Benetton will restructure, closes Playlife | RetailDetail

Benetton will restructure, closes Playlife

Benetton will restructure, closes Playlife

The Italian Benetton Group has announcement a major restructuring as it will withdraw from more than 25 countries and put an end to several of its labels. PlayLife, only recently introduced in the Benelux, will cease to exist.

Three-year plan to increase profitability

The changes are part of a three-year plan to improve profitability within the company. The biggest victims are coat label Killer Loop, Australian retailer Jeans West and subsidiary Playlife. The latter only opened up its first Belgian store in Wijnegem (Antwerp), followed by its first Dutch store in Arnhem last summer.

 

Benetton Group currently has 6,500 own stores in 120 countries, with a 1.8 billion euro turnover. Chairman of the board Alessandro Benetton has only been leading the company (which his father founded in the 1960’s) for a year, and currently sees no other way to bring the company back on track aside from the proposed restructuring.

 

It had already let go 450 people at its main office and Italian logistics centre at the beginning of 2013. Its Israeli stores have all been closed as they were unable to become profitable.

 

 

 

 

(Translated by Gary Peeters)

Questions or comments? Please feel free to contact the editors


Discounters' major opportunities for growth in Western Europe

16/07/2018

Despite the multitude of stores in most European markets, discounters plan to open up to ten million square metres of store surface in five years' time. Even in so-called saturated markets they still see a lot of chances for growth, LZ Retailytics says.

Contamination bites huge chunks of Greenyard's value

16/07/2018

Vegetable producer Greenyard is under attack after a listeria contamination in its Hungarian factory. The company says to have taken all necessary measures, but the share price plummets.

Starbucks dumps plastic straws worldwide

12/07/2018

American coffee company Starbucks will ban plastic straws in their stores starting from 2020. A small step for coffee enthusiasts, but a big step for the environment, as the coffee giant uses about a billion straws every year.

AB InBev joins forces with Efes in Russia

12/07/2018

In order to counter the decline of their success on the Russian market, Belgian beer giant AB InBev has placed its activities in Russia in a joint venture with Turkish Anadolu Efes.

Jumbo appoints new head of Belgian branch

11/07/2018

Dutch Jumbo Groep Holding has made a management reshuffle, with Peter Isaac becoming the new managing director of the group's Belgian branch. Bart van den Nieuwenhof meanwhile is set to leave the group's restaurant chain La Place.

Snacks boost Pepsico’s sales

10/07/2018

Snack and beverage giant Pepsico has recorded a slight revenue growth of 2.4 % in the second quarter of this year. Net profit however went 14 % lower, due to rising taxes.