Reported profit rose to EUR 109 million from EUR 91 million in the prior year. Tagliabue attributed part of the change in the tax line to a lower effective tax rate of 22% (from 30% last year), citing non-taxable income in 2025 related to the remeasurement of put option liabilities, “mainly the one on the remaining 8% stake on Thom Browne.”The group posted a 67.5% gross margin and adjusted EBIT of EUR 163 million , which included EUR 10 million of provisions tied to expected losses on trade receivables rela ...