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Published
Aug 5, 2015
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Aeffe: rising sales but declining profits in its first half-year

Published
Aug 5, 2015

Italian fashion group Aeffe saw its profitability slow down in the first six months of the financial year, owing to significant investment undertaken for the revival of its brands.

Sales on the other hand continued to increase, thanks to excellent results recorded in Mainland China (+67.8%), the USA (+37%), Japan (+20.6%), and also in Italy (+8%), its main market, with a 44.4% share of total turnover. 


Aeffe has significantly invested in the relaunch of Moschino Men. - Moschino


Aeffe is active in the ready-to-wear segment both with its own brands (Alberta Ferretti, Moschino and Pollini footwear) and through licences (Emanuel Ungaro, Cédric Charlier and the Blugirl beachwear line). The company announced in a press release that in the first semester 2015 it reached a turnover of €128.7 million, a 6.3% increase compared to the same period last year (+4.4% at constant exchange rates).

In the course of the first six months, Aeffe cleared an EBITDA of €9.8 million, recording a 22% decline compared to the first half of 2014. The group underlines how the decline is chiefly connected to the ready-to-wear division, pointing out the investment made to relaunch its second Philosophy line, now designed by Lorenzo Serafini, as for the promotion of Moschino and, in particular, its new men's collection. 

Add to this the extra costs deriving from the opening of new stores, as well as the discounts offered to Russian buyers, who are still experiencing financial woes. For this market, which represents only 3.6% of its total turnover, Aeffe saw its sales drop by half.

Against this background, the group from San Giovanni in Marignano (central Italy) recorded an EBIT of € 3.4 million compared to € 6.2 million a year earlier, and a net profit of € 0.03 million, the latter amounting to €0.15 million in the first semester 2014.

L’endettement financier net d’Aeffe est passé de 89,9 millions au 30 juin 2014 à 98,1 millions un an plus tard (il était de 83,6 millions d’euros fin 2014).

Aeffe's net financial liabilities rose from €89.9 million as of June 30th 2014 to €98.1 million a year later (they amounted to €83.6 million at the end of 2014). 

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