Aeffe — the group behind Moschino — filed for crisis protection with €115M debt

Aeffe S.p.A. was founded in the 1970s by Alberta Ferretti and grew to become one of Italy's publicly listed luxury fashion groups, owning Moschino, Alberta Ferretti, Pollini, and Philosophy. Moschino — acquired by Aeffe in 1999 — was the group's crown jewel, an internationally recognized brand known for its irreverent, pop-culture-infused aesthetic that commanded licensing revenue and global department store presence.

By 2025 the group was in severe financial distress. A luxury market downturn — particularly in the critical Chinese market — had cut consolidated revenues by approximately 28%. The group's EBITDA turned deeply negative, while net debt reached approximately €115 million, a level that made conventional refinancing impossible. The luxury fashion sector's post-pandemic normalization punished groups with high leverage and multiple brand structures hardest.

On 2 October 2025, the Aeffe board voted to file for Composizione Negoziata della Crisi (CNC). The filing covered Aeffe SpA and its loss-making subsidiary Pollini, while Alberta Ferretti and Philosophy were excluded — a ring-fencing strategy to protect the healthier brands. Riccardo Ranalli was appointed independent expert on 10 October 2025 to oversee negotiations. A binding offer of €115 million later emerged from a consortium including the Ferretti family and a Chinese partner, proposing to license Moschino in China in exchange for wiping the group's debt.