Italy’s Benetton Group Trims Losses in 2024 amid Restructuring Plan

 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 Group Trims Losses in 2024 amid Restructuring Plan

 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)

Italian fashion retailer Benetton more than halved its net loss to 100 million euros ($113 million) last year, its results showed on Friday, as the group reorganized its activities to relaunch the brand.

Revenues at the clothing group, which is controlled by the Benetton family's holding Edizione, dropped to 917 million euros from just over a billion in 2023.

The group, which has struggled to withstand growing competition from fast-fashion giants, has run up a long string of annual losses.

Its restructuring plan, which started last year under new Chief Executive Claudio Sforza, focuses on cost reduction and the rationalization of its distribution and sales network, with a strengthening of e-commerce.

The company is also focusing on expanding the percentage of its goods provided by external suppliers.

Financial debt declined to 411 million euros at the end of last year from 460 million euros the year before.



Saudi Fashion Commission Showcases Local Brands at Selfridges in London 

Saudi Fashion Commission Showcases Local Brands at Selfridges in London 
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Saudi Fashion Commission Showcases Local Brands at Selfridges in London 

Saudi Fashion Commission Showcases Local Brands at Selfridges in London 

An initiative showcasing the creations of elite Saudi brands has been launched at Selfridges in London through a strategic partnership between the Saudi Fashion Commission, the Cultural Development Fund (CDF), and Selfridges, reported the Saudi Press Agency on Wednesday.

This milestone reflects the growing momentum of the Kingdom's fashion sector and the evolving talent of its designers and entrepreneurs, driven by strong domestic demand, strategic investments, and institutional support from leading national entities shaping the cultural economy.

For two months, the works of participants in the Saudi 100 Brands program and beneficiaries of the Cultural Development Fund will be showcased. Selected by Selfridges based on specific criteria, each designer blends contemporary Saudi aesthetics with innovative design. The collections are featured in an immersive shopping experience at one of the world's most iconic luxury stores, coinciding with the peak summer season.

Cultural events will also be held during the brands' presence to celebrate the Kingdom's "Year of Handicrafts." These events will highlight the Kingdom's deep-rooted heritage, which is an inexhaustible source of inspiration that continues to shape the creative expressions of contemporary local designers, whose creations resonate on the global stage.

CEO of the Cultural Development Fund Majed Al-Hogail stated that this significant milestone embodies the growing momentum of the Kingdom's fashion sector.

"Local talents and entrepreneurs are not only emerging, but are also redefining the Kingdom's creative identity through designs and brands that are deeply rooted in Saudi culture, yet expressed with a contemporary global vision," he added.

Al-Hogail noted that, backed by domestic demand, strategic investment, and unified national support, "the fashion sector has become a vital pillar of our cultural economy. It reflects our commitment to fostering sustainable opportunities and establishing the Kingdom's position as a leading force in the global cultural landscape, in line with the aspirations of Saudi Vision 2030."

CEO of the Saudi Fashion Commission Burak Cakmak said: "This is more than just a retail opportunity; it is a declaration that Saudi fashion is entering a new era, from Riyadh to London."

"Through the Saudi 100 Brands program, we support designers in honing their craft and creating real pathways for global reach and business growth," he stressed.

The list of participating brands represents the innovation and diversity of the Saudi fashion industry.