Top exec Sforza to be appointed Benetton sources
MILAN, May 28 (Reuters) -Italian executive Claudio Sforza has been chosen as chief executive of loss-making clothing group Benetton, replacing outgoing Massimo Renon, two sources close to the matter said on Tuesday.
Italy's Benetton family is readying plans to address mounting losses at the fashion retailer, as the group known for its colourful jumpers and provocative advertising has struggled in recent years to keep up with growing competition from major players in the fast-fashion sector.
Sforza was chief financial officer for Italy's postal services group Poste Italiane PST.MI and CEO for gaming company Gamenet. He was also chief operations officer, for nine years, in the administration of steelmaker Ilva, and managed the liquidation of the assets of builder Astaldi.
Sforza has been picked to "guide the group, manage the company reorganisation and the relaunch of its business," said a source close to Edizione, the holding company through which the family owns the group.
He will be formally nominated by the new board, which will be appointed by a shareholders' meeting on June 18.
Earlier on Tuesday Benetton's board approved the company's 2023 results. Revenue totalled 1.1 billion euros ($1.2 billion)last year, with a net loss of 230 million euros, mainly due to 150 million euros of impairments, the sources added.
($1 = 0.9200 euros)
Reporting by Elisa Anzolin; Writing by Giulia Segreti; Editing by David Holmes
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
