | | 7.50 | % | December 2026 | | 1,715 | | — | Fosun Fashion (Shanghai) Consulting Management Co.,Ltd. | | Fixed | | 10.00 | % | December 2027 | | — | | 9,340 | Wolford AG | | Variable | | Euribor 3m+4.00 | % | June 2029 | | 139 | | 348 | Other borrowings | | Variable | | 3.85%-4.38 | % | Up to February 2026 | | 620 | | — | Total | | | | | | | | 325,067 | | 9,688 |
| | | | | | | | | | | | | | | | | | | At December 31, 2024 | | | Interest | | | | | | Of which current | | Of which non- | Borrower | | rate | | Terms | | Expiry date | | portion | | current portion | | | | | | | | | | (Euro thousands) | Sergio Rossi S.p.A | | Variable | | Euribor 3m+4.50 | % | March 2025 | | 8 | | — | Fosun Fashion Group (Cayman) Limited | | Fixed | | 8.06 | % | April 2025 | | 2,579 | | — | St. John Knits, Inc. | | Variable | | SOFR+7.5 | % | April 2025 | | 9,404 | | — | Wolford AG | | Fixed | | 12.00 | % | June 2025 | | 1,985 | | — | Sergio Rossi S.p.A | | Variable | | ECB 3m+6.00 | % | September 2025 | | 695 | | — | Fosun Fashion Brand Management Co.,Limited | | Fixed | | 7.50 | % | December 2025 | | 1,349 | | — | Fosun Fashion Group (Cayman) Limited | | Fixed | | 10.00 | % | December 2025 | | 134,649 | | — | Arpège SAS | | Fixed | | 9.10 | % | March 2026 | | 4,071 | | 12,639 | Sergio Rossi S.p.A | | Variable | | Euribor 3m+1.90 | % | June 2026 | | 2,500 | | 1,875 | Fosun Fashion (Shanghai) Consulting Management Co., Ltd. | | Fixed | | 10.00 | % | December 2027 | | — | | 10,221 | Wolford AG | | Variable | | Euribor 3m+4.00 | % | June 2029 | | 139 | | 487 | Other borrowings | | Variable | | 4.04%-4.53 | % | Up to March 2025 | | 1,161 | | — | Total | | | | | | | | 158,540 | | 25,222 |
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