MILAN (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 reorganised its activities to
Benetton Group Reduces Losses in 2024 with New Plan
MILAN (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 reorganised 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 rationalisation 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.
($1 = 0.8879 euros)
(Reporting by Elisa Anzolin, editing by Gavin Jones)
