Fashion

Corneliani receives loan from Italian government


Corneliani receives loan from Italian government

Corneliani is receiving an investment from the Italian government. Italy’s
Ministry for Economic Development will be granting the luxury brand a 10
million euro loan to help Corneliani continue operations. The news reported
by WWD. Like many fashion brands, Corneliani suffered economic fallout from
the coronavirus lockdowns, and their operations in Italy were hit
particularly hard as the country was one of the most affected by the
pandemic.

In response to many Italian companies struggling from not being able to do
business, Italy launched a program called the “Re-Launch” Decree to support
businesses trying to get back to regular operations. Corneliani’s
Mantua-based factory has been closed since June 12, which led to employees
protesting for the right to get back to work. Mantua’s general secretary is
now just waiting to see if Corneliani will make a significant investment to
restart the brand.

Corneliani has a total of 1200 employees worldwide. While the coronavirus
pandemic did not help the company’s financial situation, their issues
pre-dated the pandemic. Back in May 2019, Corneliani put their employees on
a temporary 19-day work suspension via special public funds. Back in
November, the company slashed 130 jobs at their headquarters. Corneliani
has a three-year plan they are working on to turn the business around.

photo: via Corneliani.com



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