MILAN — Fashion group Aeffe SpA and Marcello Tassinari, group managing director, have terminated their relationship in a consensual agreement.
Aeffe, which is publicly listed in Milan, comprises the Alberta Ferretti, Philosophy di Lorenzo Serafini, Moschino and Pollini brands.
Chief executive officer Simone Badioli will take over ad interim. The changes were revealed on Friday at the end of trading.
The board of directors that day decided to no longer appoint a new general manager, but is instead setting up an executive committee which includes executive chairman Massimo Ferretti, Badioli and GiancarloGaleone.
Ferretti underscored Tassinari’s “professional contribution, his dedication and his support offered to the achievement of the goals reached,” and said that the transition of the company projects will be guaranteed by the executive committee. Tassinari, who does not own any Aeffe shares, will walk away with 900,000 euros, of which 890,000 euros as an incentive to leave.
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“In this particular historical moment, characterized by a continuous change in market dynamics, the group confirms its dynamism, as witnessed by the recent operations of 100 percent acquisition of Moschino and the takeover of the distribution in China,” Ferretti continued. “With the aim of further strengthening the medium- to long-term growth, an evolution in the organizational structure has become opportune through the creation of an executive committee to optimize strategic decisions, also with the support of the expertise of Mr. Galeone as a new member and director. This new initiative represents a further step toward realizing the full potential of the group and its proprietary brands.”
As reported, Aeffe saw strong acceleration in the first nine months of the year, reporting a net profit of 23.2 million euros compared with a net loss of 14 million euros in the same period last year.
In the nine months ended Sept. 30, revenues amounted to 250 million euros, up 20.9 percent compared with 206.8 million euros in the same period last year, driven by double-digit growth in all its markets.
Earlier this year, the company took full control of the Moschino brand, designed by Jeremy Scott.