Pollini accelerates, Moschino reverses. The footwear brand’s sales grew 23% year-on-year in Q1 2023. Those of Moschino, on the other hand, fell by 13%. A negative result that the parent company Aeffe attributes to the start of Moschino’s own collection and distribution rationalisation plan. Overall, Aeffe’s footwear and leather goods sales were stable, while clothing sales fell by 14%.
Pollini accelerates
Aeffe’s quarterly results had two faces. From January to March 2023, the Romagna-based group reported revenues of 93.2 million euros (-8% compared to the same period in 2022). The quarter ended with a net loss of around 300,000 euros compared to a profit of 8.9 million euros in 2022. The factors that influenced the figures, and which were highlighted by the company, are basically two. The first is the organisational restructuring of the group. The second is Moschino’s “new strategic course, with the costs related to the change of distribution model in China (from 100% wholesale to retail) and the start of the repositioning plan, with consequent effects on both sales and royalties”. It should also be remembered that, following the departure of Jeremy Scott last March, Moschino has yet to name a replacement for him as creative director.
The comment
“We believe these moves will be instrumental in the growth and evolution of the brand and the group. At the same time, the growth of Alberta Ferretti, Philosophy by Lorenzo Serafini and, above all, Pollini,” comments Massimo Ferretti, CEO of Aeffe, “as well as the positive performance of Moschino’s retail network in Asia, make us confident about future opportunities for consolidation and growth of the group as early as 2024”.
The data
Geographically, the markets of Italy and Asia were stable. Europe and America were down. At brand level, Moschino, which generates almost three quarters of the group’s turnover, lost 13% of revenue, while Alberta Ferretti gained 4%, Philosophy 17% and Pollini 23%.
Photos from social media
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