Aeffe and Moschino have signed an important distribution and franchising agreement with Woolen Co. and Mitsubishi Corporation Fashion for which Woolen has become the exclusive distributor of the Alberta Ferretti, Philosophy, Moschino, Moschino C&C and Love Moschino brands throughout Japan.
The agreement has the objective of strengthening the commercial network of the Aeffe Group and expanding its presence in the Japanese market. The agreement defines minimum purchase quantities and has a five-year duration, with the possibility of renewal for a further five years by mutual will of both parties.
At the same time as the conclusion of the aforementioned franchising and distribution agreement, receivables from customers, the stock and the furnishings and accessories of the points of sale were transferred to Woolen Co.. In addition, Woolen Co. recognized goodwill for a total of 3,5 million euros in favor of the Aeffe group, which, based on and in consideration of the criteria agreed to determine the consideration for the assets referred to above , to be implemented with reference to next 31 December, will determine, from an accounting point of view, a substantially neutral effect of the operation. Most of the employees employed in the two Japanese branches will also be transferred to Woolen Co..
Massimo Ferretti, executive president of Aeffe, commented as follows: “Our brands have always found great appreciation in Japan. We believe that, in the light of the changes within our group, a collaboration with expert partners in the sector such as Woolen and Mitsubishi can be preparatory to a more incisive penetration and to the strengthening of our presence in this strategic market”.
