Struggling Italian fashion group Aeffe has asked to be excluded from the Star segment of the Euronext Milan stock market index by the end of the current fiscal year.
Aeffe’s request “is dictated by the need to simplify and optimise company activities and available resources, allowing greater operational flexibility and enabling all functions to focus on what is necessary for a successful conclusion of the negotiated settlement procedure,” the group stated in a press release. Aeffe owns fashion labels Alberta Ferretti, Moschino, and Philosophy, and footwear brand Pollini, and has applied for the settlement procedure as a result of ongoing financial difficulties.
Aeffe went on to say it “will continue to ensure maximum commitment to all stakeholders, with the aim of maintaining transparency vis-a-vis the market. During the voluntary exclusion period, it also intends to maintain, as far as possible, the governance structure adopted to date, in line with the quality standards required by the Star segment and best practices.”
The operation will be completed subject to Borsa Italiana’s approval and in accordance with the applicable regulatory timeframe. Aeffe shares will in the meantime continue to be traded on Euronext Milan.
