MILAN – Aeffe SpA plans to lower prices, trim collections and streamline its retail network following a 20 percent drop in first-quarter revenues, which sent it into the red.
The Italian fashion group, which owns the Alberta Ferretti, Moschino, and Pollini brands and produces collections for Jean Paul Gaultier among others, reported losses of 298,000 euros, or $389,781, in the three months through March 31 compared to net profits of 6 million euros, or $9 million, in the same period in 2008. Sales contracted to 72.3 million euros, or $94.6 million.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"