Aeffe, the parent company of Moschino, announced on September 26 that it had agreed to transfer ownership of the brand’s beauty and fragrance business to Italian perfume manufacturer EuroItalia for 98 million euros ($104 million). EuroItalia has been producing Moschino fragrances since 1987 and is the exclusive licensee for the brand’s beauty and fragrance operations. This transaction will help Aeffe, which is in the process of returning to profitability, reduce its debt and support its fashion business. According to Aeffe’s financial results for the first half of 2024, revenue plunged 14.6% YoY to 139 million euros ($148 million), while net losses widened from 11.7 million euros ($12.5 million) in the same period last year to 20.4 million euros ($21.8 million). Among these figures, the ready-to-wear department saw a 12.5% drop in revenue, totaling 94 million euros ($100 million).