Consolidated revenue for the prêt-à-porter division were down 7.6% at constant exchange rates (and 8.4% at current exchange rates) to €212.4 million. Revenue for the footwear and leather goods division was €142.1 million, down 13.1% at both constant and current exchange rates.

Sales in the group’s home market of Italy were down 7.3% year-on-year to €134 million. Europe (excluding Italy) had a decline of 16.3% to €98.6 million. In Asia and the rest of the world, the group had an increase of 4.9% at constant exchange rates (2.5% at current exchange rates) to €66.8 million. Finally, sales in America were down by 20% (21.3% at current exchange rates) to €19.34 million.

By distribution channel, Aeffe reported a decline of 13.9% at constant exchange rates (14% at current exchange rates) for wholesale to €213.9 million, representing 67.1% of turnover. The retail channel made up 29.8% of sales and had an increase of 9% (7.2% at current exchange rates) to €94.88 million. Finally, royalties incomes made up 3.1% of the total and were down 33.7% to €9.9 million.

The company reported an adjusted EBITDA of €12.4 million or 3.9% of revenue for the 2023 financial year. This was down from €35.6 million in 2022. The year ended with a net loss of €32.1 million.

Executive Chairman Massimo Ferretti said: “2023 was a year of transition for our group which saw a radical reorganisation of the Moschino brand in terms of both creativity and distribution, and at the same time a transformation of its internal structure through a series of corporate mergers and incorporations. The results we are presenting today, expected but not positive, are clearly the result of these transformations and the strong investments of recent years which will bring positive effects as early as 2024.”