Aeffe, the parent company of Moschino, reports a 21% drop in annual revenue

Business

Moschino store in Rome (Italy). Credits: Moschino.

Italian fashion group Aeffe SpA felt the impact of adverse market conditions in fiscal year 2024. On Thursday, the parent company of brands such as Moschino, Alberta Ferretti, and Pollini, announced significant revenue losses. The company also announced the departure of Moschino CEO Goffredo Palmerini.

Preliminary figures show Aeffe's group revenue for the past year amounted to 250.8 million euro. This represents a 21.3% decrease (currency-adjusted -21.2%) compared to 2023. Ready-to-wear segment revenue fell by 21.8% to 166.1 million, while revenue from shoes and leather goods shrank by 25.3% to 106.2 million euro.

Revenue fell significantly short of the previous year's level in all market regions. In Italy, it decreased by 20.6% to 106.4 million, and in the rest of Europe by 22.4% to 76.5 million euro. In America, revenue fell by 20.3% (currency-adjusted -20.2%) to 15.4 million, and in Asia and the rest of the world by 21.4% (currency-adjusted -20.8%) to 52.4 million euro.

Moschino CEO Goffredo Palmerini leaves the company

Despite the disappointing results, Executive Chairman Massimo Ferretti expressed confidence. He stated that the group had already responded to the current situation with a repositioning of the Moschino brand and strategic changes at Alberta Ferretti. "We are now entering the new year with an optimistic and positive attitude," Ferretti emphasized in a statement.

The group also announced that Goffredo Palmerini, the General Manager of Moschino, will be leaving the company. Following the "strategic and commercial redefinition" of the brand, Palmerini's employment will be terminated "by mutual agreement" on 31 March, according to a press release. Palmerini led Moschino since spring 2023.

This article was translated to English using an AI tool.

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