Aeffe names Khoa Nguyen president of US subsidiary
Italian fashion group Aeffe is busy making top-level changes. Recently, the group has witnessed significant upheaval at its flagship label Moschino, whose creative director Jeremy Scott and managing director Stefano Secchi have both departed. Aeffe has now announced a key new appointment, this time within its US subsidiary, where Khoa Nguyen has been promoted to the post of president, effective April 1.
US-born Nguyen has been senior vice-president of Aeffe USA since 2017. In his new role as president, Nguyen “will lead the group's commercial team from its New York headquarters, overseeing the sales and distribution of the collections by Moschino, Alberta Ferretti, Philosophy by Lorenzo Serafini and Pollini in the United States, Canada and Mexico,” said Aeffe in a press release.
A highly experienced luxury industry executive, Nguyen succeeds Michelle Stein, who has taken care of expanding the Italian group’s business in the USA since it first entered the market 40 years ago. Stein notably spearheaded the Moschino label, which is celebrating its 40th anniversary this year. Her succession had been long agreed upon with Aeffe’s senior management. “We would like to thank Michelle Stein for the outstanding work she has done over the past 40 years. Her charisma, as well as her in-depth knowledge of the fashion retail sector, have certainly contributed to the success of our company in the United States,” said Aeffe’s President Massimo Ferretti, welcoming Nguyen's promotion.
Nguyen has a master’s degree from Columbia University and speaks fluent Italian. He joined Aeffe in 2004, initially taking care of sales for Jean Paul Gaultier, a label that at the time was managed by Aeffe under licence. Four years later, he was appointed vice-president of Moschino in the USA, and later of Pollini USA, between 2014 and 2015. After a one-and-a-half-year stint at Balenciaga, as head of the wholesale channel for the US market, Nguyen re-joined Aeffe USA in 2017, assuming the post of vice-president.
Although it is still small, accounting for only 7% of Aeffe’s total revenue, the US market has grown notably in recent years, offering the group a high-potential commercial opportunity. Aeffe’s US revenue increased by 5.6% at constant exchange rates (and by 14% at current rates) in 2022, generating €24.6 million out of a total revenue of €352 million. Growth was mainly due to Aeffe’s extremely strong performance in the wholesale channel, whose sales jumped by 34.1% in 2022 over 2021.
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