MILAN — Aeffe SpA on Wednesday confirmed Massimo Ferretti as chairman and his sister Alberta Ferretti as director, appointing the new board of the Italian fashion group for the 2020-22 period. It also confirmed Marcello Tassinari, managing director and chief financial officer, as director of the board. In addition, Aeffe said it was allocating last year’s profit of 5.14 million euros mainly to extraordinary reserve.
The company, which controls the Alberta Ferretti, Moschino, Philosophy di Lorenzo Serafini and Pollini brands, met to approve 2019 financial figures. As reported last month, net profit decreased 26.3 percent to 12.3 million euros and revenues rose 1.4 percent to 351.4 million euros.
On Wednesday, Aeffe, which is publicly listed in Milan, said “the current international macroeconomic framework remains very complicated and the economic and social consequences of the COVID-19 coronavirus pandemic are currently not quantifiable.”
The group stated that it had “taken timely measures deemed of fundamental importance to [its] long-term interest” and “aimed at facing the challenges of the current evolution of the international situation.”
The first months of 2020 were impacted by the restrictions put in place by the governments in Aeffe’s main markets, but the group said that “on the other hand, in the last few days some timid positive signals have been recorded in China where the traffic in the stores is showing a recovery trend.”
The main goal remains to protect the safety and the health of its employees, partners and clients, and Aeffe pointed out it had “urgently and responsibly adopted all the security measures and protocols introduced by the authorities in the various countries, while ensuring the continuity of the business operations adopting smart-working solutions, when possible.”
In particular, Aeffe said it was engaged in the following:
• careful management of relations with the main commercial partners, especially in the Far East, to support them as much as possible;
• strong focus on digital activities to support the online business, customer care in particular, through the reallocation of human resources and time for the development of technologies and tools able to satisfy customers’ needs in terms of a more personalized experience;
• enhancement of remote digital communication through the adoption of innovative digital technologies, such as a virtual showroom to present the new collections remotely to buyers and the sector’s operators;
• requests for a reduction in rents for stores and offices;
• use of the Italian government’s retention scheme and accrued holidays to make labor costs more flexible until the reopening of shops and the complete resumption of production processes;
• postponement of spending on advertising and public relations initiatives not core to the strengthening and support of the brands;
• request of all foreseen government grants and subsides, in all the countries where the group operates, to cope with the effects of the pandemic.
“Looking ahead, these actions will allow the group to seize the new opportunities and to return to the regular operations as soon as the emergency has ceased,” Aeffe said.
Italy’s lockdown was put in place on March 9 and it is expected to be lifted on May 4.