Aeffe Group: 2024 Earnings positive at 84.7 million euros despite decrease in revenue

Consolidated revenue totaled €251 million, compared to €319 million in 2023, representing a decrease of 21.2% at constant exchange rates (-21.3% at current exchange rates) for Aeffe S.p.A. in 2024.

Last Friday, the board of directors of the company, listed on the Euronext Star Milan segment of the Euronext Milan market of Borsa Italiana, which operates in the ready-to-wear, footwear, and leather goods sectors with international brands including Alberta Ferretti, Philosophy di Lorenzo Serafini, Moschino, and Pollini, approved the consolidated financial statements and the draft financial statements for 2024.

“While we look forward with great confidence to a general recovery in international markets, our group is working with a clear and well-defined strategic vision to reap the benefits of a company reorganization and repositioning of our brands, which I am convinced will bring us great satisfaction. The recently concluded Fashion Week gave us a great boost of optimism with our brands Alberta Ferretti, Moschino, and Pollini, whose collections were received with great enthusiasm and acclaim,” emphasized Massimo Ferretti, Executive Chairman of Aeffe S.p.A., in a statement.

Ready-to-wear division revenue totaled €166.1 million, gross of inter-divisional eliminations, registering a decrease of 21.7% at constant exchange rates compared to the same period in 2023 (-21.8% at current exchange rates). Revenue for the footwear and leather goods division totaled €106.2 million, gross of inter-divisional eliminations, registering a decrease of 25.3% at current exchange rates compared to the same period in 2023 (same percentage at constant exchange rates).

Sales in the Italian Market Decreased by 20.6%

Sales in the Italian market, representing 42.4% of turnover, decreased by 20.6% compared to 2023, totaling €106.4 million.

Sales in Europe, representing 30.5% of turnover, decreased by 22.4%, totaling €76.5 million. The decrease is linked to specific countries and markets, both at the wholesale and retail levels.

In Asia and the rest of the world, the group achieved revenue of €52.4 million, representing 20.9% of turnover, a decrease of 20.8% compared to 2023. At constant exchange rates, sales in the Americas, representing 6.2% of turnover, decreased by 20.2%.

In fiscal year 2024, EBITDA was positive at €84.7 million (representing 33.8% of turnover), an increase of €78.9 million compared to the 2023 EBITDA of €5.8 million (representing 1.8% of turnover).