MILAN — There is a new development as Aeffe works on its restructuring plan.
The Italian fashion group, parent of Alberta Ferretti, Moschino and Pollini and listed on the Euronext Milan market of Borsa Italiana, has received an offer from Oxy Capital Srl that would allow a corporate turnaround. Aeffe is in the midst of a corporate restructuring within a negotiated composition of the business crisis.
Aeffe has been selecting potential investors with the support of Lazard. Oxy Capital, with offices in Lisbon, Portugal and in Milan, is specialized in corporate turnaround transactions, and is acting “as lead investor on behalf of a consortium of industrial and financial partners still in the process of being structured,” stated Aeffe on its website. The offer is preliminary and nonbinding as due diligence is ongoing.
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As per the transaction, all of Aeffe’s business assets “would be transferred to one or more entities belonging to the bidders’ consortium,” and the Italian Bourse stated that “the consultants consider this a positive offer.”
Upon completion of the transaction, Aeffe would be released from its indebtedness and would also be substantially devoid of assets.
If all goes well, a binding offer may potentially be submitted in the first part of June and “the restructuring proposal may be submitted to all creditors with the aim of attaining subsequent court approval by October 2026, which would allow the transfer transaction to be completed by the end of the 2026 financial year,” stated Aeffe.
In light of the expiration of the CNC on June 6, a request to renew or grant an extension until Oct. 5 will be made to the Bologna court.
An “extraordinary” financial transaction, whose details have not been revealed, is necessary to support the company’s operations until the deal is completed, and expected in June due to Aeffe’s “financial tension.”
As a consequence, Aeffe is once again delaying its trading updates and the board will meet to approve its 2025 consolidated financial statements and first-half 2026 sales on June 30.
As per the latest figures reported in November, sales in the nine months ended Sept. 30 amounted to 155 million euros, a 25.4 percent decrease compared with 207.8 million euros in the same period last year.
Consolidated losses before interest, taxes, depreciation and amortization amounted to 11.9 million euros.
Net of the IFRS effect, debt stood at 114.9 million euros compared with 67.7 million euros at the end of December 2024.
Chief financial officer Rocco Bennici is resigning effective June 9, and chief executive officer Simone Badioli and Marco Piazzi, general manager of Pollini, will take over his duties.
Aeffe is led by executive chairman Massimo Ferretti. Last year, former Ferragamo CEO Marco Gobbetti was named to the board to help develop growth strategies and strengthen the group, “including, where opportunities arise, through strategic partnerships.” Ferretti also mapped out measures to cut costs and to improve organizational efficiency “with a focus on the provision of services,” beginning in the first half and throughout a 2026-28 plan.
After 43 years, Ferretti’s sister and designer Alberta stepped down from the brand bearing her name in September 2024, succeeded by Lorenzo Serafini. Moschino named Adrian Appiolaza creative director in January 2024. Pollini is a storied footwear and handbags brand that marked its 70th anniversary in 2023, when it reedited its signature Cavaliere boot, and is also a producer of accessories for Aeffe, contributing to the success of Moschino’s biker bag and heart-shaped clutches, to name a few.