Aeffe Moves Back in Black

MILAN — Aeffe SpA swung to profit in 2014, lifted by strategic changes in design and organizational efficiency. In the 12 months ended Dec. 31, the Italian fashion group recorded a net profit of 2.7 million euros, or $3.6 million, compared with a loss of 3.2 million euros, or $4.2 million, in 2013. As reported last month, revenues last year inched up 0.2 percent to 251.5 million euros, or $334.5 million, compared with 251.1 million euros, or $331.4 million, in 2013, since Aeffe was affected by the end of the Jean Paul Gaultier and Cacharel licenses and a reorganization of the company’s Japanese distribution network, now managed exclusively through the wholesale channel. Net of these effects, sales would have increased 7.6 percent at constant exchange rates. In 2014, earnings before interest, taxes, depreciation and amortization were up 24.7 percent to 25.7 million euros, or $34.2 million, compared with 20.6 million euros, or $27.2 million, in 2013, driven by the group’s rationalization and lower operating costs. Operating profit doubled to 12 million euros, or $16 million, from 6 million euros, or $8 million, in 2013. Massimo Ferretti, executive chairman, said 2014 “was a crucial year for the group, which has pursued a strategy conceived to enhance

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