Three members of the owner family of Cañuelas Mill they put for sale two famous brands of women’s clothing: Vitamina and Uma. It is about Regina, Luciano and Mariano Navilli children of Aldo Navilli founder of Molino Cañuelas along with his brother Adriano.
The decision was confirmed to Clarion by the group, one of the largest in the country’s agroindustrial sector, which since 2021 goes through bankruptcy with a debt of US$1,260 million. However, the group highlighted that the venture is unrelated to Molino Cañuelas, but an independent project of the three brothers.
“They are not closing, but they are for sale due to a business decision“, clarified the holding company that owns food brands such as Canuelas, 9 Gold, Pureza, Mom Kitchen y Pietroamong others.
In the middle of the negotiation of its tender, in August made a unified payment proposal to its creditorsimproving the offer presented in March with the aim of advancing in the restructuring of the liabilities corresponding to Cañuelas Mill y Argentine Grain Company (CAG)its agricultural “leg”, also in competition.
As far as he could know Clarionin the last year and a half, Uma and Vitamina reduced their presence in shopping mallsterminating the commercial relationship with several of them. “They did not perform according to expectations and for them it was not business either. from what it was understood that the premises they occupied were worth,” said a source in the sector.
Another contributed that upon the departure of its former CEO, Gonzalo Sánchez Zinny −son of the owner of GPS Real Estate− a decline was seen for both brandsto which, he considered, the group was no longer focusing. “They concentrated sales in the wholesale channel and today They have almost no points of sale in shopping mallsexcept for some contracts that are still in force,” he added.
According to the map of branches listed on their website, currently Vitamina has three stores in shopping centers in the City of Buenos Aires: Galerías Pacífico, Alto Palermo and Devoto Shopping. Uma was left alone in the latter.
The decision is framed in a complicated panorama facing the textile sectorwith a consumption drop that affects the majority of companies in the sector, according to a survey by the Argentine Industrial Chamber of Clothing (CIAI)which showed that the 72% of companies recorded a decrease in sales in the fourth quarter of the year, with a decrease of 11% interannual.
The figures of the Argentine Confederation of Medium Enterprises (CAME) They are in tune. The sector reported a decline of 5,4% year-on-year in September, at constant prices, and a drop of 3.2% in the inter-monthly comparison.
In relation to Mother’s Daythe strongest last commercial date for the sale of women’s clothing, the Confederation noted that “what was necessary was boughtit was observed little willingness to purchase products out of urgency and the offers had little appeal despite being very generous.”
Even with prices that double and even triple those of other countries, Clothes have become cheaper so far this year in relative terms compared to other items and services: according to the latest official data, clothing and footwear rose 166.7% year-on-year at the national level, below the general increase in Consumer Price Index (CPI), 236.7% in the same period, a factor that complicates the financial structure of companies, argues the industry.
Another factor that aggravates the situation is the difficulty in transferring wage costs to final pricesaccording to the CIAI, with increases derived from joint negotiations what not fully reflected in the price of clothes. Just one 7% said in the survey to have increased in proportion.
Therefore, according to the camera, 41% of companies reduced their workforce so far this year, through withdrawals, separations of personnel who were not replaced and retirement advancein addition to constants suspensions.