Aeffe increases stake in Moschino to 100%
On the eve of the fashion industry's summer break, the Italian luxury sector has witnessed an important operation. San Giovanni in Marignano-based fashion group Aeffe, which, among other brands, owns 70% of Moschino, has increased its stake in the label to 100%, acquiring the remaining 30% of the business from Siny Holding, Siny Real Estate and Siny Lab for 66.5 million euros. The payment will be made in two installments, a first of 30 million euros to be paid immediately and another of 36.5 million euros to be made in late November 2021.
Beyond the desire to take complete control of its flagship brand, known for its offbeat pop aesthetic, the company explained in a release that the operation is also part of "the strategy related to the Moschino brand, which aims at the process of future integration of the womens’ apparel collections into Aeffe Group to enhance their potential thanks to the exploitation of synergies." In other words, the company intends to bring the Love Moschino line – first launched as Moschino Jeans in 1986 and renamed in 2008 – in house. Up until now, the production and distribution of the line had been licensed to Siny.
"The operation we have just concluded has long been considered an important step in our medium-long term growth strategy. With the full control over Moschino brand, we are now in the best conditions to manage all activities related to the brand’s value chain, from product to quality and with positive effects on image, distribution and communication," explained Aeffe executive chairman Massimo Ferretti.
Since the foundation of Moschino by Franco Moschino in 1983, the company has managed its men's and women's ready-to-wear collections via licenses. Following the untimely death of the brand's designer in 1994, Aeffe bought 70% of the brand from his heirs in 1999, while the remaining 30% was acquired by Siny.
For 20 years, the label was led by Franco Moschino's right hand, Rosella Jardini, who was able to maintain the brand's identity, before handing on the mantle of creative director to Jeremy Scott. The American designer has since accentuated Moschino's irreverent and ironic spirit, successfully relaunching the brand.
Having achieved revenues of 215.4 million euros in 2020, a 17.8% decline in constant currencies compared to 2019, the house currently accounts for 80% of total sales at Aeffe, which also owns the Alberta Ferretti and Philosophy ready-to-wear brands, footwear label Pollini, and a portfolio of licenses including one for Jeremy Scott. As well as its main line and Love Moschino, the label boasts a youth line, Boutique Moschino, which was launched in 1988 under the name Moschino Cheap & Chic.
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