• Q3 profit more than halves to EUR1.4m
  • Revenues down 10.9% to EUR71m
  • Company shifts focus to Moschino

Luxury apparel and footwear business Aeffe saw its net profit more than halve during the third quarter, weighed down by lower sales. 

The company, owner of the Alberta Ferretti, Moschino, Pollini brands, said net income was EUR1.4m (US$1.9m) during the quarter, compared to EUR4.1m in the same period of last year.

Sales, meanwhile, fell 10.9% to EUR71m from EUR79.7m.

During the first nine months of the year, the group's net loss widened to EUR2.3m from EUR300,000 the year before. Sales fell 3.8% to EUR196.9m over EUR204.6m in the same period of last year.

Aeffe executive chairman Massimo Ferretti said: "Despite difficult macro-economic conditions, the group dynamically continues to revitalise its product offering.

"After replacing two licenses no longer profitable with new projects such as those of Cédric Charlier, Emanuel Ungaro by Fausto Puglisi and Philosophy by Nathalie Ratabesi, the focus has now shifted on Moschino, where [the] recent appointment of Jeremy Scott as the new creative director gives us new opportunities and permit us to plan future strategies with renewed optimism."