The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Benetton Srl, the holding company which controls Italian clothing retailer Benetton Group and its production assets, saw its net loss quadruple last year to €361 million ($440 million), pushing its founding family to inject fresh cash.
The Covid-19 pandemic hit hard fashion retailers globally, keeping clients away from shops because of lockdowns and fear of infection.
Edizione, the Benetton family holding which controls Benetton Srl, injected €200 million into the company last year and would provide another €100 million by the end of 2022, according to a financial document filed with its local chamber of commerce.
Benetton Srl said in the document that it is aiming to achieve an operating profit in 2023, which will grow to over 6 percent of the revenues in 2026, helped by a transformation of the group’s operating and production model and by cost reduction.
By Elisa Anzolin; Editor: Keith Weir
The category’s biggest brands by market capitalisation report results this week, and will need to show they have a plan to fend off fast-growing competition.
By investing in an elevated product and shopping experience, Spanish retailers Inditex and Mango are seeing tremendous growth despite fierce competition from the likes of Temu and a cash-strapped consumer.
The ByteDance-owned app’s e-commerce play has been met with mixed response from users. Still, sales seem to keep ticking up.
The fashion resale company finally became profitable last year, but it was at the cost of losing consignors who complain that reselling is no longer as lucrative as it once was on the platform.