MILAN — The U.S., Greater China and Continental Europe contributed to lift Aeffe SpA’s revenues last year.
In the 12 months ended Dec. 31, sales of the Italian fashion group amounted to 324.6 million euros, up 20.6 percent compared with 269.1 million euros in the previous year.
Aeffe is listed on the STAR segment of the Milan Bourse and comprises the Alberta Ferretti, Philosophy di Lorenzo Serafini, Moschino and Pollini brands.
In 2021, sales of the group’s ready-to-wear division totaled 220.2 million euros, up 11.5 percent compared with 2020, while the footwear and leather goods division reported a 30.2 percent increase, reaching revenues of 139.9 million euros.
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“We are satisfied with the double-digit growth in turnover and the positive contribution of all our brands, both in the wholesale and retail channels, also driven by the consolidation of our online presence,” said executive chairman Massimo Ferretti. “For the next few months, we also recorded encouraging signs on a global scale, as outlined by the significant progress especially in Europe, the United States and Greater China, where in the next six months we will develop a new direct distribution project for Moschino.”
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As reported, as part of Moschino’s repositioning strategy, the company has signed a letter of intent to take on the management of the brand’s stores in mainland China, effective in June. This signals the increasing relevance of that market for the label.
The stores in the region have been operated for the past 10 years by Scienward Fashion and Luxury (Shanghai) Co. Ltd.
The agreement follows Aeffe’s decision last July to acquire the 30 percent stake in Moschino it did not own from Sinv Holding SpA, Sinv Real Estate SpA and Sinv Lab Srl, for more than 66.5 million euros, with the goal to further develop the label.
The takeover will involve around 20 stores. In addition, Moschino will open four franchised stores with a new partner. The company expects to have 30 directly operated stores and 22 franchised units in five years.
Moschino is also planning to open a new boutique in Milan. Leading global real estate company Hines is restoring the storied 18th-century Palazzo Pertusati on the city’s central Via Spiga street under the Spiga 26 project and it has secured Moschino as the first tenant, as reported.
The new Moschino boutique will cover three floors and more than 6,480 square feet, and will be designed by Andrea Tognon and his architecture studio, under the direct supervision of the label’s creative director Jeremy Scott.
Last year, after taking full control of the Moschino brand, Aeffe said it was bringing the production and distribution of the Love Moschino line in-house.
In 2021, group sales in Asia and in the Rest of the World region amounted to 65.4 million euros, up 21.2 percent and representing 20.1 percent of the total.
The Greater China area drove the growth, lifted by a 23 percent gain.
Revenues in America grew 38.6 percent to 21.5 million euros, accounting for 6.7 percent of the total, boosted by both the retail and the wholesale channels, online included.
Sales in Europe were up 24.6 percent to 105.5 million euros, representing 32.5 percent of the total, mainly lifted by Germany, the U.K. and Eastern Europe in the wholesale channel. The retail channel continued to be partially influenced by the limited flow of tourists.
Sales in Italy grew 15 percent to 132.1 million euros, lifted by a strong wholesale and online business.
At the group level, sales at wholesale rose 22.4 percent to 238.8 million euros, accounting for 73.6 percent of the total.
The retail channel was up 13.6 percent at 72.1 million euros, representing 22.2 percent of the total. Retail included Aeffe’s direct online platform and showed a recovery thanks to the progressive easing of the restrictions on international tourists.
Royalties grew 30.1 percent to 13.6 million euros, accounting for 4.2 percent of the total.
In December, Aeffe’s group managing director Marcello Tassinari exited the company. Chief executive officer Simone Badioli took over ad interim. The board of directors decided to no longer appoint a new general manager, but to instead set up an executive committee which includes the executive chairman, Badioli and Giancarlo Galeone.