Italian fashion group Aeffe has agreed to transfer the ownership of its âMoschinoâ brand in relation to a range of products such as cosmetics and perfumes to Euroitalia for 98 million euros ($110 million), it said on Thursday.
Euroitalia, which has been making the Moschino fragrances since 1987, was already the exclusive licensee of the brands in the portfolio.
Aeffe, which is struggling to revive its sales and profitability, said that the deal would help the group to reduce debt and to support the expansion of its brands.
Massimo Ferretti, president of Aeffe, said he believed the deal would benefit both sides.
âI am firmly convinced that Euroitalia, with its range of products, will play a leading role in the process of further evolution and growth of the Moschino brand,â Ferretti said.
Reporting by Elisa Anzolin
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