​

  ​ ​ ​

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

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

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