Troubled Aeffe closes Alberta Ferretti’s Rome store

Aeffe has closed down the Alberta Ferretti monobrand store at via dei Condotti 34 in Rome, cashing in on over €9 million for the lease’s early termination.

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The operation is part of the recovery plan deployed by Aeffe with its footwear brand Pollini in October, when the group applied for a negotiated settlement procedure to stave off its financial issues.

Aeffe will be paid a €9.5 million plus VAT indemnity by a third party for the lease’s early termination. Riccardo Ranalli, the independent expert appointed to oversee Aeffe’s procedure, regards the operation as consistent with the group’s recovery efforts.

By closing down the Rome store, which was generating a significant annual loss, Aeffe will be able to invest in its best-performing stores and retail channels, and to focus more on its wholesale business.

Aeffe, owner among others of Moschino and Philosophy, neither of which is involved in the negotiated settlement procedure, recorded a 27% revenue shortfall in H1, down to €100 million, and increased its losses to the tune of €28.5 million.