Corporate Credit Rating 2025 for CESARE ATTOLINI SPA: A2- (First Issuance)

modefinance published the update of the Solicited Corporate Credit Rating of CESARE ATTOLINI S.P.A. on the website and the rating assigned to the entity is A2- (First Issuance). The analysis revealed that the Company demonstrates an outstanding ability to fulfill its obligations.

CESARE ATTOLINI S.P.A., whose origins date back to the 1930s, is today internationally renowned as an excellence in Neapolitan tailoring and men’s elegance. The brand stands out for its selection of the finest materials, meticulous craftsmanship, and the exclusivity of its garments—elements that make it an icon of luxury menswear worldwide. Under the leadership of Massimiliano and Giuseppe Attolini, Cesare’s sons, the Company is strengthening its international vocation, expanding the brand’s presence through strategic boutiques and single-brand stores, and enhancing Cesare Attolini’s prestige as an authentic symbol of Italian style and tailoring. 

CESARE ATTOLINI S.P.A. has a solid economic and financial structure. Its solvency profile is marked by an excellent level of capitalization, reinforced by limited and progressively decreasing financial leverage. Financial exposure remains broadly sustainable, stable at €2.69 million, fully covered by liquid and readily realizable resources. In 2024, the Company maintained substantial stability in net revenues, which stood at €17.68 million, in line with the previous year's €17.87 million. Gross operating margin (GOM) was €4.75 million, holding steady with the high level of €4.79 million recorded in 2023, reflecting the solidity and continuity of operating margins. Operating profit (OP) also remained stable at €4.37 million. The year ended with a net profit of €3.33 million, nearly matching the previous year's €3.25 million. Profitability indicators highlight strong returns on equity (20%) and on invested capital (21%), supported by wide operating margins. The Company confirmed excellent self-financing capacity, which not only supported planned investments but also provided solid financial support to its foreign subsidiaries.

CESARE ATTOLINI S.P.A. has a solid governance and control structure: management is entrusted to a properly composed Board of Directors, while control and statutory audit functions have been delegated to a Board of Statutory Auditors and a leading auditing firm, respectively. The Company, directly controlled by Mr. Giuseppe Attolini (50%) and Mr. Massimiliano Attolini (50%), heads a group of companies that actively contribute to business development in Italy and abroad. No issues have been identified concerning the directors, shareholders, or the Company itself.

Compared to its peer group, the Company performs well in terms of size, ranking among the largest companies in the sample. Its solvency and profitability metrics are equally strong, well above the respective median reference values. On average, companies in the peer group show adequate capitalization and balanced financial leverage; profitability levels remain sufficient despite a gradual declining trend.

The European economy continues to grow modestly in 2025, accompanied by a notable decline in inflation toward the ECB's targets. However, the outlook remains clouded by trade and political uncertainties. Globally, the IMF forecasts a slightly stronger recovery, though scenarios remain uncertain. In the United States, the Fed is keeping restrictive interest rates, while the decline in PCE inflation and slightly lower projections point to a gradual, albeit cautious, return to price stability. 

The present Corporate Credit rating is issued by modefinance under EU Regulation 1060/2009 and following amendments.

The present rating is solicited and is based on both private and public information. The rated entity and/or related third parties have provided all private information used. Modefinance had access to some accounts and other relevant internal documents of the rated entity and/or related third parties. Solicited and unsolicited ratings issued by modefinance are of comparable quality, as the solicitation status has no effect on methodologies used. More comprehensive information on modefinance Corporate Credit Ratings are available at http://cra.modefinance.com/en

The present Corporate Credit Rating is issued on MORE Methodology 2.0 and Rating Methodology 1.0. A comprehensive description of both methodologies, as well as information on Modefinance Rating Scale and Mappings, is available at http://cra.modefinance.com/en/methodologies.

For information on historical default rates of modefinance Corporate Credit Ratings please refer to ESMA Central Repository and ESMA European Rating Platform.

modefinance refers to default as a company under bankruptcy, or under liquidation status, or under administration or for which missed payments on a financial obligation are officially recorded.

The quality of the information available on the rated entity and used to determine the present rating was judged by modefinance as satisfactory. Please note that modefinance does not perform any audit activity and is not in a position to guarantee the accuracy of any information used and/or reported in the present document. As such, modefinance can accept no liability whatsoever for actions taken based on any information that may subsequently prove to be incorrect.

The present credit rating was notified to the rated entity in order to identify potential factual errors, as prescribed by the CRA Regulation.

No amendments were applied after the notification process.

The rated company purchased ancillary services from modefinance (private rating). Modefinance guarantees that this purchase of ancillary activities does not constitute any conflict of interest. 

The rating action issued by modefinance was performed independently. The analysts, members of the rating team involved in the process, modefinance Srl and its members and shareholders do not have any conflicts of interest in relation to the Rated Entity and/or Related Third Parties. If in the future a potential conflict of interest is identified in relation to the persons reported above, modefinance Ratings will provide the appropriate information and if necessary the rating will be withdrawn.

The present Credit Rating is an opinion of the general creditworthiness that modefinance issues on the rated entity, and should be relied upon to a limited degree. The issued rating is subject to an ongoing monitoring until withdrawal.

Head Analyst - Stefano Chirsich, Rating Analyst
stefano.chirsich@modefinance.com

Responsible for Rating Approval - Pinar Dilek, Rating Process Manager
pinar.dilek@modefinance.com