Benetton family invests 300 million euros into business
Image: Collected
The Benetton family, owners of the Benetton Group and its own production assets, has injected 300 million euros to greatly help save the struggling business. Benetton is most beneficial known because of their brand United Colors of Benetton. The news was reported by Reuters.
This past year, Benetton Srl’s losses quadrupled to 361 million euros last year. The business was hit particularly hard by the COVID-19 pandemic and has yet to rebound even after other competition and retailers saw rebounds after lockdown reopening.
The injection of capital came particularly from Edizione, the Benetton family holding which oversees Benetton Srl. To date, Edizione has already provided 200 million euros in capital and another 100 million is expected by the finish of 2022 according to a document filed with the company’s local chamber of commerce.
Currently, Benetton is on a turnaround arrange for 2023 with plans to come back to profit. The business is restructuring its procedure and production model to greatly help cut costs.
This past year, Benetton Srl’s losses quadrupled to 361 million euros last year. The business was hit particularly hard by the COVID-19 pandemic and has yet to rebound even after other competition and retailers saw rebounds after lockdown reopening.
The injection of capital came particularly from Edizione, the Benetton family holding which oversees Benetton Srl. To date, Edizione has already provided 200 million euros in capital and another 100 million is expected by the finish of 2022 according to a document filed with the company’s local chamber of commerce.
Currently, Benetton is on a turnaround arrange for 2023 with plans to come back to profit. The business is restructuring its procedure and production model to greatly help cut costs.
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