MILAN, June 22 (Reuters) - Italian fashion group Aeffe SpA (AEF.MI) has seen a tough year so far, with no turnaround forecast until early 2010, Chairman Massimo Ferretti told Reuters on Monday 22 June.

Jean Paul Gaultier, one of Aeffe group's brands

The group, whose brands include Moschino and Jean-Paul Gautier, has been hit by the economic crisis in the United States and Japanese markets, he said. The company has also seen some payment problems in emerging markets.

"The situation is difficult in the first quarters, really complicated. If there is a turnaround this will only start in the first quarter of 2010," Ferretti said in an interview.

Aeffe posted a first-quarter net loss of 300,000 euros ($415,700), down from a net profit of 6 million euros a year ago. Revenue fell to 72.3 million euros from 90.3 million euros.

The company said last month it was carrying out a cost-cutting programme that will save 10 million euros next year.

The share price was down 2.06 percent at 0.57 euro at 1448 GMT. The DJ Stoxx European luxury goods sector index .DJLUX was down almost 3 percent. ($1=.7216 euros) (Reporting by Cristina Carlevaro; Writing by Ian Simpson; Editing by Greg Mahlich)