Benetton Group is taking a new path under the guidance of its new CEO Claudio Sforzawho was appointed by shareholder Edizione Holding after a loss of €230 million emerged in the financial statements against revenues of €1,098 billion.
As Italian daily “La Repubblica” explained, Szando's new team includes a new group of managers with experience in industry management and corporate restructuring.
Among them, there is Cristina Girelli, a manager who has worked for the former Italian steelmaker Ilva, along with Parmalat, Alitalia and Ita, and who will be the new CFO from early September. She will take the place of Iacopo Martini, who had arrived in Ponzano Veneto only in February 2024 from Etro, to replace previous CFO Ugo Giorgelli, who resigned at the end of 2023.
Sforza's team sees two other new entries: Paolo Venturini, with a background in telecommunications after working for Wind and Telecom, as commercial director, and Vincenzo Meles, former-Ilva (steel sector) and Natuzzi (furniture sector), for whom a new, centralized purchasing department has been created to have greater control over costs.
Sforza's first step at the end of July was to meet with the unions, with whom I have signed a solidarity contract that avoids proceeding with layoffs for the time being.
On that occasion, the CEO gave some outline of the new business plan he is expected to present in October. He envisions a strengthening of the group's digital sales, which currently weighs only five percent of the total against an average of 30% registered by many competing brands, excluding digital natives.
Sforza is also conducting an in-depth analysis of the sales network, both owned and franchised stores, to understand which ones are structurally loss-making, and in which squares it would be worth opening a store to make a profit.
Edizione Holding has allocated €260 million to support the reorganization and revitalization plan, of which €150 million was contributed immediately in the form of cash.
Turnaround money that is in addition to the €350 million the family holding company had allocated over the past three years to support the business.
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