The Benetton family, owners of the Benetton Group and its production assets, has injected 300 million euros to help save the struggling business. Benetton is best known for their brand United Colors of Benetton. The news was reported by Reuters.
Last year, Benetton Srl’s losses quadrupled to 361 million euros last year. The company was hit particularly hard by the COVID-19 pandemic and has yet to rebound even after other competitors and retailers saw rebounds after lockdown reopening.
The injection of capital came specifically from Edizione, the Benetton family holding which oversees Benetton Srl. To date, Edizione has already provided 200 million euros in capital and another 100 million is expected by the end of 2022 according to a document filed with the company’s local chamber of commerce.
Currently, Benetton is on a turnaround plan for 2023 with plans to return to profit. The company is restructuring its operation and production model to help cut costs.