The Moschino Parent Advanced Its Restructuring Process As Ongoing Due Diligence And Court Extensions Aim To Support A Potential Turnaround Deal By Year-End
Aeffe, the Italian fashion group behind Moschino, Alberta Ferretti, and Pollini, has received a preliminary offer from turnaround specialist Oxy Capital as the company advances efforts to restructure its operations and stabilize its financial position.
The nonbinding proposal, announced by the company this week, comes as Aeffe continues negotiations under Italy’s negotiated business crisis composition framework and works to secure a broader restructuring plan with the support of Lazard and court-appointed advisors.
Oxy Capital, which specializes in corporate turnaround transactions and is acting on behalf of a consortium of industrial and financial partners still being assembled, submitted what Aeffe described as a proposal “capable of enabling the successful outcome of the restructuring path undertaken.”
Under the proposed transaction, substantially all of Aeffe Group’s business assets would be transferred to one or more entities controlled by the consortium. In exchange, the acquiring entities would assume the group’s liabilities through a restructuring mechanism that would leave Aeffe largely free of debt but also “substantially devoid of assets” upon completion.
Due diligence remains ongoing and the offer could still be modified as discussions continue among the various parties involved. If negotiations progress positively, a binding offer could be submitted in early June, with the restructuring proposal potentially presented to creditors later in the year and court approval targeted for October 2026. The company said this timeline could allow the transaction to close before the end of the 2026 financial year.
As part of the process, Aeffe intends to seek an extension of its negotiated crisis composition proceedings and related protective measures beyond their June 6 expiration date, requesting an extension through Oct. 5 from the Bologna court.
The group also acknowledged mounting financial pressure and said it is preparing an “extraordinary finance transaction” expected to be completed in June in order to support operations while restructuring negotiations continue.
The developments mark the latest phase in a prolonged restructuring effort for the company, which has struggled amid declining sales, mounting debt, and broader softness in the luxury market.
According to the latest figures released by the group, sales for the nine months ended Sept. 30 declined 25.4 percent to €155 million, while consolidated EBITDA losses reached €11.9 million. Net debt rose to €114.9 million, compared with €67.7 million at the end of December 2024.
The company’s operational reset has also included management changes and efforts to streamline the organization. Aeffe said chief financial officer Rocco Bennici will step down effective June 9, with chief executive officer Simone Badioli and Pollini general manager Marco Piazzi assuming his responsibilities.
On Thursday, the board also approved a postponement of the company’s 2025 financial statements and updated its financial calendar in light of the ongoing restructuring process and negotiations with Oxy Capital.
The group remains under the leadership of executive chairman Massimo Ferretti, who has been overseeing cost-cutting initiatives and operational restructuring measures aimed at improving efficiency through the company’s 2026–2028 plan.
Last year, former Ferragamo chief executive officer Marco Gobbetti joined Aeffe’s board to help guide growth strategies and explore potential strategic partnerships. The group has also undergone creative transitions, including Alberta Ferretti stepping away from her namesake label after more than four decades, with Lorenzo Serafini succeeding her in 2024. Moschino appointed Adrian Appiolaza as creative director earlier that same year.