Italian fashion group Aeffe has agreed to transfer the ownership of the Moschino beauty category to Euroitalia for €98 million ($110 million).WHO: Euroitalia is a global player in the production and distribution of perfumes and cosmetics. Its portfolio includes licenses for Versace, Michael Kors, Missoni, Dsquared2, and  Brunello Cucinelli, as well as proprietary labels such as Naj Oleari Beauty and Atkinsons 1799. Last year, Euroitalia registered record sales that grew 24.4% to €857.4 million compared to 2022.Aeffe SpA operates in the ready-to-wear, footwear, and leather goods sectors with international brands such as Alberta Ferretti, Philosophy di Lorenzo Serafini, Moschino, and Pollini.WHY: Struggling to revive sales, the deal will help Aeffe reduce debt and support its brand expansion.IN THEIR OWN WORDS: Massimo Ferretti, President of Aeffe, said he believed the deal would benefit both sides. "I 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."“Our bond with Moschino dates back to the era of its founder, Franco Moschino, with whom we had the privilege of working and innovating the fragrance market," Giovanni Sgariboldi, founder and President of Euroitalia, said. “Within our portfolio, Moschino has always represented a challenge, not only on a technical level but also, and perhaps above all, creatively, as from the very beginning the brand has imposed itself on the market with its ability to amaze and excite."DETAILS:Aeffe sold the Moschino brand to Euroitalia for €98 million ($110 million).