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Total revenue at Sequential Brands Group for the quarter ended June 30, 2017 increased 23 percent to 42.1 million dollars. On a GAAP basis, the company said, net income was 2.5 million dollars or 0.04 dollar per diluted share compared to a net loss for the second quarter 2016 of 0.1 million dollars.

"Second quarter results were strong reflecting growth across key brands, and our continued focus on cost management," said Karen Murray, CEO of Sequential Brands Group in a statement, adding, "As we head into the second half of the year, we're encouraged by the continued strength of our core brands and the exciting, new growth initiatives planned for the remainder of the year."

Q2 Non-GAAP net income rose to 7.8 mn dollars

Non-GAAP net income was 7.8 million dollars or 0.12 dollar per diluted share, compared to 3.6 million dollars or 0.06 dollar per diluted share, in the prior year period. Adjusted EBITDA was 24.7 million dollars, compared to 17.3 million dollars in the prior year quarter.

Total revenue for the six months ended June 30, 2017 increased 20 percent to 81.5 million dollars. On a GAAP basis, net income was 1.4 million dollars or 0.02 dollar per diluted share compared to a net loss for the six months ended June 30, 2016 of 1.1 million dollars or 0.02 dollar per diluted share.

Non-GAAP net income for the period was 13.6 million dollars or 0.21 dollar per diluted share, compared to 6.2 million dollars or 0.10 dollar per diluted share, in the prior year period. Adjusted EBITDA was 47.7 million dollars, compared to 34 million dollars in the prior year period.

The company reiterates forecast, CFO Gary Klein steps down

For the year ending December 31, 2017, the company is reiterating guidance of 170 million dollars to 175 million dollars in revenue and 98 million dollars to 102 million dollars of adjusted EBITDA. The company's GAAP net income is now expected to be 13.6 million dollars to 16.2 million dollars, which the company said is due to the realized loss on the sale of available-for-sale securities during the quarter ended June 30, 2017.

The company also announced that its CFO Gary Klein is stepping down at the end of August and Andrew Cooper, President, will assume the position of interim chief financial officer along with his current duties till a replacement is found.

The company also announced a multi-year strategic partnership with USA Today Network to license the Martha Stewart brand in connection with the USA Today Network Food & Wine Experience event series.

Picture:Joe's Jeans website

Author: Prachi Singh
Posted: ”27-07-2017”

Carter’s second quarter net sales increased 52.6 million dollars or 8.2 percent to 692.1 million dollars, driven by growth in the company’s US retail segment, and the benefit of Skip Hop, a global lifestyle brand for families with young children acquired by the company in February 2017. Net sales increased 61.3 million dollars or 4.5 percent to 1.42 billion dollars in the first half, driven by growth in the company’s US retail segment and the benefit of the Skip Hop acquisition.

“We achieved good growth in sales and earnings in our second quarter,” said Michael D. Casey, the company’s Chairman and CEO in a media release, adding, “Our growth was driven by our retail and international businesses, and the contribution from our Skip Hop brand which was acquired earlier this year. Given the strength of our fall and holiday product offerings, we’re forecasting good growth in the second half and expect to achieve our growth objectives this year.”

Financial review of the Q2

The company said, Skip Hop contributed 25 million dollars to consolidated net sales in the second quarter but changes in foreign currency exchange rates adversely affected consolidated net sales by 2.6 million dollars or 0.4 percent. On a constant currency basis, consolidated net sales increased 8.6 percent.

Operating income increased 1.3 million dollars or 2 percent to 64.5 million dollars, compared to 63.2 million dollars in the second quarter of fiscal 2016. Operating margin decreased 60 basis points to 9.3 percent, while adjusted operating income increased 1.5 million dollars or 2.3 percent to 65.5 million dollars, compared to 64 million dollars in the second quarter of fiscal 2016. Adjusted operating margin decreased 50 basis points to 9.5 percent.

Net income increased 1.7 million dollars or 4.8 percent to 37.9 million dollars or 0.78 dollar per diluted share, , while adjusted net income increased 1.9 million dollars or 5.1 percent to 38.6 million dollars. Adjusted earnings per diluted share increased 9.9 percent to 0.79 dollar, compared to 0.72 dollar in the second quarter of fiscal 2016.

Highlights of the first of performance

Carter’s said, Skip Hop contributed 35.4 million dollars to consolidated net sales in the first half of fiscal 2017. Operating income decreased 13.2 million dollars or 8.4 percent to 143.1 million dollars and operating margin decreased 150 basis points to 10.0 percent. Adjusted operating income decreased 12.4 million dollars or 7.8 percent to 145.6 million dollars and adjusted operating margin decreased 140 basis points to 10.2 percent.

Net income in the first half decreased 5.6 million dollars or 6.2 percent to 84.6 million dollars or 1.73 dollars per diluted share, while adjusted net income decreased 5.1 million dollars or 5.6 percent to 86.2 million dollars. Adjusted earnings per diluted share decreased 0.5 percent to 1.76 dollars.

Business segment report positive sales growth

US retail segment sales increased 39 million dollars or 11.1 percent in the second quarter to 391.8 million dollars, while comparable sales increased 6 percent, which comprised comparable stores sales growth of 0.4 percent and comparable ecommerce sales growth of 27.6 percent. Skip Hop contributed 0.9 million dollars to segment net sales in the second quarter of fiscal 2017. In the second quarter, the company opened 11 stores and closed three stores in the United States.

In the first half, US retail segment sales increased 48.7 million dollars or 6.9 percent to 755.6 million dollars, while comparable sales increased 1.1 percent, comprised of ecommerce comparable sales growth of 23.5 percent, partially offset by a stores comparable sales decline of 5 percent. Skip Hop contributed 1.2 million dollars to segment net sales in the first half of fiscal 2017. In the first half, the company opened 26 stores and closed eight stores in the United States.

As of the end of the second quarter, the company operated 810 retail stores in the United States, comprised of 621 stand-alone and 189 dual-branded stores.

US wholesale segment net sales in the second quarter increased 2.6 million dollars or 1.2 percent to 217.7 million dollars, reflecting the benefit of the Skip Hop acquisition, partially offset by a decrease in demand for Carter’s and OshKosh products. Skip Hop contributed 15.1 million dollars to segment net sales in the second quarter of fiscal 2017.

In the first half, US wholesale segment net sales increased 3.1 million dollars or 0.6 percent to 510.3 million dollars. Skip Hop contributed 21.9 million dollars to segment net sales in the first half of fiscal 2017.

International segment net sales increased 11 million dollars or 15.4 percent to 82.6 million dollars, reflecting the benefit of the Skip Hop acquisition and growth in Canada and China, partially offset by decreased wholesale demand in other markets outside of the US. Skip Hop contributed 9.1 million dollars to segment net sales in the second quarter. Changes in foreign currency exchange rates adversely affected international segment net sales by 2.6 million dollars or 3.6 percent. On a constant currency basis, international segment net sales increased 19percent.

For the second quarter, Canada retail comparable sales increased 8.2 percent, comprised of a stores comparable sales increase of 5.9 percent and ecommerce comparable sales growth of 46.8 percent. In the second quarter, the company opened six stores and closed one store in Canada.

International segment net sales in the first half increased 9.5 million dollars or 6.4 percent to 159 million dollars. Skip Hop contributed 12.3 million dollars to segment net sales in the first half. Changes in foreign currency exchange adversely affected international segment net sales by 1.2 million dollars or 0.8 percent. On a constant currency basis, international segment net sales increased 7.1 percent.

For the first half, Canada retail comparable sales increased 0.1percent, comprised of ecommerce comparable sales growth of 43.1percent, offset by a stores comparable sales decline of 2.9 percent. The company opened six stores and closed two stores in Canada during the period. As of the end of the second quarter, Carter’s operated 168 retail stores in Canada.

Dividend and outlook

During the second quarter, the company paid a cash dividend of 0.37 dollar per share totalling 17.8 million dollars, while in the first half, it paid cash dividends of 0.74 dollar per share totalling 35.8 million dollars.

For fiscal 2017, the company projects net sales to increase approximately 4 percent to 6 percent compared to fiscal 2016 and adjusted earnings per diluted share to increase approximately 8 percent to 10 percent compared to adjusted earnings per diluted share of 5.14 dollars in fiscal 2016.

For the third quarter, the company projects net sales to increase approximately 5 percent and adjusted earnings per diluted share to be approximately comparable to adjusted earnings per diluted share of 1.61 dollars in the third quarter of fiscal 2016.

Picture:Facebook/Carter's

Author: Prachi Singh
Posted: ”27-07-2017”

Total sales at Bonmarché for the 13 weeks ended July 1, 2017 increased by 7.6 percent against the corresponding period in FY17. The company’s store like-for-like sales improved 4.2 percent and online sales increased by 39 percent during the period under review.

Commenting on the update, Helen Connolly, Chief Executive Officer of Bonmarché said in a media statement: "I am pleased with the improvement in trading and in particular the further progress in online sales. The improved sales performance during the first quarter, achieved in a clothing market which remains challenging, underpins our confidence in the strategy, and our expectations for the full year remain unchanged."

The company added that trading during the first quarter of the new financial year has been in line with the board's expectations, which are therefore unchanged in relation to the full year's result. At July 1, 2017, Bonmarché traded from 322 stores and online platform.

Picture:Bonmarché website

Author: Prachi Singh
Posted: ”27-07-2017”

LVMH Moët Hennessy Louis Vuitton reported revenue of 19.7 billion euros (23 billion dollars) in the first half of 2017, an increase of 15 percent, while organic revenue growth was 12 percent. The company said, all geographic areas continue to progress well. In the second quarter, revenue increased by 15 percent compared to the same period in 2016, with the integration for the first time of Rimowa, while organic revenue growth was 12 percent. Profit from recurring operations was 3, 640 million euros (4,276 million dollars), an increase of 23 percent and group share of net profit amounted to 2, 119 million euros (2,489 million dollars), an increase of 24 percent.

“LVMH has enjoyed an excellent first half, to which all our businesses contributed. In the current climate of geopolitical and economic instability, creativity and quality, the founding values of our group, have more than ever become benchmarks for all. The increasing digitalization of our activities furthermore reinforces the quality of the experience we bring to our customers. In an environment that remains uncertain, we approach the second half of the year with caution,” said Bernard Arnault, Chairman and CEO of LVMH in a statement.

LVMH business segments post positive growth

The fashion & leather goods business group recorded organic revenue growth of 14 percent and 17 percent on a reported basis, while profit from recurring operations was up 34 percent. The company said, Fendi continued its strong growth and enriched its leather goods lines, notably with the new Kan-Imodel. Loro Piana strengthened its presence in Asia with several openings. Céline, Loewe and Kenzo experienced good growth as well. Marc Jacobs strengthened its product offering and continued its restructuring. Other brands continued to grow.

The perfumes & cosmetics business group posted organic revenue growth of 12 percent and 14 percent on a reported basis, while profit from recurring operations was up 7 percent. Watches & jewelry also witnessed good first half with organic revenue growth of 13 percent and 14 percent on a reported basis, while profit from recurring operations was up 14 percent.

The selective retailing business group posted organic revenue growth of 12 percent or 15 percent on a reported basis and profit from recurring operations was up 8 percent. Sephora continued to make progress, while increasing its share of online sales. The brand continued to invest in extending its network and renovating existing stores, particularly in New York and Dubai. Le Bon Marché developed a new online shopping experience by launching its digital platform 24 Sèvres. DFS experienced better momentum in Asia, while the T Galleria, which opened in 2016 in Cambodia and Italy, continued to develop.

The company said, an interim dividend of 1.60 euro (1.88 dollars) will be paid on December 7, 2017.

Picture:Louis Vuitton website

Author: Prachi Singh
Posted: ”27-07-2017”

In the first half of 2017, Moncler recorded revenues of 407.6 million euros (479 million dollars), an increase of 17 percent at constant exchange and 18 percent at current exchange rates compared to the same period of 2016. Net income, group share was 41.8 million euros (49.1 million dollars), equivalent to 10.3 percent of revenues, an increase of 25 percent compared to 33.6 million euros (39.5 million dollars) in the same period of 2016.

Commenting on the first half results, Remo Ruffini, Moncler’s Chairman and CEO said in a press release: “This is the fourteenth consecutive quarter of double-digit growth for Moncler since it was listed in 2013. Group revenues grew by a further 20 percent in the second quarter of 2017, driven by positive contributions from all regions and channels.”

Moncler increases revenue across geographies

In Italy, the company said, revenues rose 7 percent, driven by good results in all distribution channels. In particular, the retail channel benefited from organic growth, further accelerating in the second quarter. In EMEA, Moncler’s revenues grew 24 percent at constant exchange rates, driven by positive performances in both channels and across all main markets. Growth in the United Kingdom and France was particularly strong.

In Asia & Rest of the World, revenues increased 17 percent at constant exchange rates. In Japan both distribution channels continued to record double-digit growth, driven by the good performance of the spring/summer collections In APAC Moncler recorded strong results, supported by a good organic growth across the main markets, particularly in the second quarter of the year. In Korea, the company said, the brand continues to benefit from good organic growth and the ongoing development of the retail network.

In the Americas, revenues grew 16 percent at constant exchange rates, supported by double-digit growth in both channels, and by the continued development of the mono-brand stores network. The US and Canada both recorded good performances.

Retail and wholesale channels report positive growth

In the first six months of 2017, revenues from the retail channel reached 299.5 million euros (351 million dollars), representing an increase of 21 percent at constant exchange rates, driven by organic growth and the continued development of the network of mono-brand retail stores (DOS). The group achieved comparable store sales growth of 14 percent.

The wholesale channel recorded revenues of 108.1 million euros (127 million dollars), an increase of 8 percent at constant exchange rates, driven by good results in the United Kingdom, Japan and Canada. As at June 30, 2017, Moncler’s mono-brand distribution network consisted of 191 directly operated stores (DOS), an increase of 1 unit and 46 wholesale shop-in-shops (SiS), an increase of four units compared to December 31, 2016. In the second quarter, Moncler opened one shop-in-shop.

Other important developments of the first half

In the first half, the consolidated gross margin was 308.4 million euros (362 million dollars), equivalent to 75.6 percent of revenues compared to 74.1 percent in the same period of 2016, due to growth in the retail channel. Adjusted EBITDA rose to 97 million euros (113 million dollars), compared to 78.3 million euros (91 million dollars) in the first six months of 2016, resulting in an EBITDA margin of 23.8 percent compared to 22.6 percent in the first half of 2016. Adjusted EBIT was 73.3 million euros (86 million dollars), resulting in an EBIT margin of 18 percent against 17 percent in the first half of 2016.

The board of directors, taking note of the resignation of a key executive, Mauro Beretta, who has been at Moncler since 2012 as WW operations & supply chain director and member of the strategy committee, has asked Luciano Santel, Chief Corporate & Supply Officer, to assume Beretta’s responsibilities on an interim basis.

On April 20, 2017, Moncler ordinary shareholders meeting approved the distribution of a gross dividend of 0.18 euros (0.21 dollar) per ordinary share. In the first half of 2017, Moncler distributed 45.5 million euros (53 million dollars) of dividend.

Picture:Moncler website

Author: Prachi Singh
Posted: ”27-07-2017”

Australian flash sale platform MySale has posted EBITDA growth of 58 percent to 8.7 million Australian dollars (6.8 million dollars) for the 12 months to June 30, reports Retail Gazette. Quoting the company’s pre-close trading statement, the report added that MySale’s revenues increased by 6 percent to 268 million Australian dollars (211 million dollars), while online revenues rose 10 percent to 240 million Australian dollars (189 million dollars).

The company’s gross profit increased 14 percent to 76 million Australian dollars (60 million dollars), while the underlying EBITDA of 8.7 million Australian dollars (6.8 million dollars), the company said, was ahead of its earlier forecast of 8.5 million Australian dollars (6.7 million dollars).

The report further added that after partnering with Sports Direct last year, MySale is in the testing phase of partnership with one more international retailer.

Picture:Facebook/MySale

Author: Prachi Singh
Posted: ”26-07-2017”

Joules Group revenue increased by 19.6 percent or 18.6 percent on constant currency basis to 157 million pounds (204 million dollars) for the 52 weeks to May 28, 2017, from 131.3 million pounds (170 million dollars) in FY16, with retail revenue increasing by 19.4 percent and wholesale by 20.3 percent or 17.6 percent on a constant currency basis. The company said, sales in international markets, which are predominantly wholesale, increased by 36.2 percent or 29.6 percent on a constant currency.

“FY17 was another very exciting year for the group as the Joules brand continued to expand and develop across distribution channels and product categories both in the UK and internationally. The strong progress delivered during the year was again underpinned by the Group’s steadfast focus on its growing and loyal customer base, product quality and delivering engaging experiences across all channels. The Board remains confident that the group’s momentum will continue into FY18, despite the uncertain macro-economic outlook,” said Colin Porter, Joules’ Chief Executive Officer in a statement.

Financial highlights of the fiscal under review

Underlying PBT was 10.1 million pounds (13.1 million dollars), an increase of 34 percent on the prior period. Underlying EBITDA increased by 25.3 percent to 16.9 million pounds (22 million dollars), while the underlying EBITDA margin increased by 50 basis points from 10.3 percent to 10.8 percent.

The company’s retail sales, which includes stores, e-commerce and shows, grew by 19.4 percent at constant and current exchange during the year, which reflected good growth from both stores and e-commerce, which increased by 29.4 percent to now represent 34.8 percent of total retail revenue.

The group’s store network across the UK and ROI continued to expand to 108 stores at the end of the period. Joules opened 13 stores and closed two, with 10 of the net new stores being opened during the first half of the year. The company also relocated three stores and extended a further three. The group also continued to develop its online offering following the successful relaunch of the ecommerce platform in September 2015. Traffic from mobile and tablet devices continued to grow, representing over 75 percent of the total number of visitors.

Wholesale revenues rose 20.3 percent

Wholesale revenue experienced further good growth, up by 20.3 percent or 17.6 percent in constant currency to 44.8 million pounds (58.3 million dollars). In the UK, the company said, wholesale expansion was driven through both national multi-channel retailers such as John Lewis and Next Label as well as through smaller, independent specialist retailers that have a good fit with the Joules brand.

Strong international wholesale growth helped to drive international sales (including international retail) up 36.2 percent and they now represent 11.5 percent of total group revenue. In the US, Joules further expanded its presence in key department stores, with Dillards launching childrenswear for the autumn/winter 2016 season and Nordstrom increasing Joules’ product range listings and the number of doors. Citing growth opportunities for the brand in the US market, during the year, Joules started the process to bring the management of over 600 independent stockist accounts in-house, following the termination of its agreement with the third-party distributor.

In Germany Joules continued to perform in line with expectations and experienced good growth in the independent retailer segment where it now has over 400 stockists.

The board is recommending a final dividend of 1.2 pence per share in respect of FY17, which brings the total dividend for FY17 to 1.8 pence per share.

Photo: Joules

Author: Prachi Singh
Posted: ”26-07-2017”

Puma said sales grew 16.3 percent currency adjusted and 17.2 percent reported in the second quarter to 968.7 million euros (1,127 million dollars). The company said, all regions contributed with double-digit increases and while footwear continued to be the main growth driver, apparel also grew double-digit. Net earnings increased from 1.6 million euros (1.8 million dollars) to 21.9 million euros (25.4 million dollars) and earnings per share were up at 1.46 euros (1.69 dollars) compared to 0.11 euro (0.13 dollar) in the second quarter last year.

Commenting on the second quarter trading, Bjørn Gulden, Chief Executive Officer of Puma said in a media release: “In another positive quarter, we achieved double-digit growth in all regions and in both footwear and apparel. This combined with a good sell-through in retail and a good order book for the next quarters made us raise the outlook for the full year. We now expect a currency adjusted sales growth for the full year between 12 percent and 14 percent and a full-year EBIT between 205 million euros and 215 million euros.”

Q2 gross profit margin improves, H1 sales jump 15.8 percent

Puma added that the gross profit margin improved, despite negative currency effects, by 90 basis points from 45.6 percent to 46.5 percent. The operating result (EBIT) increased from 11.9 million euros (13.8 million dollars) last year to 43.4 million euros (50 million dollars) due to strong sales growth combined with an improved gross profit margin.

Sales for the first half-year 2017 improved by 15.8 percent currency adjusted and 17.6 percent reported to 1,973.8 million euros (2,297 million dollars) with all regions witnessing double-digit growth. Major gains, the company said, were achieved by the running and training and sportstyle categories, with platform, suede, Basket Heart and Ignite Limitless footwear styles performing well.

Including ecommerce, Puma’s own and operated retail sales increased by 21.8 percent currency adjusted to 430.3 million euros (500 million dollars), which represents a share of 21.8 percent of total sales for the first half of 2017 against 20.5 percent in the previous year. The company said, performance was achieved by positive like-for-like growth in our existing retail stores, strong growth in our ecommerce business and opening of new additional stores.

The gross profit margin improved by 60 basis points from 46.2 percent to 46.8 percent in the first half-year 2017 due to further improvements in sourcing and selective price adjustments. The operating result (EBIT) more than doubled from 53.2 million euros (61.8 million dollars) last year to 113.6 million euros (132 million dollars) in the first half of 2017. Net earnings reached 71.5 million euros (83.1 million dollars) against last year’s 27.4 million euros (31.8 million dollars) and earnings per share were 4.79 euros (5.57 dollars) compared to 1.84 euros (2.14 dollars) last year.

Puma raises full year outlook

In light of the strong second-quarter increase in sales and profitability as well as the positive business outlook for the current year 2017, Puma has raised the full-year guidance for its consolidated sales and operating result (EBIT). The management now expects that currency adjusted sales will increase between 12 percent and 14 percent (previous guidance: currency adjusted increase at a low double-digit percentage rate).

The operating result (EBIT) is now anticipated to come in between 205 million euros (238 million dollars) and 215 million euros (250 million dollars) against previous guidance: between 185 million euros (215 million dollars) and 200 million euros (232 million dollars). In line with the previous guidance, the management still expects that net earnings will improve significantly in 2017.

Picture:Puma website

Author: Prachi Singh
Posted: ”26-07-2017”

Showroomprivé, a European digital fashion platform headquartered in France, has reported a 27.4 percent increase in turnover during the first half of 2017, reaching 306 million euros. The e-commerce platform has 2.2 million buyers.

This data "confirms the relevance of the firm's strategy orientation, particularly international development", according to the platform’s founders and chairpersons Thierry Petit and David Dayan.

But it has not all been good news. Showroomprivé reported losses in the first half of the year amounting to 210,000 euros, well below the 705,000 euros net profit obtained in the same period of the previous year.

The company reported in a statement that turnover rose 27.4 percent during the first half of 2017, from 240 million a year ago to 306 million euros. The company added that this improvement is mainly due to a greater number of buyers and an increase in the average purchase price.

Over 2.2 million buyers registered and counting

The 2.2 million buyers registered at Showroomprivé now spend 6.4 percent more than they did 12 months ago, reaching 124 euros in this quarter, an increase stimulated by the growth of the average number of orders for (4.4 percent) and the average basket size of each buyer (1.8 percent), which stands at 39.6 euros, reports Europa Press.

Looking ahead, Showroomprivé expects its revenues for the whole of 2017 to be between 690 and 720 million euros, or that is, to increase the profit share between 28 percent and 33 percent.

Conforma's 17 percent stake acquisition open the door for further synergies and growth

It should be remembered that at the beginning of the month Showroomprivé increased its portfolio of investors with the 17 percent stake Conforama - part of Steinhoff – acquired in early July. According to the executives of the online fashion group, is "an important value".

The transaction took the form of a private transfer of shares at 27 euros per share, for a total amount of 157.5 million euros. The founders hold a 27.17 per cent stake in Showroomprivé and 40.66 per cent of its voting rights.

The founders had an agreement prior to the entry of Conforama, who establishes a second agreement, recalls 'Expansion'. According to this document, Conforama owns 44.15 percent of the share capital and 54.47 percent of the voting rights of Showroomprivé. This operation was subject to an exemption from the obligation to submit a public offer issued by the AMF.

The Conforama Group will be represented on the Showroomprivé Board by Conforama's Executive Director, Alexandre Nodale, who will be a member of the Board, as well as Andrew Bond, Managing Director of Pepinho's subsidiary, Steinhoff, Of Compliance.

Later on, Showroomprivé and Conforama will maximise the complementarity of their key strengths: Conforama's extensive physical network and the digital presence of Showroomprivé.

Imagen: Showroomprivé Official Site, France

Author: Angela Gonzalez-Rodriguez
Posted: ”26-07-2017”

Benetton Group has not been able to recover from losses since last two years and the trend continued in 2016 as well. The Italian group reported a loss of 81 million euros (94 million dollars) against 46 million euros (53 million dollars), the company posted last year, says a Modaes report.

The company's sales declined 8 percent to 1.38 billion euros (1.60 billion dollars), which Benetton attributed to continued economic stagnation in Europe and decline in sales of indirect sales channels as well as poor performance of stores in Italy, France, Germany, Poland and Turkey. However, the company believes that its ongoing transformation plan will make a partial impact in 2017 but will manifest fully from the spring-summer 2018, the report adds quoting a accounts filed by Edizione, which controls 100 percent of Benetton Group.

As a part of its reorganization efforts, Benetton hired Marco Airoldi as the new CEO in April 2014. It also closed over 300 stores and currently operates around 5,000 stores. The company has also focussed its energies on its two core brands - United Colors of Benetton and Sisley to bring the company back into the black.

Picture:Benetton website

Author: Prachi Singh
Posted: ”26-07-2017”