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
Artists, record labels and music festival organisers are collaborating with coveted labels to design better-quality, fashion-forward merch, sold at higher price points than before.
Rent the Runway and Stitch Fix will give updates on their turnaround efforts. That, plus what else is in store for the coming week.
Krishna Nikhil has stepped down for family reasons after just over 18 months at the helm of eco-innovation brand, the company said.
The luggage and lifestyle brand is expanding its product and marketing strategies while launching collaborations and pop-up stores as its founder, Shay Mitchell, eyes expansion and profitability after five years in business. BoF learns more.