×
60 610
Fashion Jobs
MIZZEN+MAIN
Account Executive - Specialty ne & Midwest
Permanent · DALLAS
COTY
Area Sales Manager
Permanent · Miami
LEVI'S
Part-Time Sales Supervisor
Permanent · Katy
SALLY BEAUTY HOLDINGS LLC
Outside Sales Representative -Cosmoprof
Permanent · Colorado Springs
SALLY BEAUTY HOLDINGS LLC
2nd Shift Inventory Control Specialist
Permanent · Jacksonville
NORDSTROM
Asset Protection - Agent - North Point Marketcenter Rack
Permanent · Alpharetta
NORDSTROM
Asset Protection - Agent - The Outlet Collection Rack
Permanent · Auburn
NORDSTROM
Asset Protection - Security Ambassador - Galleria at Roseville
Permanent · Roseville
LULULEMON
Assistant Manager, Operations | Cherry Creek Mall (1 Year Contract)
Permanent · Denver
LULULEMON
Assistant Manager, Operations | Bellevue Square
Permanent · Bellevue
LULULEMON
Assistant Manager, Operations (Hyde Park)
Permanent · Chicago
OLD NAVY
Assistant Manager, Customer Operations - Airport Square
Permanent · North Wales
OLD NAVY
Assistant Manager, Customer Operations - Monroe Mktplace
Permanent · Selinsgrove
OLD NAVY
Asset Protection Coordinator - Florida West
Permanent · Estero
OLD NAVY
Assistant General Manager, Merchandising - Jefferson Mall
Permanent · Louisville
OLD NAVY
Assistant General Manager, Merchandising - Willowbrook-Houston
Permanent · Houston
OLD NAVY
Assistant Manager, Customer Operations - Oshkosh
Permanent · Oshkosh
OLD NAVY
General Manager - Ridgewood Court
Permanent · Jackson
OLD NAVY
General Manager - Monroe Marketplace
Permanent · Selinsgrove
OLD NAVY
Asset Protection Coordinator - Portland
Permanent · Beaverton
OLD NAVY
General Manager - Tikahtnu Commons
Permanent · Anchorage
OLD NAVY
General Manager - Watertown
Permanent · Watertown
Translated by
Nicola Mira
Published
Mar 18, 2022
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Aeffe turns a profit again in 2021

Translated by
Nicola Mira
Published
Mar 18, 2022

Aeffe was back in the black in 2021. Last year, the Italian fashion group, owner notably of Moschino, generated a net income of €12.1 million, having posted a loss of €21.4 million in 2020, when its business was severely impacted by the pandemic. Aeffe generated a revenue of €324.6 million, equivalent to a 20.8% increase at constant exchange rates over the previous year. However, the group did not reach its pre-pandemic revenue result, remaining 7.6% below 2019.


Moschino accounts for 80% of Aeffe's total sales - © PixelFormula


In 2021, adjusted net income, taking into account the effects of the first application of the IFRS 16 accounting method, was €2.6 million, compared to the adjusted net loss of €16.3 million recorded a year earlier. Aeffe’s EBIT instead improved from a €24.5 million deficit in 2020 to a €9.1 million surplus a year later.

EBITDA skyrocketed, jumping by 687%, from €4.5 million in 2020 to €35.3 million in 2021, when it was equivalent to 10.9% of revenue. “The increase in profitability was more than proportional to the growth in revenues, not least due to the corrective actions taken to tackle adversities linked to the global Covid-19 emergency, with a further 6% reduction, about €3.5 million, in fixed costs (personnel, rentals, general expenses) compared with 2020,” indicated the group in a press release.

Besides owning Moschino, successfully led by designer Jeremy Scott, Aeffe is active with its own labels Alberta Ferretti, Philosophy and footwear brand Pollini, as well as through a number of licensed brands, which include the Jeremy Scott label.

Last year, the group’s indebtedness grew, reaching €93.1 million as of December 31 2021, due to, among other reasons, two unprecedented financial operations. Aeffe took complete control of Moschino, buying up the 30% stake still outstanding, for €66.6 million. And it also took over the running of the Love Moschino line, until last year developed under licence by Sinv, to which Aeffe paid a consideration of €3.63 million.

In 2022, Aeffe is planning to carry out another acquisition. As it indicated in the press release, the group’s board of directors intends to incorporate Velmar SpA, a wholly-owned subsidiary specialising in the production and distribution of lingerie and beachwear. The operation is “part of [Aeffe’s] corporate rationalization and reorganization process, intended to enhance the operational efficiency and coordination of the group’s activities.”

Executive President Massimo Ferretti commented favourably on the sales rise and the marked improvement in Aeffe's profitability in 2021, results he said were due to “the good performance of all our brands in their various markets and distribution channels, combined with the benefits generated by the improved structural efficiency of our business model.”

Ferretti concluded by saying that “despite the uncertainties caused by geopolitical tensions (Russia and Ukraine contributed 2.6% of revenue in 2021), we remain focused on the pursuit of medium/long-term initiatives: developing the new strategic direction of Moschino, with the integrated management of all apparel licenses linked to the brand; direct management of our distribution in mainland China; and a significant strengthening of the e-tail channel.”

Copyright © 2022 FashionNetwork.com All rights reserved.