In the first quarter, Aeffe, the Italian fashion house that owns Pollini and other brands, suffered a decline in the Ebitda of its footwear and leathergoods division to €4.5 million from €6.3 million a year earlier, with the margin narrowing to 14.7 percent from 18.9 percent.

The division’s sales fell by 7.9 percent, both on a reported basis and in constant currencies, to €30.7 million.

For the group as a whole, sales fell by 25.4 percent to €76.2 million, Ebitda slumped to €8.6 million from €26.6 million and net profit was practically at breakeven at €4,000 compared with €11.8 million a year earlier. The group’s performance was affected by the Covid-19 pandemic.

Aeffe renewed until May 15, 2023 the contract with its designer, and key shareholder who is also executive board director, Alberta Ferretti. She will be paid €1 million a year.