Italian fashion group Aeffe reported a 20% increase in its financial performance for 2021 compared to the previous year, but it continues to face challenges in fully recovering from the impact of the pandemic. The group, which owns renowned brands like Alberta Ferretti, Philosophy, Moschino, and Pollini, as well as licenses for Jeremy Scott and other brands, disclosed a turnover of €324.6 million in 2021. While this represents a substantial improvement from the previous year, it still marks a 7.6% decline compared to 2019.

Despite the obstacles faced, Aeffe’s preliminary financial results indicate double-digit growth across all its markets in 2021. The company experienced a 15% increase in sales in its largest market, Italy, accounting for 41% of its total revenues, reaching €132.1 million. Aeffe attributes this growth to strong performance in wholesale and online sales. However, the group has struggled to return to its pre-pandemic financial position, with sales in Italy down 17.6% compared to 2019.

Conversely, Aeffe’s sales in other European countries have shown resilience, with a 24.6% increase compared to 2021 and a 21.5% increase compared to 2019. This growth has been predominantly driven by positive results in the wholesale channel, particularly in Germany, Britain, and Eastern Europe. In Asia, sales saw a promising uptick of 21.2% compared to 2020, with Greater China alone experiencing a substantial 23% increase. However, sales in Asia still lag behind 2019 levels by 24%. The Americas, although representing a smaller percentage of Aeffe’s market at 6.7%, demonstrated significant growth with sales surging by 41.4% compared to 2020 and by 7.2% compared to 2019.

With Moschino as its flagship brand, Aeffe notes that the brand accounted for 80% of the group’s total sales in 2021, an increase from 75% in 2019. Moschino achieved sales of €258.4 million, indicating a 20.1% uplift compared to 2020. Though it is approaching its 2019 financial position with only a minor 1.5% decline, full recovery remains elusive.

Wholesale remains the dominant sales channel for Aeffe, contributing to 73.6% of the group’s revenues or €238.8 million. Sales through this channel grew by 22.4% compared to 2020 but slightly decreased by 2% compared to 2019. The retail distribution channel, however, accounted for only 22.2% of the group’s revenues, a decline from 27% in 2019. Nonetheless, it experienced a 13.6% increase in sales in 2021, still trailing behind 2019 by 23%.

CEO Massimo Ferretti expressed his satisfaction with Aeffe’s double-digit growth in 2021 and emphasized the positive contribution of all the brands under the group. He identified the consolidation of Aeffe’s online presence as a driving force behind growth and conveyed optimism for the future, particularly in regions like Europe, the United States, and Greater China. Ferretti also revealed plans for a new direct distribution project for Moschino in the coming months.

1. Aeffe Official Website
2. Moschino Official Website