Perfect Moment said third-quarter revenue declined 8% to $11.7 million, largely due to a decrease in collaboration revenue partially offset by an increase in retail net revenue.

The London-headquartered luxury skiwear brand said collaborations revenue declined by $1.1 million due to the conclusion of a two-year partnership with Hugo Boss that ended in fiscal year 2024. Excluding the Hugo Boss collaboration revenue, total revenue for the quarter ending December 31  was flat at $11.6 million.

By channel, total quarterly e-commerce net revenue declined 1%,  and wholesale net revenue decreased 6%, driven by phased deliveries to match customer demand.

As a result of the sales slump, Perfect Moment entered the red posting a net loss of $2.5 million or a loss of $0.15 per basic and diluted share for the quarter, compared to a net income of $1.2 million or $0.08 per diluted share in the year-ago period.

“Fiscal Q3 was a milestone quarter for Perfect Moment with the launch of our first retail stores in New York and London,” said Perfect Moment president and chief creative officer, Jane Gottschalk.

“The launch of our new seasonal stores marked a significant evolution for Perfect Moment in how it has enabled us for the first time to engage directly with our après-ski community. Building upon our success in these high-end retail markets, we opened our first European seasonal store at Kitzbühel, with this furthering our exploration of establishing physical retail locations at select luxury destinations. We are planning to leverage our new physical store network to expand our brand identity and profile, as well as drive higher levels of loyalty and engagement at the local level.”

Earlier this month, Perfect Moment announced several leadership changes, as the luxury firm looks to strengthen its management team and fuel its growth.