Italian luxury goods group has generated consolidated revenues of €61.7 million (~$66.8 million) in the first quarter (Q1) of 2025 ended March 31, a decrease of 23.3 per cent year-over-year (YoY) at constant exchange rates and down 23.2 per cent at current exchange rates.
Revenues for the pret-a-porter division reached €38.7 million, marking a decline of 30.1 per cent at constant exchange rates and 29.9 per cent at current exchange rates compared to 2024. The revenues of the footwear and leather goods division recorded a decrease of 18.2 per cent both at constant and current exchange rates and amounted to €27.1 million.
The consolidated EBITDA was negative for €1.5 million compared to the positive EBITDA of €6.3 million in 2024. The net loss of the group equalled €10.1 million compared to a net loss of €5.6 million in 2024.
In Q1 2025, revenues from the wholesale channel, which accounts for 70 per cent of total turnover fell by 22.7 per cent YoY at constant exchange rates to €43.1 million. The retail channel, contributing 28.9 per cent of total sales recorded a decrease of 19.6 per cent YoY to €17.8 million.
Meanwhile, royalty revenues declined sharply by 70.4 per cent to €0.7 million, representing just 1.1 per cent of consolidated turnover. Overall, total revenues dropped by 23.3 per cent at constant exchange rates to €61.7 million.
Sales in Italy, which accounted for 43 per cent of total turnover, dropped by 24.7 per cent to €26.5 million. This included a 26 per cent fall in wholesale revenues and a 12 per cent decline in retail sales. Europe (excluding Italy) contributed 30 per cent of turnover, with revenues decreasing by 21.1 per cent to €18.9 million.
In Asia and the Rest of the World (ROW), revenues stood at €12.9 million, representing 21 per cent of total turnover and reflecting a 24.3 per cent drop at constant exchange rates. Sales in America, accounting for 5.3 per cent of turnover, declined by 19.2 per cent at constant exchange rates to €3.3 million. Overall, total revenues fell by 23.3 per cent to €61.7 million in Q1 2025 from €80.2 million in Q1 2024.
“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. 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,” said Massimo Ferretti, executive chairman of Aeffe Spa.
