Robin Driver
May 17, 2021
Italian fashion group Aeffe SpA has revealed that its consolidated revenues for the first quarter
ended March 31, 2021 totalled 80.1 million euros, up 5.1% from 76.2 million euros in the prior year period. In constant currencies, the increase was 5.2%.
The San Giovanni in Marignano-based company, which owns the Moschino, Alberta Ferretti, Pollini and Philosophy brands, reported that its ready-to-wear division achieved quarterly revenues of 52.7 million euros, representing a 29% year-over-year decline in constant currencies. However, this was more than offset by a 17.1% rise in the footwear and leather goods division, where revenues totalled 35.9 million euros.
The group saw revenues increase in almost all of the regions where it has operations. America saw the strongest growth, posting a 16.7% year-over-year rise in revenues totalling $5.0 million. In the company’s “Asia and Rest of the World” business, sales rose 14.7% to 17.8 million euros. Growth in this segment was driven by Greater China and the Middle East, which saw revenue increases of 33% and 48%, respectively.
In Aeffe’s home market of Italy, however, revenues dropped 2.6% to 34.3 million euros, reflecting the negative impact of restrictions implemented to combat the Covid-19 pandemic in the country. In Europe, excluding Italy, sales rose 8.4% year over year, to 22.9 million euros.
Broken down by distribution channel, the company’s revenues increased 16.9% to 65.0 million euros in its wholesale business, which accounted for 81% of total quarterly revenue. In the retail channel, sales decreased 32.3% to 12.12 million euros, while royalties rose 9.6% year over year to 3.0 million euros.
Aeffe’s net profit for the first quarter of 2021 came to 3.8 million euros, compared to 4,000 euros in Q1 2020.
“We think that the results approved today show positive signs leading to a gradual recovery, after a long period of global restrictions linked to the pandemic,” said Aeffe’s executive chairman, Massimo Ferretti, in a release. “The group reacted promptly on the offering side, proposing distinctive collections that are more focused and oriented to sustainability in terms of production process and durability.”
In terms of sustainability, the company also highlighted that it has been included in Statista’s list of 150 Sustainability Leaders in Italy. Developed in collaboration with Italian business newspaper Il Sole 24Ore, the list analyses the sustainability of companies based on three criteria: environmental, social and economic.
“We are confident about the results for the coming months, thanks both for the excellent feedback from the F/W 2021-2022 sales campaign, which posted a 12% increase, and for the growth of the online channel,” added Ferretti. “The accelerating vaccination campaign, in which we participate with a centre at our headquarters, will also give a valuable contribution.”
Established in partnership with the Red Cross, Aeffe’s in-house vaccination centre will serve the group’s employees, as well as those of other large companies in the Rimini area. It is estimated that the centre will be able to administer 120 doses per day.
Aeffe finished the first quarter with 57 directly operated stores around the world, as well as 140 franchise locations spread over Europe and Asia.