MILAN, March 17 (Class Editori) — Aeffe was back in profit in 2021 and shortened its control chain. The Maison closed last year with consolidated revenues of 324.6 million euros, up 20.8% at constant exchange rates (20.6% at current exchange rates). EBITDA amounted to 35.3 million euros with a 10.9% weight on revenues, a figure that is up by 4.5 million euros on the 2020 EBITDA. Adjusted net income stood at 2.6 million euros, erasing the 2020 adjusted loss of 16.3 million euros. Reported net income amounted to 12.1 million euros.
In particular, the wholesale channel, which accounts for 73.6% of sales, grew by 22.6% at constant exchange rates to 238.8 million euros. Sales in the retail channel including direct online ones, accounting for 22.2% of the Group's sales, rose by 13.7% to 72.2 million euros. The Group, which counts Alberta Ferretti, Philosophy di Lorenzo Serafini, Moschino and Pollini among its brands, recorded net financial debt including the IFRS 16 effect of 168.7 million euros, increasing compared to the debt of 141 million euros in 2020. The Board of Directors will propose the shareholders' meeting, called for April 28, to cover the loss for the year of 15.92 million euros through the extraordinary reserve.
Despite the health crisis marking the last financial year as well and impacting on the direct retail channel, the Group recorded double-digit growth in all the markets it serves, with very strong increases in Europe, Asia and America. In detail, sales on the Italian market increased by 15% to 132.1 million euros compared to 2020, thanks to the results achieved by the wholesale channel and direct online sales. Sales in Europe reported, as well, an increase of 24.5%, mainly due to the positive trend in Germany, Great Britain and Eastern Europe recorded in the wholesale channel. Retail has still been partially affected by the limited flow of tourists.
"We highlight the positive performance of the autumn-winter 2022-2023 sales campaign, to which the easing of the Covid-19-related health emergency contributed," Massimo Ferretti, Executive Chairman, pointed out. "Despite the uncertainty related to geopolitical tensions, with Russia and Ukraine accounting for 2.6% of revenues in 2021, we keep focusing on the medium-to-long term initiatives' development: the development of Moschino's new strategic course, with the integrated management of all the brand's apparel licenses, the direct management of distribution in Mainland China and the significant enhancement of the online sales channel," he added.
Moreover, the Board approved the evaluation of a possible merger with the wholly owned subsidiary Velmar Spa and to mandate the Executive Committee to take the necessary steps for drafting the merger plan they will present to the Board. The reason for this move is the "process of rationalisation and corporate reorganisation, aimed at greater efficiency in the Group's activities management and in their coordination being studied by the Executive Committee," as stated by the company, which made headlines in November 2020 when Chiara Ferragni signed a multi-year license agreement with Velmar, entrusting to it the production and distribution of underwear and beachwear. These positive accounts and initiatives push the Aeffe share higher on the stock exchange at mid-session, with +1.74% to 2.05%.
(Source:Class Editori)
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