Italy’s Benetton Plans Restructuring as Losses Mount, Sources Say

A logo of United Colors of Benetton is seen in front of a store in Rome, Italy, July 21, 2020. (Reuters)
A logo of United Colors of Benetton is seen in front of a store in Rome, Italy, July 21, 2020. (Reuters)
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Italy’s Benetton Plans Restructuring as Losses Mount, Sources Say

A logo of United Colors of Benetton is seen in front of a store in Rome, Italy, July 21, 2020. (Reuters)
A logo of United Colors of Benetton is seen in front of a store in Rome, Italy, July 21, 2020. (Reuters)

Italy's Benetton family is readying plans to address mounting losses at its eponymous clothing retailer, including parting ways with CEO Massimo Renon after four years, two people close to the group said on Monday.

The board of the clothing group is expected to meet on Tuesday to discuss a net loss of around 230 million euros ($250 million) for 2023 which includes impairments, a source with knowledge of the matter told Reuters.

That compares with a net loss of 81 million euros in 2022, when revenues totaled 1 billion euros.

Benetton shareholders are then scheduled to meet on June 18, at which time Renon's CEO mandate will not be renewed, the two sources said.

Renon, who built his career in the eyewear industry working at Luxottica, Safilo and Marcolin, declined to comment.

The Benettons own the clothing group made famous by its colorful jumpers and provocative advertising campaigns through their Edizione holding company.

Edizione is preparing to back a restructuring of the clothing retailer and to inject 260 million euros, one of the sources said, adding that Edizione would exert closer control over the group.

Benetton has struggled to withstand growing competition from fast-fashion giants such as Zara owner Inditex which have developed a nimbler production and distribution model, able to more quickly respond to consumers' changing tastes.

In an interview with Italian newspaper Corriere della Sera on Saturday, Chairman Luciano Benetton, one of its founders, said the group had been expected to break even in 2023 under a three-year strategic plan, but a worse than expected financial situation had emerged in recent months.

Luciano Benetton told Corriere that current management, led by Renon, had surprised the board by unveiling a "dramatic" shortfall.

Founded in 1965 by Italy's Benetton family as a clothing manufacturer, Benetton expanded to trade through around 4,000 shops globally, according to its website. After listing the group in Milan in 1986, the Benettons took it private in 2012, the last year in which it made a profit.



Valentino’s New Designer Puts on Maximalist Paris Ready-to-Wear Debut

 A model presents a creation by designer Alessandro Michele as part of his Spring/Summer 2025 Women's ready-to-wear collection show for fashion house Valentino during Paris Fashion Week in Paris, France, September 29, 2024. (Reuters)
A model presents a creation by designer Alessandro Michele as part of his Spring/Summer 2025 Women's ready-to-wear collection show for fashion house Valentino during Paris Fashion Week in Paris, France, September 29, 2024. (Reuters)
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Valentino’s New Designer Puts on Maximalist Paris Ready-to-Wear Debut

 A model presents a creation by designer Alessandro Michele as part of his Spring/Summer 2025 Women's ready-to-wear collection show for fashion house Valentino during Paris Fashion Week in Paris, France, September 29, 2024. (Reuters)
A model presents a creation by designer Alessandro Michele as part of his Spring/Summer 2025 Women's ready-to-wear collection show for fashion house Valentino during Paris Fashion Week in Paris, France, September 29, 2024. (Reuters)

Alessandro Michele’s eagerly awaited ready-to-wear Paris Fashion Week debut at Valentino was unveiled in a setting that hinted at a transformation— a living room in flux. Stools, ladders, and lamps shrouded beneath white blankets evoked a house renovation, signaling not just change, but a conscious revival of past glories. The scene, poetic and subdued, perfectly set the stage for a “maximalist-lite” spectacle that was equally haunted by history and illuminated by Michele’s unique flair.

Meanwhile, under the soaring ceilings of the École des Beaux Arts, overlooking the Seine, Sean McGirr’s sophomore ready-to-wear show for Alexander McQueen arrived with a palpable sense of relief. The shift in setting — from a bleak industrial warehouse outside Paris to this iconic venue — reflected a fresh start for McGirr, whose uncertain debut had left critics shivering, both literally and figuratively. Now, with the benefit of more time to prepare, McGirr appeared more at ease, though hints of his sometimes overly simplistic approach still lingered.

Here are some highlights of spring-summer 2025 ready-to-wear shows:

Michele's Valentino's debut

The mood was set with haunting music and the steady beat of a drum, creating an ambiance charged with drama and anticipation. Michele, who made headlines earlier this year after being named the new creative director of Valentino, following his successful reign at Gucci, brought with him much of his recognizable style. Yet there was a distinctive evolution in his vision — less overtly ostentatious, but still unmistakably eclectic.

Feathers floated on hats, soft and playful. Lingerie peeked through delicate layers. Flowers, fortune tellers’ hats, sparkling embellishments — all coalesced into an eclectic wardrobe that carried a vintage feel. Michele, it seemed, was teasing apart the DNA of both houses he knows intimately: the exuberance of Gucci and the ethereal heritage of Valentino.

Some of the pieces felt familiar to longtime Valentino admirers: the feminine nipped-waist dress, the floppy floral gown with its tiered skirt, and the iconic Valentino red that made its dramatic entrance. Yet in Michele’s hands, these classics were playfully twisted — feathers replaced fur on a billowing stole, and the result was a softer, more modern take that eschewed excessive luxury.

Jared Leto was among the VIPs who sat in the front row, a testament to Michele’s continued draw among Hollywood’s elite. The designer, who had risen to international recognition by infusing Gucci with his beloved “Geek-Chic” aesthetic, seemed to bring a similar ethos to Valentino, though filtered through a more graceful, couture lens.

Throughout his tenure at Gucci, Michele was celebrated for prioritizing his personal vision over the often suffocating codes of heritage houses, and Sunday’s show echoed that defiant spirit.

McGirr's sophomore outing

The opening tailored suit, its lapels rolled as if to ward off an unexpected London downpour, seemed a pointed metaphor — perhaps a shield against the relentless skepticism that followed his first runway outing. This season, McGirr turned to a reference steeped in both his heritage and McQueen’s early days: the dark romance of the “Banshee” show. In doing so, he anchored his own identity more deeply in the label’s legacy, embracing a Gothic allure that was more commercially viable this time around.

It was a collection of contrasts. The precise tailoring echoed McQueen’s subversion of British suiting, twisting and clutching fabric in ways that seemed as though it had been caught in a sudden gust. However, this wasn’t always effective. One such example — a jagged, off-white tuxedo — felt more like a costume of restraint. This overly simplistic take on tailoring lacked the subtle layering and tension that distinguished Sarah Burton’s previous work for the house.

Where McGirr truly shone, however, was in his eveningwear — an area that has become increasingly vital in the era of celebrity-driven fashion. The shimmering embroideries and featherlight silks, frayed and distressed in lilac georgette, signaled his understanding of red carpet glamour. The brushed white chiffon minidress, paired with a gold beaded and sequined jacket, made a convincing case for the designer’s growing confidence. And when the silver chains traced the body’s lines, their intricate embroidery brought a level of audacity that was finally worthy of McQueen.

The night’s high point was a look of pure excess: an extreme gown embroidered with glistening silver chains that seemed to catch every glimmer of light in the venue. It was an ensemble that Daphne Guinness herself — who watched approvingly from the front row — might have worn in a heartbeat.

Despite his strides, McGirr’s sophomore effort still carried the weight of a designer learning the ropes of a storied brand.

Akris: Where utility meets minimalism

Akris’ Sunday collection had the audience leaning in, not for any over-the-top spectacle, but for the luxurious subtleties that Albert Kriemler so masterfully crafts. The designer, true to form, took the trench coat idea — a staple of the wardrobe — and transformed it into something distinctly Akris. With utilitarian detailing threaded through every seam, this was an exercise in functional luxury, the kind that Kriemler has long perfected. His designs don’t shout; they whisper.

The collection opened with takes on trenches, each reimagined to fuse practicality with fashion-forward flair. Minimalism, too, reigned supreme, with looks that kept embellishments at bay to let the craftsmanship shine. A flat, clean-cut fabric top paired with culottes nodded to the timeless Akris aesthetic — unfussy, luxurious, and quietly powerful. This was minimalism of the highest quality, a testament to Kriemler’s commitment to making clothes that defy the viral trend, focusing instead on timeless appeal.