The Moschino parent company Aeffe SpA recorded a drop in earnings in the first quarter. Not only did sales fall by 8.4 percent, but a net loss of 300,000 euros was recorded.
Sales fell to 93.2 million euros, compared to 101.6 million euros in the first quarter of the previous year. The Europe and USA regions recorded the largest declines. Sales there fell by 13 and 45 percent, respectively, according to the annual report published on Thursday. In the home country of Italy and in the Asia region, sales remained stable compared to the previous year.
Adjusted Ebitda also declined. Earnings before taxes, interest, depreciation and amortization fell from EUR 20.4 million to EUR 12.3 million.
The CEO of Aeffe SpA, Massimo Ferretti, explained that the results achieved are due to the strategic reorientation of the group, which began in 2022. These included changes in Moschino’s structure and taking control of the brand’s distribution in the Chinese market. All of this has affected the results, the group reports, but should make for better results in the future.
In addition to Moschino, Aeffe SpA also has the Alberta Ferretti, Philosophy di Lorenzo Serafini and Pollini brands in its portfolio.
This translated post previously appeared on FashionUnited.nl.