| Related party transactions |
15. | Related party transactions |
Transactions with related parties In addition to the transactions and balances detailed elsewhere in these financial statements, the Group had the following transactions with related parties during the periods: | | | | | | | For the six months ended June 30, | (Euro thousands) | | 2026 | | 2025 | (i) Sales of goods | | | | | Handsome Corporation (1) | | 164 | | 249 | | | | | | (ii) Other service expenses | | | | | Baozun Hong Kong Investment Limited (1) | | — | | 322 | | | | | | (iii) Interest expense | | | | | Fosun International Limited (1) | | 18,090 | | 7,742 | Shanghai Fosun High Technology (Group) Co., Ltd. (2) | | 498 | | 491 | FPI (US) 1 LLC (2) | | 85 | | 99 | Shanghai Fosun High Technology Group Finance Co., Ltd. (2) | | 64 | | 56 | Itochu Corporation (3) | | * | | — | Meritz Securities Co., Ltd. (4) | | — | | 2,442 | Total interest expenses | | 18,737 | | 10,830 | | | | | | (iv) Proceeds from shareholder loan | | | | | Fosun International Limited | | 68,760 | | 86,102 | Shanghai Fosun High Technology Group Finance Co., Ltd. | | 700 | | 866 | Total proceeds of shareholder loan | | 69,460 | | 86,968 | | | | | | (v) Repayments of shareholder loan | | | | | Fosun International Limited | | 3,827 | | 9,151 | Shanghai Fosun High Technology Group Finance Co., Ltd. | | 961 | | 452 | Meritz Securities Co., Ltd. | | — | | 16,710 | Total repayments of shareholder loan | | 4,788 | | 26,313 | | | | | | (vi) Repayments of financing fund | | | | | Meritz Securities Co., Ltd. | | — | | 48,091 | | | | | | (vii) Royalty | | | | | Handsome Corporation | | 1,182 | | 1,390 | Itochu Corporation | | * | | 1,018 | Total royalty | | 1,182 | | 2,408 |
Balances with related parties | | | | | | | At June 30, | | At December 31, | (Euro thousands) | | 2026 | | 2025 | (i) Borrowings | | | | | Fosun International Limited | | 381,099 | | 313,750 | Shanghai Fosun High Technology (Group) Co., Ltd. | | 9,903 | | 9,340 | FPI (US) 1 LLC | | 2,368 | | 2,304 | Shanghai Fosun High Technology Group Finance Co., Ltd. | | 1,548 | | 1,715 | Total borrowings | | 394,918 | | 327,109 | (ii) Other current liabilities | | | | | Fosun International Limited | | 48,352 | | 29,532 | Shanghai Fosun Bund Property Co., Ltd. | | 2,021 | | 1,906 | Shanghai Fosun High Technology (Group) Co., Ltd. | | 1,185 | | 1,118 | Shanghai Fosun Industrial Investment Co.,Ltd.(2) | | 998 | | 1,106 | Baozun Hong Kong Investment Limited | | 518 | | 1,585 | FPI (US) 1 LLC | | 488 | | 390 | Shanghai Fosun High Technology Group Finance Co., Ltd. | | 3 | | 3 | Itochu Corporation | | — | | 1,656 | Fosun Holdings Limited | | — | | 257 | Total other current liabilities | | 53,565 | | 37,553 | (iii) Other current assets | | | | | Fosun International Limited | | 245 | | 239 | (iv) Other non-current liabilities | | | | | Shanghai Fosun High Technology (Group) Co., Ltd. | | 4,284 | | 3,571 | Itochu Corporation | | — | | 22,061 | Total other non-current liabilities | | 4,284 | | 25,632 |
*Please refer to notes (3). Notes: | (1) | One of the shareholders of the Group. |
| (2) | Subsidiaries of Fosun International Limited. |
| (3) | During the first half of 2026, the former shareholder ceased to hold any shares and is no longer a related party of the Group. |
| (4) | One of the shareholders of the Group from January 1, 2025 to June 26, 2025 and the related party transactions are accumulated transactions for this period. It ceased to be a related party from June 27, 2025, when the Group repurchased its shares. |
|