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The first quarter of 2024<\/strong>, which ended on March 31, was not a good one for the Italian Aeffe Group<\/strong>. The owner of fashion brands Moschino, Alberta Ferretti, Philosophy by Lorenzo Serafini and Pollini shoes<\/strong>, announced on Monday May 10 a sharp drop in sales and increased losses<\/strong> for the start of 2024.<\/p>\n <\/p>\n Listed<\/strong> on<\/strong> the Euronext Star segment of the Euronext Milan<\/strong> market, Aeffe shares<\/strong> fell by 2.1%<\/strong> to 0.84 euro on Friday.<\/p>\n <\/p>\n In more detail, the group’s consolidated sales<\/strong> fell by 13.4% at constant exchange rates (-14.0% at current exchange rates)<\/strong> to 80.2 million euros. Losses rose from 300,000 euros<\/strong> in the first three months of 2023 to 5.6 million euros in 2024.<\/strong><\/p>\n <\/p>\n Consolidated Ebitda fell to 6.3 million euros<\/strong> (7.9% of sales)<\/strong> in the first three months of 2024, compared with 11.5 million in the first quarter of 2023 (12.4% of sales).<\/p>\n <\/p>\n <\/p>\n Massimo Ferretti, Group Executive Chairman<\/strong>, nevertheless refers to \u201cresults in line\u201d with the Group’s \u201cexpectations\u201d<\/strong>, which stem \u201cnot only\u201d from the \u201cglobal slowdown in the wholesale market\u201d<\/strong>, but also from the Group’s \u201ctransformation process<\/strong>, particularly with regard to the Moschino brand<\/strong>.\u201d<\/p>\n <\/p>\n\n <\/p>\n Sales of Moschino, Aeffe’s flagship brand, fell by 11.9%<\/strong> at constant exchange rates, to 59.9 million euros. But the group’s other labels<\/strong> also saw double-digit sales declines<\/strong>: – 22.8%<\/strong> to 5.6 million euros for Alberta Ferretti, -11.3%<\/strong> to 5.3 million euros for Philosophy<\/strong> and -14.4%<\/strong> to 8.9 million euros for Pollini<\/strong>.<\/p>\n <\/p>\n <\/p>\n With regard to its flagship brand, Moschino<\/strong>, the CEO also explained that \u201cthe beginnings of the brand’s new creative direction<\/strong>, entrusted to Adrian Appiolaza<\/strong> (who arrived last January, following the sudden death of Davide Renne<\/strong>, a few months after his appointment editor’s note), have received a very positive response<\/strong>, which we hope to take full advantage of with the pre-spring 2025 collection, to be unveiled at a mixed show during Milan Men’s Fashion Week in June\u201d.<\/p>\n <\/p>\n Geographically, only Asia<\/strong> (and the rest of the world), which accounted for 21.3% of the Group’s business, hardly declined at all. Sales fell very slightly<\/strong>, from 17.5 million euros to 17.1 million euros between the first quarters of 2023 and 2024.<\/p>\n <\/p>\n On the other hand, in its home market of Italy<\/strong>, by far its biggest market, sales fell by 17.6%<\/strong> to 35.2 million euros (almost 44% of total sales).<\/p>\n <\/p>\n In the rest of Europe, sales fell by 12.7%<\/strong> to 24 million euros.<\/p>\n <\/p>\n In the United States<\/strong>, sales fell even more dramatically (-26.6%)<\/strong> to 4 million euros.<\/p>\n <\/p>\n <\/p>\n In terms of distribution channels, wholesale<\/strong>, Aeffe’s main channel (69.4% of sales) fell more (-16.6%<\/strong> at constant exchange rates to 55.7 million euros) than retail<\/strong> (27.6% of total sales), down \u201conly\u201d 5.9%<\/strong> to 22.1 million euros. Royalty income<\/strong> (3% of consolidated sales), on the other hand, remained stable<\/strong> at 2.4 million euros.<\/p>\n <\/p>\n Despite this poor start to 2024, Massimo Ferreti remains optimistic<\/strong>. He hopes \u201cthat the international instability that characterized last year will subside<\/strong>, allowing markets that are of paramount importance to our Group to rebound.\u201d<\/p>\n <\/p>\nResults in line with Group expectations<\/h2>\n
Adrian Appiolaza well received<\/h2>\n
Optimistic in spite of everything<\/h2>\n
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