Italian fashion group Aeffe has rebounded in 2021 after a challenging year due to the pandemic. The company, which is known for its portfolio of brands including Alberta Ferretti, Philosophy, Moschino, Pollini, and Jeremy Scott, reported a turnover of €324.6 million last year, marking a 20.6% increase compared to 2020. While this growth is encouraging, Aeffe has not yet fully recovered its pre-pandemic financial position, experiencing a 7.6% decrease compared to 2019.
Despite this setback, Aeffe achieved double-digit growth in all its markets during 2021, according to preliminary financial results. Italy, the company’s largest market, saw a 15% increase in sales, reaching €132.1 million. This growth was driven by strong results in wholesale and online sales. However, Aeffe still faced challenges in reaching its 2019 financial position, with a 17.6% decrease.
In contrast, sales in other European countries, which account for nearly a third of Aeffe’s turnover, experienced significant growth. Despite the absence of tourists, sales in these countries (excluding Italy) increased by 24.6% compared to 2020 and 21.5% compared to 2019. The wholesale channel, particularly in Germany, the UK, and Eastern Europe, was a key driver of this growth.
In Asia, which represents 20.1% of Aeffe’s total turnover, sales increased by 21.2% compared to 2020. Greater China alone saw a 23% growth, although sales were down 24% compared to 2019. The Americas, with a smaller market share of 6.7%, experienced a notable sales increase of 41.4% compared to 2020 and 7.2% compared to 2019.
Moschino, one of Aeffe’s flagship brands, played a significant role in the company’s performance. Aeffe recently acquired full control over the brand by purchasing the remaining 30% of Moschino’s capital. Moschino now accounts for 80% of the group’s total sales, up from 75% in 2019. The brand achieved a revenue of €258.4 million in 2021, marking a 20.1% increase compared to 2020 and coming close to its 2019 financial position with a decrease of only 1.5%.
Wholesale remains the dominant sales channel for Aeffe, contributing 73.6% of the group’s revenue with a turnover of €238.8 million. Sales in this channel grew by 22.4% compared to 2020 but experienced a 2% decrease compared to 2019. Retail distribution, on the other hand, accounted for only 22.2% of the group’s revenues, down from 27% in 2019. Retail sales increased by 13.6% in one year but decreased by 23% over two years, reaching €72.1 million. To strengthen its retail presence, Moschino plans to open a large store in Milan’s golden quadrangle next spring.
Aeffe’s CEO, Massimo Ferretti, expressed satisfaction with the double-digit growth achieved in 2021. He acknowledged the positive contribution of all the group’s brands in both wholesale and retail channels and highlighted the importance of their online presence. Ferretti also shared an optimistic outlook for the coming months, with significant developments planned in Europe, the United States, and Greater China. Specifically, a new direct distribution project for Moschino is expected to be launched in these regions within the next six months.
Useful links:
– Aeffe Group
– Moschino Official Website
