Aeffe’s Managing Director Exits Fashion Group – WWD
MILAN – Fashion group Aeffe SpA and Marcello Tassinari, the group’s chief executive officer, terminated their relationship in a consensual agreement.
Aeffe, which is publicly listed in Milan, including Alberta Ferretti, Philosophy di Lorenzo Serafini, Moschino and the Pollini brands.
CEO Simone Badioli will take over advertising temporarily. The changes were revealed on Friday at the close of trading.
The board of directors that day decided not to appoint a new general manager but to form an executive committee consisting of executive chairman Massimo Ferretti, Badioli and GiancarloGaleone.
Ferretti highlighted Tassinari’s “contribution of expertise, dedication and support to achieving the goals achieved,” and said that the transformation of the company’s projects would be guaranteed by the committee. operating. Tassinari, who does not own any shares of Aeffe, will leave with 900,000 euros, of which 890,000 euros as an incentive to leave.
“In this exceptional historical moment, characterized by constant change in market dynamics, the group asserts its dynamism, as witnessed by the recent activity of buying 100% back Moschino and take over distribution in China,” continued Ferretti. “With the aim of further enhancing mid- and long-term growth, the organizational structure has been improved through the creation of an executive committee to optimize strategic decisions, as well as technical support. of Mr. Galeone as a new member and director. This new initiative represents a further step towards realizing the full potential of the group and its exclusive brands.. ”
As reported, Aeffe accelerated strongly in the first nine months, posting 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 September 30, revenue amounted to €250 million, up 20.9% from €206.8 million in the same period last year, thanks to double-digit growth across all its markets. .
Earlier this year, the company Full control of Moschino brand, designed by Jeremy Scott.
https://wwd.com/business-news/human-resources/aeffe-md-exits-fashion-group-1235020919/ Aeffe’s Managing Director Exits Fashion Group – WWD