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Fashion Network
11 hours ago
- Business
- Fashion Network
Chiara Ferragni's companies post losses of €5.7 million
Italian fashion entrepreneur and global digital influencer Chiara Ferragni—known for transforming her personal image into a multimillion-euro lifestyle brand—saw her companies, TBS Crew and Fenice, report combined losses of €5.7 million in 2024. This month's financial statements show that TBS Crew posted a €2.3 million loss, while Fenice recorded a €3.4 million deficit. The downturn reflects a broader restructuring effort and a partial suspension of operations initiated in 2023 as the brand reevaluated its strategy. Throughout 2024, both companies operated at reduced capacity, with several collaborations and initiatives paused while executives reassessed market dynamics. In a press release, Fenice said that new business opportunities are expected to emerge in 2025, supporting the brand's renewed focus on growth, consolidation, and repositioning under the Chiara Ferragni name. Ferragni herself invested €6.4 million into Fenice through a share capital increase, giving her full control of the company. The investment was seen as a public show of confidence in the brand's long-term growth potential and strategic direction after the scandal that engulfed Ferragni following fraud allegations. In late 2023, she was accused of fraud tied to allegedly misleading charity-linked product campaigns. Her involvement in the company extends beyond financial backing. She actively stepped in to relaunch the brand and strengthen its foundations despite ongoing market challenges and the lingering fallout from her legal issues. Fenice's 2024 financial statement, which aligns with its preliminary figures as of November 30, 2024, reaffirmed the strength of its business plan, which focuses on improving financial stability and developing a leaner, more agile organization. The group said it expects a turning point in the second half of 2025, marked by the rollout of new products and the execution of a clearly defined growth strategy. As part of the reorganization, Fenice has begun reallocating resources toward high-value business segments—this includes the closure of the Chiara Ferragni flagship store in Rome and a brand repositioning effort. Additionally, the company is winding down its Fenice Retail subsidiary and has launched a liquidation process. Ferragni's holding company, Sisterhood, plans to publish its 2023 and 2024 financial statements in the coming weeks, having opted to delay disclosure until the subsidiaries finalized their reports. The board recently approved Sisterhood's 2023 results, with net income of €1 million. The Chiara Ferragni brand is actively reassessing its distribution strategy—online and offline—with the goal of delivering more tailored and immersive consumer experiences.
Fashion Network
18 hours ago
- Business
- Fashion Network
Chiara Ferragni's companies post losses of €5.7 million
Italian fashion entrepreneur and global digital influencer Chiara Ferragni—known for transforming her personal image into a multimillion-euro lifestyle brand—saw her companies, TBS Crew and Fenice, report combined losses of €5.7 million in 2024. This month's financial statements show that TBS Crew posted a €2.3 million loss, while Fenice recorded a €3.4 million deficit. The downturn reflects a broader restructuring effort and a partial suspension of operations initiated in 2023 as the brand reevaluated its strategy. Throughout 2024, both companies operated at reduced capacity, with several collaborations and initiatives paused while executives reassessed market dynamics. In a press release, Fenice said that new business opportunities are expected to emerge in 2025, supporting the brand's renewed focus on growth, consolidation, and repositioning under the Chiara Ferragni name. Ferragni herself invested €6.4 million into Fenice through a share capital increase, giving her full control of the company. The investment was seen as a public show of confidence in the brand's long-term growth potential and strategic direction after the scandal that engulfed Ferragni following fraud allegations. In late 2023, she was accused of fraud tied to allegedly misleading charity-linked product campaigns. Her involvement in the company extends beyond financial backing. She actively stepped in to relaunch the brand and strengthen its foundations despite ongoing market challenges and the lingering fallout from her legal issues. Fenice's 2024 financial statement, which aligns with its preliminary figures as of November 30, 2024, reaffirmed the strength of its business plan, which focuses on improving financial stability and developing a leaner, more agile organization. The group said it expects a turning point in the second half of 2025, marked by the rollout of new products and the execution of a clearly defined growth strategy. As part of the reorganization, Fenice has begun reallocating resources toward high-value business segments—this includes the closure of the Chiara Ferragni flagship store in Rome and a brand repositioning effort. Additionally, the company is winding down its Fenice Retail subsidiary and has launched a liquidation process. Ferragni's holding company, Sisterhood, plans to publish its 2023 and 2024 financial statements in the coming weeks, having opted to delay disclosure until the subsidiaries finalized their reports. The board recently approved Sisterhood's 2023 results, with net income of €1 million. The Chiara Ferragni brand is actively reassessing its distribution strategy—online and offline—with the goal of delivering more tailored and immersive consumer experiences.
Fashion Network
19 hours ago
- Business
- Fashion Network
Chiara Ferragni's companies post losses of €5.7 million
Italian fashion entrepreneur and global digital influencer Chiara Ferragni—renowned for transforming her personal image into a multimillion-euro lifestyle brand—saw her companies, TBS Crew and Fenice, report combined losses of €5.7 million in 2024. This month's Financial statements show that TBS Crew posted a €2.3 million loss, while Fenice recorded a €3.4 million deficit. The downturn reflects a broader restructuring effort and a partial suspension of operations initiated in 2023 as the brand reevaluated its strategy. Throughout 2024, both companies operated at reduced capacity, with several collaborations and initiatives paused while executives reassessed market dynamics. In a press release, Fenice stated that new business opportunities are expected to emerge in 2025, supporting the brand's renewed focus on growth, consolidation, and repositioning under the Chiara Ferragni name. As confirmed in the release, Ferragni personally invested €6.4 million into Fenice through a share capital increase, giving her full control of the company. The investment was also seen as a public show of confidence in the brand's long-term growth potential and strategic direction. Ferragni's involvement extends beyond financial backing. She actively stepped in to relaunch the brand and strengthen its foundations—guiding Fenice toward innovation and growth despite ongoing market challenges and the lingering fallout from her legal issues. In late 2023, Ferragni faced fraud allegations tied to allegedly misleading charity-linked product campaigns, including Christmas cakes and Easter eggs. Fenice's 2024 financial statement, which aligns with its preliminary figures as of November 30, 2024, reaffirmed the strength of its business plan, which focuses on improving financial stability and developing a leaner, more agile organization. The group expects a turning point in the second half of 2025, marked by the rollout of new products and the execution of a clearly defined growth strategy. As part of the reorganization, Fenice has begun reallocating resources toward high-value business segments—this includes the closure of the Chiara Ferragni flagship store in Rome and a brand repositioning effort. Additionally, the company is winding down its Fenice Retail subsidiary and has launched a liquidation process. Ferragni's holding company, Sisterhood, plans to publish its 2023 and 2024 financial statements in the coming weeks, having opted to delay disclosure until the subsidiaries finalized their reports. The board recently approved Sisterhood's 2023 results, which posted a net income of €1 million. Fenice now charts a new course focused on innovation and a stronger presence across both digital and physical retail channels. The Chiara Ferragni brand is actively reassessing its distribution strategy—online and offline—with the goal of delivering more tailored and immersive consumer experiences. TBS Crew and Fenice 'are looking to the future with confidence, bolstered by the financial commitment recently undertaken, and by the company reorganization that will enable them to turn in a new direction, becoming more truly 'Chiara,' more streamlined and consistent with Chiara Ferragni's entrepreneurial personality,' concluded the press release.
Yahoo
08-05-2025
- Business
- Yahoo
Chiara Ferragni Takes Full Control of Namesake Brand
MILAN — Chiara Ferragni took to her Instagram profile Tuesday to reveal she has taken control of Fenice Srl, the company controlling and operating her eponymous fashion and lifestyle brand. She is now the controlling shareholder with 99 percent of shares. Ferragni bought the shares in Fenice Srl she did not own already from now-former partners Paolo Barletta and Pasquale Morgese, who owned a 40 percent and 27.5 percent stake in the company, respectively. Ferragni was until now the second-largest shareholder with a 32.5 percent interest through her Sisterhood vehicle. More from WWD EXCLUSIVE: Alix Earle Is 'Un-expiring' Pantene's Newest Drop EXCLUSIVE: Brazil's Tania Bulhões Makes Second Limoges Area Acquisition as It Debuts in Europe Italian Sustainable Shoe Brand and Consultancy ACBC Sells Majority Stake to Swiss Fund The move is one of many that the social media personality and digital entrepreneur has been taking the past bumpy year to safeguard her business amid the so-called 'pandoro-gate' snafu stemmed from miscommunication around a charity initiative that has seen her engulfed in crisis since December 2023. In addition to Fenice Srl and her namesake brand, Ferragni's business also includes TBS Crew, the company she founded in 2009 that manages her The Blonde Salad blog and activities. Last January Milan prosecutors sent Ferragni to trial on fraud charges over the allegedly misleading charity claims. Captioned 'to new starts and to whatever they might be,' Tuesday's Instagram announcement post included a screen grab from a conversation with an unspecified person texting her 'congratulations Chiara! I want to communicate that from this moment on you own 99 percent of the company that owns your brand.' That screenshot was followed by written remarks by Ferragni. 'Today I want to share something with you: for the first time, I have become the majority shareholder of Chiara Ferragni Brand. It's not just about shares or percentages: it's a beginning,' she wrote. 'This decision is a concrete step. It's the choice to take back control of my story: no more delegating, no more pretending everything is fine when it's not. It's about embracing the weight and the beauty of leading, deciding, changing. It's about being free, for the first time, to carry forward my brand and my name,' the post continued. 'I'm not here to tell you a fairytale, fairytales don't exist. But I know I'm trying to build something new. With effort, clarity, and responsibility. I won't tell you [this is] a perfect rebirth. I'm not living one myself. I will tell you the truth: made of highs and lows, imperfect, mine. And that's the only place where I can start again,' Ferragni concluded. As reported, the peak year for Fenice was 2022 when the company logged revenues of 14.2 million euros, compared with 6.6 million euros in 2021. Net income amounted to 3.4 million euros, compared with 1.9 million euros and earnings before interest, taxes, depreciation and amortization rose to 5 million euros, or 35 percent on sales, compared with 2.8 million euros in 2021. In 2023 sales were only partially dented by the crisis, which erupted in December, and amounted to over 11 million euros, while last year, preliminary figures to Nov. 30 were reportedly down to 2 million euros. Since 2019, Ferragni had been investing in building a lifestyle concept for her brand, expanding its product offer through a number of new licenses. These include ready-to-wear and accessories with Swinger, whose first collection under the agreement bowed for fall 2021; footwear with Mofra; a children's line with Monnalisa; innerwear and beachwear with Velmar; jewelry with Morellato; stationery with Pigna, and children's products, from strollers to furniture and textiles, with Nanan. Her own first makeup line was launched in November 2021, working with Intercos. In 2021 she inked a license with Safilo for the production and distribution of Chiara Ferragni branded eyewear, introduced in 2022. In the wake of the controversy Safilo ended the licensing agreement in December 2023. Best of WWD EXCLUSIVE: Sean Combs Regains Control of Sean John Brand Isabel Marant Said in Play Again: Sources Holding Industriale Invests in Shoe Specialist Valmor Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
