Aeffe incorporates its lingerie producer Velmar
Aeffe continues to reorganise its business. The Italian fashion group, notably owner of Moschino, Alberta Ferretti, Philosophy by Lorenzo Serafini and footwear brand Pollini, has announced the merger by incorporation of Velmar into the group. For over 10 years, Aeffe has held a 100% stake in Velmar, which specialises in the production and distribution of lingerie and beachwear.
The incorporation is part of “the group’s rationalisation and reorganisation process, aimed at greater efficiency in the management and coordination of the group’s activities through a streamlining of the decision-making hierarchy, and leveraging the group's synergies, in order to reduce taxation, administrative and operational costs,” said Aeffe.
Velmar was founded in 1983 and is located in San Giovanni in Marignano, near Rimini, central Italy, where Aeffe is also based. It is active in apparel production and distribution, specialising in lingerie, beachwear and homewear, initially through its own labels, and later by gradually expanding its portfolio to other brands, whose underwear collections it manages under license.
Aeffe acquired a 75% stake in Velmar in 2001, and took full control of the company in 2010. Velmar currently focuses on managing Moschino’s beachwear and lingerie collections, as well as holding the license for Chiara Ferragni’s lingerie and swimwear lines.
Last year, as part of its reorganisation effort, Aeffe took complete control of Moschino, buying up the 30% stake still outstanding, for €66.6 million. It also took over the running of the Love Moschino line, until last year developed under licence by Sinv. In 2021, Aeffe returned to profitability, posting a net income of €12.1 million and a revenue of €324.6 million, up 20.8% over 2020.
Copyright © 2022 FashionNetwork.com All rights reserved.