Moschino Parent Aeffe Continues Reorganization as Q1 Sales Decrease
● Moschino, whose first women's collection by Adrian Appiolaza bowed in February, will hold a coed show in Milan in June.
MILAN — As the Moschino brand is reorganized under the creative direction of Adrian Appiolaza, parent group Aeffe on Friday reported a 14 percent decrease in first-quarter revenues to 80.2 million euros, compared with 93.2 million euros in the same period last year.
Aeffe also controls the Alberta Ferretti, Philosophy di Lorenzo Serafini and Pollini brands.
In the three months ended March 31, earnings before interest, taxes, depreciation and amortization amounted to 6.3 million euros, compared with 11.5 million euros last year, impacted by the contraction in sales.
Losses widened to 5.6 million euros, compared with a loss of 300,000 euros in 2023.
“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,” said executive chairman Massimo Ferretti. He said the debut of Appiolaza’s collection, unveiled in February, “received very positive feedbacks which we hope to be able to fully capitalize with the pre-spring 2025 collection, which will be unveiled with a coed show during Milan Men’s Fashion Week in June. In the meantime, we hope that the international instability that has characterized the last year will weaken, allowing the recovery of markets of primary importance for our group.”
Aeffe named Appiolaza to the top creative role at Moschino overseeing the women’s, men’s and accessories collections, in January. He brought to Moschino a decade of experience as women’s ready-to-wear design director at Loewe, working with creative director Jonathan Anderson. He previously held the same role at Chloé with Clare Waight Keller. Appiolaza was appointed following the premature death of previous creative director Davide Renne last November, who succeeded the 10-year tenure of Jeremy Scott.
In the first quarter, Aeffe sales in Italy decreased 17.6 percent to 35.2 million euros, representing 43.9 percent of the total. The wholesale channel in the country contracted 22 percent, while the retail channel decreased by 8 percent compared to the first quarter of 2023.
Sales in Europe were down 12.7 percent to 24 million euros.
In Asia and the Rest of the World area, revenues dipped 2.7 percent to 17.1 million euros, accounting for 21.3 percent.
Sales in America slumped 27.7 percent to 4 million euros.
Both the wholesale and retail channels showed a slowdown in the period.
Wholesale revenues, which represented 69.4 percent of the total, decreased 16.7 percent to 55.7 million euros.
Retail sales were down 7.7 percent to 22.1 million euros, accounting for 27.6 percent of the total.
Royalties were stable at 2.4 million euros. The company reported an operating loss of 1.8 million euros compared to an operating profit of 3.2 million euros in 2023.
As of March 31, net debt, including the IFRS 16 effect, totaled 239.5 million euros, compared with a debt of 253.5 million euros at the end of 2023.