Aeffe, extraordinary shareholders' meeting on 1 April to reduce share capital due to losses

The date for the next meeting of the Aeffe group, stuck in a deep crisis and trying to avert a real bankruptcy or (s)sale, has changed again. According to the Ministry of Enterprise and Made in Italy (Mimit), where a crisis table has been opened for Aeffe, there would be several proposals, but the details are not known and some of the more than 200 redundancies requested are already official.

On Monday, the company founded by the Ferretti family, which has the brands Alberta Ferretti, Philosophy, Moschino and Pollini in its portfolio, had announced two dates: 27 May as the day on which the board of directors would meet to approve the draft statutory and consolidated financial statements as at 31 December 2025, and 29 June for the shareholders' meeting to approve the statutory financial statements and appoint the corporate bodies. Dates changed compared to the previous financial calendar: Aeffe had availed itself of the longer term of 180 days provided for by Article 2364 paragraph 2 of the Italian Civil Code. The objective of the second appointment, that of 29 June, was also to formulate 'sufficiently solid hypotheses for an adequate impairment exercise required for the verification and representation of reliable data and to negotiate a restructuring plan for the existing debt with the banks, also in the context of possible extraordinary transactions'.

Yesterday there was a surprise: Aeffe's board of directors called an extraordinary shareholders' meeting for 1 April. On the agenda, reads the brief note circulated by Aeffe's headquarters near Rimini, the examination of the economic-financial situation also pursuant to Article 2446 of the Civil Code, which provides for the reduction of the share capital due to losses: in fact, the net assets have decreased by more than one third of the share capital.

The worsening of Aeffe's accounts has been going on for about two years: in the first half of 2025, revenues had fallen to about EUR 100 million, down 27.8% compared to 2024, which had closed with a 21% contraction. The net loss for the first half of 2025 was EUR 28.5 million, against net debt of EUR 170.8 million. The Negotiated Crisis Resolution (NCC) procedure had been initiated last October, and on 28 November, the Court of Bologna had confirmed the protective measures against all creditors for the maximum term of 120 days, thus expiring on 6 February this year, but Judge Antonella Rimondini ordered the extension of the protective and precautionary measures for a further 120 days, which will remain in place until 6 June.