What's going on at Aeffe? A mysterious investor could save Aeffe from its debt
For Aeffe, the parent company of the brands Alberta Ferretti, Moschino and Pollini, the past few months have not been easy. Amid changes at the creative helm, including the departure of founder Alberta Ferretti in September 2024, the creative direction of the namesake brand was entrusted to Lorenzo Serafini and, more recently, Adrian Appiolaza left Moschino, handing over the brand to Sunnei founders, Loris Messina and Simone Rizzo, who will unveil their first collection during Milan Fashion Week in September.
The group's financial situation is also under pressure. As of May 31, its debt had reportedly reached €101.8 million, up from €67.7 million at the end of 2024. Revenue currently stands at €155 million, down 25.4% from the €207.8 million recorded during the same period last year. Yet a mysterious investor could change Aeffe's fortunes.
About Oxy Capital
Aeffe is currently undergoing Italy's negotiated business crisis settlement procedure, a process that allows companies facing financial difficulties to negotiate with creditors in order to support their recovery and avoid more burdensome insolvency proceedings. Within this framework, Oxy Capital, an investment firm with offices in Lisbon and Milan specializing in business recovery operations, has expressed interest in the group by supporting struggling companies through financial and organizational restructuring.
The firm is reportedly acting as the lead investor of a consortium of industrial and financial partners that is still being assembled. The proposal remains preliminary and non binding, as financial, legal and economic due diligence is still underway before any final agreement can be reached.
A potential Asian buyer emerges
With the support of investment bank Lazard, Aeffe has reportedly also received a second proposal that appears particularly attractive to its board of directors. It comes from an industrial group mainly active in the Asian market, with extensive experience managing international fashion brands, although its identity has not been disclosed. According to available information, the investor is interested in acquiring Aeffe's entire business while taking on all of the group's liabilities once the restructuring process under Italy's Business Crisis and Insolvency Code has been completed.
The proposal also includes a bridge financing facility of up to €25 million to ensure the group's operational continuity until December 31. The funding would be released in two installments: an initial amount of up to €16 million between July and September, followed by a second tranche of €9 million before the end of the year. Both the financing and any potential acquisition would be funded entirely through the investor's own resources.
If the deal goes through, Aeffe would be relieved of its current debt burden, although it would also effectively transfer its operating assets to the new owner. Due diligence is still ongoing, and Oxy Capital could submit a binding offer in the coming weeks. Meanwhile, the hearing before the Court of Bologna regarding the protective measures requested as part of the restructuring process has been postponed until July 15. In this context, Aeffe could have a genuine opportunity for recovery, creating a promising environment for the new creative teams chosen to reshape the group's future.