Luxury skiwear brand Perfect Moment said revenues plunged 35 percent to $3.8 million in the second quarter, on the back of a decline in collaborations revenue, partially offset by gains in its e-commerce vertical.

The London-headquartered firm said collaborations revenue for the three months ending September 30 fell by $2 million, due to the conclusion of a two-year collaboration with Hugo Boss that ended in fiscal year 2024. Excluding collaboration revenues, the company said revenues were flat on the same quarter last year.

E-commerce revenue rose 8 percent to $1.7 million, while wholesale revenues fell 4 percent to $2.7 million, adversely impacted timing differences in shipping.

Net loss was $2.7 million or a loss of $0.17 per basic and diluted share, compared to a net loss of $0.8 million or a loss of $0.29 per basic and diluted share in the year-ago period.

“In fiscal Q2, we grew our e-commerce business as we further expanded brand awareness and improved our supply chain operations,” said Perfect Moment CEO, Mark Buckley.

“In a challenging market we delivered strong growth in e-commerce while implementing more effective strategies that lowered our marketing expenses by 21% versus the same year-ago quarter. Our e-commerce growth during the quarter was offset by a decrease in revenue from a collaboration with Hugo Boss that concluded in fiscal year 2024. However, this allowed us to focus on long-term sustainable growth, and our wholesale revenue, which excludes Hugo Boss, was relatively consistent in the quarter.”

Earlier this month, the company appointed Rosela Mitropoulos to the new position of head of business development. She will accelerate the brand’s sustainable growth plans, following its newly opened debut retail store in New York City, in October.