Chiara Ferragni’s companies post losses of €5.7 million

Italian fashion entrepreneur and global digital influencer Chiara Ferragni—known for transforming her personal image into a multimillion-euro lifestyle brand—saw her companies, TBS Crew and Fenice, report combined losses of €5.7 million in 2024. This month’s financial statements show that TBS Crew posted a €2.3 million loss, while Fenice recorded a €3.4 million deficit. The downturn reflects a broader restructuring effort and a partial suspension of operations initiated in 2023 as the brand reevaluated its strategy.

Throughout 2024, both companies operated at reduced capacity, with several collaborations and initiatives paused while executives reassessed market dynamics. In a press release, Fenice said that new business opportunities are expected to emerge in 2025, supporting the brand’s renewed focus on growth, consolidation, and repositioning under the Chiara Ferragni name.

Ferragni herself invested €6.4 million into Fenice through a share capital increase, giving her full control of the company. The investment was seen as a public show of confidence in the brand’s long-term growth potential and strategic direction after the scandal that engulfed Ferragni following fraud allegations. In late 2023, she was accused of fraud tied to allegedly misleading charity-linked product campaigns.

Her involvement in the company extends beyond financial backing. She actively stepped in to relaunch the brand and strengthen its foundations despite ongoing market challenges and the lingering fallout from her legal issues. 

Fenice’s 2024 financial statement, which aligns with its preliminary figures as of November 30, 2024, reaffirmed the strength of its business plan, which focuses on improving financial stability and developing a leaner, more agile organization.

The group said it expects a turning point in the second half of 2025, marked by the rollout of new products and the execution of a clearly defined growth strategy. As part of the reorganization, Fenice has begun reallocating resources toward high-value business segments—this includes the closure of the Chiara Ferragni flagship store in Rome and a brand repositioning effort. Additionally, the company is winding down its Fenice Retail subsidiary and has launched a liquidation process.

Ferragni’s holding company, Sisterhood, plans to publish its 2023 and 2024 financial statements in the coming weeks, having opted to delay disclosure until the subsidiaries finalized their reports. The board recently approved Sisterhood’s 2023 results, with net income of €1 million.

The Chiara Ferragni brand is actively reassessing its distribution strategy—online and offline—with the goal of delivering more tailored and immersive consumer experiences.

FashionNetwork.com with Ansa