The Edizione Group, the holding company of the Benetton family, which controls, among other things, its 100 percent stake in the Italian fashion group, is accelerating the restructuring and relaunch of the chain after its balance sheets were severely affected by the deterioration of its business.
After the appointment of Claudio Sforza as the new CEO of the Italian fashion group at the end of May, the company’s situation was reorganized. He succeeded Massimo Renon, who had to vacate his post and was exposed to serious allegations of fraud by the board of directors and the company’s founder Luciano Benetton . Now a new strategic plan for the period from 2024 to 2029 is to drive the restart of Benetton. According to the Italian media company Mf Fashion, the plan was developed by the US strategy consultancy Bain.
New strategy for Benetton
With direct reference to both the previous management and the macroeconomic, political and climatic events of the last year, the company has decided to commission a strategy consultant to review the business plan for the period 2021-2026 and to prepare a new business plan for the period 2024-2029. The new strategic plan will now be implemented by the new management and is intended to provide a real boost to the chain’s business activities.
With this new concept and the financial support that Edizione will once again provide, the company is aiming for a vigorous restructuring of its operating model, reducing the cost of stores and redundant personnel , while accelerating investments in positioning, reducing the time to develop and launch new collections and expanding digitalization and omnichanneling. CEO Claudio Sforza is said to have already started implementing his guidelines, and one of the most important measures is the creation of a unified procurement center for the entire Benetton company.
“We have acknowledged the failure of the plan drawn up by the previous management and are already working on a new plan to relaunch Benetton,” said Edizione President Alessandro Benetton when presenting the company’s balance sheet, as reported by various Italian media such as Mf Fashion and Il Giornale D’Italia. These words complete Edizione’s own assessment of this new strategic plan, which “represents a significant break with the past, since the 2024-2029 plan provides, on the one hand, for cost-cutting measures and, on the other, for changes in the operating model and the relaunch of the brand.”
This article originally appeared on FashionUnited.ES, translated and edited to English.
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