Next 30–90 days: liquidity preservation dominates. The €9.5m key money likely extends runway by roughly 2–4 months depending on interest, capex, and working-capital outflows. Expect tighter supplier terms, increased credit-insurance scrutiny, and 5–10% incremental cancellations or deferred deliveries for SS25 wholesale. Investor and creditor confidence hinges on rapid disclosure of the industrial plan milestones and covenant negotiations.

Over 6–12 months: a restructuring plan will likely target a 15–25% reduction in owned stores and a 20–30% cut in wholesale doors, SKU rationalization of 25–30%, and SG&A reductions of €10–15m annualized. Stabilization path requires gross margin recovery of 300–500 bps via tighter buys and lower markdowns, plus monetization of non-core assets and selective category licensing to reduce working-capital intensity. Execution could return EBITDA to breakeven in H2 2025 if revenue declines are contained to high teens and mix improves toward higher-margin accessories.

Shelf space in key multi-brand accounts will reallocate toward better-capitalized peers with stable deliveries; competitors can poach talent and prime retail locations. Discounting to drive cash could erode pricing power and brand heat, widening the gap to tier-one maisons. Conversely, decisive licensing and focused assortment could let Aeffe compete on capital-light agility against larger groups.

Suppliers in Italian footwear/leather clusters face order cuts and longer payment cycles; some may demand deposits. Wholesale partners may reduce open-to-buy and tighten payment terms, impacting production planning. Landlords may accelerate negotiations on lease exits or revenue-based rents. Consumers will encounter narrower assortments and potential stockouts as buys are trimmed, risking short-term traffic but protecting margin.