Luxury group Aeffe announced on Thursday revenues for the full-year 2023 fell 9% at constant rates to 319 million euros, hit by heavy sales declines in Europe and America, partially offset by Asia growth.

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The Italian owner of Alberta Ferretti, Philosophy di Lorenzo Serafini, Moschino and Pollini brands said prêt-à-porter division sales fell 7.6% to 212.4 million euros, while its footwear and leather goods division plunged 13.1% to 142.1 million euros for the year ended December 31.

By region, sales in Italy decreased by 7.3% to 134 million euros, with sales in Europe declining 16.3% to 98.6 million euros, the decrease being “linked to specific countries and markets at both wholesale and retail levels,” said Aeffe in a press release.

Sales in America recorded the greatest decline, down 20%, with the group adding it was “unable to confirm the peak sales recorded in the area,” during 2023.

A bright spot for the luxury firm was Asia and rest of the world, which recorded revenues of  66.8 million euros, up 4.9%, as well as its retail channel, which grew 9% during the year.

“As expected, we are closing 2023 with a slight decrease in our turnover mainly due to a slowdown in the European and American markets. However, we are satisfied with the performance of the retail channel, linked to the distribution reorganization in China, where during 2022 we took direct control of the Moschino stores,” said ​Massimo Ferretti, executive chairman of Aeffe Spa.

“As a group we have great potential for growth in the retail world, just as we hope for a progressive restart of the wholesale channel, especially in Europe and the United States where we are strengthening our relationships with the highest profile commercial partners while awaiting the identification of the new creative director of the Moschino brand. Aeffe Group continues to firmly believe in the values of creativity, quality and service towards its customers, elements which I believe will allow us to rationally address the instabilities of international markets, mainly due to the very complicated geo-political situation that characterizes the current moment.”