The encyclopedia · Strategy & Leadership · Strategic decision · 2020–2026
Aeffe, owner of Moschino and Alberta Ferretti — €115M offer saved it from collapse
Aeffe, owner of Moschino, got a €115M rescue offer from Oxy Capital after sales dropped 25% and debt hit €115M.
Aeffe · Moschino · Alberta Ferretti · Pollini · Oxy Capital · 2026-07-31
What happened
Aeffe was an Italian fashion group listed on Euronext Milan that owned the Moschino, Alberta Ferretti, and Pollini brands, and held the Moschino license for the Chinese market. Founded by the Ferretti family, it had been a pillar of Italian luxury fashion for decades with headquarters in San Giovanni in Marignano and a global retail presence.
After a post-COVID boom, the luxury market turned sharply. In the nine months to September 2025, Aeffe's sales fell 25.4% to €155 million from €207.8 million a year earlier, and consolidated EBITDA losses reached €11.9 million. Net debt climbed to €114.9 million. The group entered a negotiated composition process (CNC) under the supervision of the Bologna Court, and began seeking an investor with the help of Lazard.
On July 31, 2026, Oxy Capital formalized a binding €115 million offer alongside Invitalia (Italy's state development agency), the Ferretti family, and a Chinese industrial partner. The offer would acquire Aeffe's business assets, make the company debt-free, and split it into three independent entities for Moschino, Alberta Ferretti, and production. The rescue was expected to close by the end of 2026, avoiding liquidation.
Why it happened
- Aeffe rode the post-COVID luxury wave but did not prepare for the downturn — when luxury spending cooled, 25% of its revenue vanished and debt doubled to €115M
- The group owned three distinct brands but lacked the scale to sustain all three through a luxury contraction — Moschino drove most revenue while Alberta Ferretti and Pollini struggled
- Aeffe's debt load, court supervision, and reliance on Lazard to find a buyer showed it could not turn around on its own — only a state-backed consortium with a Chinese partner could save it
The lesson
The luxury market giveth and the luxury market taketh away. Aeffe grew 25% during the boom and shrank 25% in the bust — there was no buffer for the downturn.
Sources
- FashionUnited — Aeffe: binding offer of €115M for relaunch and safeguarding of jobs
- WWD — Moschino Parent Aeffe Receives Binding Offer From Oxy Capital
- Modaes — Oxy Capital formalizes a bid for Aeffe to get it out of court
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