Benetton to halve losses in 2024 (#1683142)

By the end of 2024, Italian fashion group Benetton will halve its losses compared to 2023. The group’s 2024 revenue will decline at a slower rate than in the previous fiscal year, while its retail and commercial network will be streamlined and made more efficient, and the brand will benefit from a new, integrated marketing strategy. Benetton group CEO Carlo Sforza has reportedly shared these forecasts and plans with the group’s trade union representatives, in the course of a planned meeting with the management.

Sforza is said to have underlined that the group is navigating a very tough market situation, and that it will be important to continue to follow the current path of dialogue and collaboration with the unions, in order to strike the best possible balance between output requirements and human resource management. During the meeting, Sforza reportedly emphasised the mainstays of the strategy he is deploying for the group: relaunching the Benetton brand and boosting its digital footprint, improving competitiveness by cutting product costs while paying close attention to quality, rationalising the retail and commercial organisation, improving production and organisational efficiency, and cutting overheads. Sforza also reportedly said that the strategy’s success is “the last chance” of ensuring the group’s survival.