MILAN – Cost containment, more efficient working capital management, more focused collections in line with market changes and the development of its online business are part of Aeffe’s Action Plan to contrast the effects of the coronavirus pandemic, which dragged down earnings and revenues in the first half of the year.
The Italian fashion group reported a net loss of 10.9 million euros for the six months ended June 30, compared with a net profit of 5.1 million euros in the same period last year.
In the first half, revenues totaled 118.9 million euros, down 31.4 percent compared with 173.3 million euros last year, hurt by the impact of the COVID-19 pandemic at its retail and wholesale channels.
Aeffe controls the Alberta Ferretti, Moschino, Philosophy di Lorenzo Serafini and Pollini brands.
Sales of the ready-to-wear division totaled 88.6 million euros, falling 33 percent, while the revenues of the footwear and