The Pandoro-gate situation is costing Chiara Ferragni dearly. Company Fenice, owner of Chiara Ferragni’s brands, accumulated a loss of 10.2 million euro between 2023 and 2024, and in order to continue operating, a capital increase of 6.4 million euro was needed. The injection was not subscribed by partner Pasquale Morgese, an entrepreneur from Puglia who heads Mofra Shoes.
Capital increase needed
Fenice’s 2023 financial statement showed a loss of 6.9 million euro against a revenue of 12 million. In 2024 (January to November), revenue plummeted below 2 million, with the total loss amounting to 3.3 million. Overall, the accumulated loss sums up to 10.2 million. The approximately 3.5 million that Fenice had on hand, by adding up capital and reserves, was not enough to make up for it. Therefore, as Il Sole 24 Ore and Corriere della Sera report, the shareholders’ meeting that took place in the afternoon of Monday, March 10, 2025, ended up approving a capital increase of 6.4 million euros, of which 6.2 million euros was to cover losses and 200,000 euros as new capital.
Pasquale Morgese’s dissenting vote
The capital increase was voted by Sisterhood (which owns 32.5% of Fenice and is traceable to Chiara Ferragni) and Alchimia (which owns 40% of Fenice and is owned by Paolo Barletta). While Pasquale Morgese, who owns 27.5% of Fenice, voted against the increase. Morgese, through his lawyers, challenged the financial statements, asked for explanations with more than 30 questions regarding a number of points, including the write-down of inventory, costs in favor of Ferragni-controlled Tbs Crew, and more. Additionally, Morgese’s attorneys pre-announced an appeal of the financial statements as well as a liability action against the former directors of the company now led by Claudio Calabi. Finally, Morgese expressed doubts about the future of Fenice, whose “only asset is the Chiara Ferragni brand, which is far from attractive today for big fashion players”, Il Fatto Quotidiano reports.
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