Aeffe records revenue and EBITDA slump in Q1
Italian fashion group Aeffe was back in the black in 2024, but has started fiscal 2025 with a revenue downturn and worsening losses. Aeffe, which owns Moschino, Alberta Ferretti, and footwear brand Pollini, was affected by the luxury market's slowdown, and recorded a Q1 revenue of €61.7 million, down by 23.2% at current exchange rates and by 23.3% at constant rates. Most notably, it posted a net loss of €10.1 million, as opposed to one of €5.6 million in Q1 2024.
Aeffe, which is based in San Giovanni in Marignano in central Italy, also recorded a negative EBIT (minus €8.4 million) in Q1, compared to minus €1.7 million a year earlier. EBITDA too dropped into negative territory, to minus €1.5 million, compared to the €6.3 million profit posted in Q1 2024.
Aeffe's executive president Massimo Ferretti has ascribed these results to 'a generalised slowdown in global consumption,' which affected both 'direct retail and the wholesale channel.' Ferretti said he remains confident for the rest of the year's performance, assuring that the group is continuing to invest in its brands. Q1 2025 sales in the wholesale channel, which accounted for nearly 70% of the group's revenue, fell by 22.6%, while sales in the direct retail channel lost 19.4%.
In Q1, Moschino's revenue decreased by 27.8% at constant exchange rates, down to €43.3 million. In 2021, Aeffe took complete control of its leading label, and appointed Adrian Appiolaza as creative director in January 2024, while Moschino's beauty business was ceded to Euroitalia in September 2024 for €98 million.
Alberta Ferretti's revenue fell by 17.4% to €4.6 million, and revenue for the group's young line, Philosophy, dropped by 6% to €5 million. It was the first time that Philosophy generated higher revenue than Alberta Ferretti, which is undergoing an organisational overhaul. Alberta Ferretti will merge with Philosophy from next winter, and is now designed by Lorenzo Serafini, who has succeeded the label's eponymous founder as creative director. Pollini's sales dropped by 10% at constant exchange rates, down to €8 million.
In Q1 2025, Aeffe lost ground in all its commercial regions. In Italy, the group's main market, accounting for 43% of total revenue, sales decreased by 24.7%, down to €26.5 million, with the wholesale channel losing 26% and retail sales dropping by 12%.
In the rest of Europe, Aeffe's second-largest market, worth approximately one third of total revenue, sales declined by 21.1%, down to €18.9 million. Revenue in Asia dropped from €17 million in Q1 2024 to €12.9 million in 2025, down 24.2%, and in the US revenue fell by 17.7%, to €3.2 million.
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