Italian fashion group Marzotto on Monday reported a 3.1 per cent year-on-year slide in nine-month consolidated sales to 1.38 billion euros but said it sees a three per cent rise in 2002 consolidated sales.

The company said its full-year results will be boosted by revenues from its recent acquisition of the Valentino fashion house but that without that contribution, like-for-like sales are seen down two per cent.

Marzotto added it expects Valentino to enjoy a 6.4 per cent climb in full-year sales to 141 million euros.

Earlier this year, the firm revealed a slump in first half profits as it was hit by the global economic slowdown, Hugo Boss's troubles in the US and costs from the Valentino acquisition.