Italian luxury retailer Modes has hit a turning point. Months after hinting at behind-the-scenes challenges and a need for fresh investment in an interview with FashionNetwork.com, CEO Simon Whitehouse has officially stepped down. The high-end multi-brand retailer, led by entrepreneur Aldo Carpinteri, is now without a chief executive as it navigates a complex restructuring phase. Whitehouse’s exit comes after one year at the helm.

Carpinteri told WWD that the business remains under a court-supervised restructuring process and that Whitehouse will continue to work with Modes in an advisory capacity.
 
On LinkedIn, Whitehouse commented on his departure, stating that “all is OK” and signing off with a blue heart emoji. “Aldo and I have known each other for a while, and although the business looks different today than it did 12–18 months ago, it’s in good shape and profitable,” said the former JW Anderson CEO. He added that his personal label, EBIT – Enjoy Being in Transition, is gaining momentum and that he remains open to executive roles or strategic projects alongside his consulting work with Modes.

“We’re still standing—bruised, but in rebuild mode,” Carpinteri wrote, quoting Whitehouse in the same post. “It’s time for us to return to physical retail, reimagined for the present. A place where people experience something unique, see your creative vision, and feel your point of view.” The message signals a strategic shift back to brick-and-mortar retail.

Modes filed for court-supervised restructuring with the Milan commercial court last May and has continued operating while focusing on cost optimization and redefining its business model.

The company has felt the effects of the broader luxury market slowdown in 2024, further compounded by the termination of its partnership with Farfetch. The e-commerce platform faced significant financial trouble and was later acquired by South Korea’s Coupang, which is now attempting to relaunch the business—so far with limited results. Modes also struggled with overexposure to the B2B channel.

Today, Modes’ core offering is men’s and women’s ready-to-wear, with established partnerships with leading brands such as Chloé, Alaïa, The Row, and Dries Van Noten. More recently, the product mix has expanded to include performance labels like Hoka, On, and Salomon.

The company now operates four physical stores, down from 19 in 2022, with locations in Milan, St. Moritz, and Portofino. Brick-and-mortar retail has once again become a priority. According to industry sources, Modes is targeting €8 million in revenue for 2025, with a long-term goal of €20 million over five years.

At its peak in 2022, Modes posted €122 million in revenue across 19 boutiques in cities such as Paris, Gstaad, Forte dei Marmi, and Cagliari. Over the past year, 15 stores have closed.

In 2023, Modes reported €105 million in revenue, with EBITDA of €8.2 million and a net profit of €71,000, while also carrying €88 million in debt. The company had previously announced plans to open new stores in Rome and Venice despite financial pressure.