Fashion group Benetton wants to close more than 400 shops this year

In the fight to save the crisis-ridden Italian fashion group Benetton the CEO, who has been in office since May Claudio Sforza 100 shops closed in Italy. The closure affected the most unprofitable businesses, especially in the south of the country.

The rationalization will continue in 2025. The Milan daily newspaper “Corriere della Sera” reported on Friday that 419 of the 3,500 Benetton stores worldwide will be closed.

Benetton has been in crisis for years

Franchise stores in particular are to be closed. CEO Sforza has developed a plan with which the group should have a balanced balance sheet again in a year. The Number of employees should be reduced.

Benetton has been in a deep crisis for years. The company is represented in 80 countries worldwide. It gets that competition felt strongly by companies that offer cheap fashion.

Fashion group with a loss of 1.6 billion euros

In the past ten years, the fashion group from Treviso in Veneto, northern Italy, has made a loss of 1.6 billion euros. 800 million euros were covered by Benetton’s parent company Edizione, which is active in the infrastructure sector.

At the age of 82, the company founder Luciano Benetton In 2018, he took back the helm of his fashion group, which he had given up in 2012 and left the leadership to a few managers. The results deeply disappointed the fashion entrepreneur. The fashion group recently started restructuring its European business with a focus on streamlining the international retail network.