MILAN — While Aeffe was back in the black last year thanks to the sale of Moschino‘s beauty business in September, the slowdown in the luxury industry and challenges in its wholesale and retail distribution impacted the group’s first-quarter top and bottom lines.

In addition to Moschino, Aeffe, which is listed on the Euronext Star Segment of Euronext Milan Market of Borsa Italiana, owns the Alberta Ferretti and Pollini brands.

In the three months ended March 31, Aeffe’s net loss amounted to 10.1 million euros compared to a net loss of 5.6 million euros in the first quarter last year.

Consolidated revenues totaled 61.7 million euros, decreasing 23.2 percent compared with 80.2 million euros in the same period last year.

Revenues of the ready-to-wear division fell 29.9 percent to 38.7 million euros.

Sales of footwear and leather goods recorded a decrease of 18.2 percent to 27.1 million euros.

“The general global slowdown in consumption had an impact on both the wholesale and retail channels, reflecting in our group’s results in the first quarter of the year,” said Massimo Ferretti, executive chairman of Aeffe SpA. “This situation, expected for the entire first part of the current year, has not caught us unprepared and we are continuing to implement processes to rationalize activities and all operating costs. We look with positivity and renewed confidence to a recovery of the retail market in the upcoming months, continuing to invest in the development of the Moschino, Alberta Ferretti and Pollini brands.”

Impacted by the sales decrease, in the first quarter earnings before interest, taxes, depreciation and amortization were negative for 1.5 million euros compared with a positive 6.3 million euros.

Consolidated operating loss totaled 8.4 million euros compared to 1.8 million euros in 2024.

Sales in Italy fell 24.7 percent to 26.5 million euros, representing 43 percent of the total.

Revenues in Europe recorded a decrease of 21.1 percent to 18.9 million euros, accounting for 30 percent of the total.

In Asia and the Rest of the World area, the group reported sales of 12.9 million euros, down 24.2 percent, with an incidence on turnover of 21 percent.

Sales in America were down 17.7 percent to 3.2 million euros.

The wholesale channel registered a decrease of 22.6 percent to 43.1 million euros, accounting for 70 percent of the total.

The retail channel showed a 19.4 percent decrease to 17.8 million euros.

Moschino and Alberta Ferretti have been going through changes. The former named Adrian Appiolaza creative director in January 2024 and Aeffe made extraordinary strategic investments for a total of 90 million euros relating to taking full control of Moschino in 2021 through the purchase of the 30 percent stake it did not already own and the change of distribution in China for the Moschino brand.

In September, after unveiling her spring 2025 collection, designer Alberta Ferretti revealed she was exiting the namesake brand she launched in 1981. A month later, Aeffe promoted Lorenzo Serafini to succeed Ferretti at the helm of the brand and his first collection was presented in February. He joined the group in 2014 to design the Philosophy label, which is being integrated into the Alberta Ferretti line from the fall 2025 season.

As of March 31, debt net of the IRS 16 effect amounted to 90.5 million euros improving compared to 137.2 million euros at the end of March last year.

In September, Aeffe revealed it was selling Moschino‘s beauty business to Euroitalia for 98 million euros, transferring the ownership of the brand’s cosmetics, fragrances, scented candles, rooms and textile perfumes. Euroitalia has been the licensee of the brand’s beauty products since 1987.