Organic revenues at Ermenegildo Zegna dropped 6.7% in the third quarter, hit by a 22% decrease in its Greater China region, the Italian luxury group said on Tuesday.

Revenue totalled €397 million ($429.8 million) for the June-September quarter.

“Although third quarter revenues showed a slowdown for the group, I am reassured by the continued positive performance of the Zegna brand,” Chairman and CEO Ermenegildo Zegna said in a statement.

“Looking ahead to the fourth quarter of 2024 and into 2025, we continue to foresee an uncertain environment, particularly in the Greater China Region,” he added.