Aeffe Reports 14% Decrease in Revenues for First Quarter
Aeffe, the parent group of brands like Moschino, Alberta Ferretti, Philosophy di Lorenzo Serafini, and Pollini, reported a 14 percent decrease in first-quarter revenues to 80.2 million euros. This decline was compared to 93.2 million euros in the same period last year.
Earnings before interest, taxes, depreciation, and amortization for the three months ending March 31 were 6.3 million euros, down from 11.5 million euros in the previous year. Losses widened to 5.6 million euros from 300,000 euros in 2023.
Executive chairman Massimo Ferretti commented on the results, stating, “We are closing the first quarter of 2024 with results in line with our expectations, reflecting not only the global slowdown of the wholesale market but also the process of transformation of the group, especially in relation to the Moschino brand.”
Appiolaza was appointed to lead the Moschino brand following the death of creative director Davide Renne. Aeffe named Appiolaza to oversee the women’s, men’s, and accessories collections in January.
In terms of sales, Aeffe experienced decreases in key regions such as Italy, Europe, Asia, and America. Wholesale revenues decreased by 16.7 percent to 55.7 million euros, while retail sales were down by 7.7 percent to 22.1 million euros. The company reported an operating loss of 1.8 million euros in the first quarter.
As of March 31, Aeffe’s net debt totaled 239.5 million euros, compared to 253.5 million euros at the end of 2023.