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
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.
The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.
The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.
Manhattanites had little love for the $25 billion megaproject when it opened five years ago (the pandemic lockdowns didn't help, either). But a constantly shifting mix of stores, restaurants and experiences is now drawing large numbers of both locals and tourists.