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Benetton family invests 300 million euros in business

The Benetton Group and the Benetton family, the owners of its production assets, have injected € 300 million to save the struggling business. Benetton is best known under the brand United Colors of Benetton. The news was reported by Reuters.

Last year, Benetton Srl’s losses quadrupled to € 361 million. The company has been particularly hit by the COVID-19 pandemic and has not yet rebounded after other competitors and retailers saw the rebound after the blockade resumed.

The infusion of capital came especially from Edizione, the owner of the Benetton family, who oversees Benetton Srl. To date, Edizione has already provided a capital of € 200 million, with an additional € 100 million expected by the end of 2022, according to a document submitted to the company’s local chamber of commerce.

Benetton is currently planning a turnaround for 2023 and is planning to regain profits. The company is rebuilding its operational and production models to help reduce costs.

Benetton family invests 300 million euros in business

Source link Benetton family invests 300 million euros in business

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