European luxury-goods makers are adjusting to slower growth by shrinking their store networks. Suitmaker Ermenegildo Zegna reduced its shop count by 15 in the first quarter, the most of any luxury brand, according to Exane BNP Paribas. Moncler, known for its puffy winter jackets, was one of only a handful of companies to add multiple boutiques as it has fewer stores than most peers.

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