In the first half, Aeffe, the Italian fashion house that owns Pollini and other brands, suffered a decline in sales in its footwear and leathergoods division of 21.4 percent, both on a reported basis and in constant currencies, to €47.7 million due to the impact of the Covid-19 pandemic.

The division’s Ebitda dropped to €0.6 million from €6.7 million a year earlier, with the margin narrowing to 1.2 percent from 11.0 percent.

For the group as a whole, first-half sales fell by 31.4 percent to €118.9 million, Ebitda contracted to €0.6 million from €26.7 million and the bottom line showed a net loss of €10.9 million against a €5.1 million profit a year earlier.

Aeffe pointed out that shipments of its autumn/winter collections to some key markets were postponed to the third quarter due to Covid-19 related lockdowns. Consequently, advances invoiced by the end of June fell to 20 percent of total orders this year from 37 percent in the first half of 2019. It stressed that the collection is showing “significant resilience” with its clients.