Luxury fashion group Aeffe has swung to a profit in the first half of the year as its second-quarter sales exceeded 2019 levels.
For the six months to June 30, consolidated revenues reached 155 million euros, 30.4 percent higher than a year earlier, though that was still down 10.6 percent compared to the same period two years ago.
Revenues of the prêt-à-porter division increased 19 percent at constant exchange rates to 104.9 million euros compared to a year ago, while sales in its footwear and leather goods division were up 43 percent to 68.2 million euros.
The group reported double-digit growth in all markets.
Aeffe sales accelerate in second quarter
Sales were particularly strong in the second quarter, up 76 percent to 74.9 million euros, and even up 5.3 percent compared to 2019 levels.
For the first half of the year, the company swung to a net profit of 17.4 million euros, compared to a net loss of 12.5 million euros a year earlier. EBITDA stood at 20.1 million euros, compared to 0.6 million euros a year earlier.
Executive chairman Massimo Ferretti said he was “very satisfied” with the group’s performance, citing “a significant increase in revenues and marginality for all our brands”.
Last week, Aeffe took full control of Italian label Moschino by buying the remaining 30 percent of the brand.
Ferretti said the “acquisition of full control of Moschino and the relative integrated management will be important catalysts for the future development”.
He added: “Looking at the second part of the year, we are therefore positive and we renew our enthusiasm to face the upcoming challenges with initiatives aimed at increasingly enhancing the distinctiveness of our brands and the evolutions of the current context.”