As the country’s economy moves into deflationary territory, manufacturing output declines and a real estate crisis worsens, some consumers are becoming increasingly cautious.

Its flagship brand struggled following the departure of its creative director but better growth was seen at other labels.

After years of outsized growth in prestige cosmetics, consumers have pulled back on the typically recession-proof category.

Last year’s harsh pandemic restrictions and recent raids on foreign firms have made it harder for Western fashion companies to persuade top international talent to move to the country.