As announced in recent months, the Italian fashion group Benetton Group (BG) is aiming for a relaunch. This should be achieved through cost reductions, reorganization and optimization. To this end, the group is creating new business branches that focus on specific business activities.
According to the newspaper MF, there are seven new companies today, all based in Treviso, Italy. These include Retail Omnia Network and Property 347. The former will include essentially all of Benetton’s company-owned Italian stores. This also includes the stores run by the various international branches.
The Milanese newspaper adds that the retail operations in Turkey, India, Korea and Japan will remain in company hands. Property 347 will manage Villa Minelli, Fabrica and other properties and land between Ponzano Veneto and Villorba. The group becomes a coordinating holding company and retains finance, legal and audit functions.
The other new companies are Green 347, which will manage the brands; Benetton Operations; Benetton Distribution; Benetton Logistics and Benetton E-Commerce.
E-commerce is one of the key pillars of the company’s strategic plan developed by Chief Executive Officer (CEO) Claudio Sforza. Specifically, the company is focusing on several areas: relaunching the brand and strengthening digital channels; regaining competitiveness by reducing the cost of finished products while maintaining quality; the rationalization of the distribution and trading network; improving process and organizational efficiency and reducing overhead costs.
The company implemented a restructuring plan that resulted in the closure of 500 stores worldwide. Today it has a total of 3,000 points of sale.
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