MILAN — Aeffe is back in the black thanks to the sale of Moschino‘s beauty business in September but the slowdown in the luxury industry and challenges in its wholesale and retail distribution impacted the group’s revenues last year.
In addition to Moschino, Aeffe owns the Alberta Ferretti and Pollini brands.
In the 12 months ended Dec. 31, Aeffe’s net profit amounted to 19.3 million euros compared with a loss of 32.1 million euros in 2023.
In September, Aeffe revealed it was selling Moschino‘s beauty business to Euroitalia for 98 million euros, transferring the ownership of the brand’s cosmetics, fragrances, scented candles, rooms and textile perfumes.
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Euroitalia has been the licensee of the brand’s beauty products since 1987. Ever since, the companies launched key fragrances and commercial successes, ranging from Moschino by Moschino and the Cheap & Chic by Moschino scent, best known for its flacon shaped in Olive Oyl’s silhouette, to Glamourous Fruity Floral with its heart-shaped bottle and the teddy bear-shaped Toy 2.
In 2024, earnings before interest, taxes, depreciation and amortization soared to 84.7 million euros, or 33.8 percent of revenues, compared with 5.8 million euros in 2023.
Operating profit returned positive to 48.5 million euros, compared with an operating loss of 27.1 million euros in 2023. Both indicators benefited from the capital gain following the sale of Moschino’s beauty business.
“While we await with great confidence a general recovery of the international markets, our Group is working with a clear and well-defined strategic vision to reap the benefits of a process of company’s reorganization and repositioning of our brands that I am convinced will bring us great satisfaction,” said Massimo Ferretti, executive chairman of Aeffe.
Last year, consolidated revenues fell 21.3 percent to 251 million euros, compared with 319 million euros in 2023.
Sales of the ready-to-wear division amounted to 166.1 million euros, recording a decrease of 21.8 percent.
Revenues of the footwear and leather goods category amounted to 106.2 million euros, down 25.3 percent.
Moschino and Alberta Ferretti have been going through changes. The former named Adrian Appiolaza creative director in January 2024 and Aeffe made extraordinary strategic investments for a total of 90 million euros relating to taking full control of Moschino in 2021 through the purchase of the 30 percent stake it did not already own and the change of distribution in China for the Moschino brand.
In September, after unveiling her spring 2025 collection, designer Alberta Ferretti revealed she was exiting the namesake brand she launched in 1981. A month later, Aeffe promoted Lorenzo Serafini to succeed Ferretti at the helm of the brand and his first collection was presented in February.
He joined the group in 2014 to design the Philosophy label, which is being integrated into the Alberta Ferretti line from the fall 2025 season.
Last year, the group appointed Alexandra Lamprecht, who hails from Ferragamo, Valentino and Etro, as the Italian brand’s general manager, a new role.
“The fashion week that recently ended gave us a great injection of optimism with our brands Alberta Ferretti, Moschino and Pollini whose collections were received with great enthusiasm,” said Ferretti. “We hope that the current geopolitical instability will be followed by a phase of renewed balance and growth that I believe will give an important boost to the fashion and luxury sector, a strategic and central asset for our country’s economy.”
Sales in Italy, representing 42.4 percent of the total, decreased by 20.6 percent to 106.4 million euros.
Sales in Europe, with an incidence on turnover of 30.5 percent, registered a 22.4 percent decrease to 76.5 million euros.
In Asia and the Rest of the World area, sales fell 21.4 percent to 52.4 million euros, accounting for 20.9 percent of the total.
Sales in America were down 20.3 percent to 15.4 million euros, an incidence on turnover of 6.2 percent.
Revenues of the wholesale channel, which represents 63.8 percent of turnover, fell 25.1 percent to 160.2 million euros.
The retail channel showed a decrease of 12.9 percent to 82.7 million euros, accounting for 33 percent of the total.
Royalties were down 19.4 percent to 8 million euros.
Net debt including the IFRS 16 effect amounted to 152 million euros compared with 253 million euros at the end of December 2023. Net of the IFRS 16 effect, it totaled 68 million euros, compared with 152 million euros at the end of the previous year.
