Italy Clothing Group Benetton Has Repurchased South Korea'S Business.

Italy

Group Benetton Group Srl continued to restructure, and the group repurchased South Korea's business in Asia.

Further expansion.

Benetton has 300 stores in South Korea, with annual sales of about 150 million euros. The market is also the second largest international market outside India.

It is learnt that the right to reorganize the operation will help the group to manage its businesses and strengthen the retail network.

Construction.

Benetton has the same brand name as Benetton and Sisley in South Korea. The two brands are also the focus of the group reorganization plan.

Marco Airoldi, chief executive of Benetton, who has just been in office for two years, said it hoped to consolidate its brand position in the Asian market.

The restructuring plan of Benetton started at the end of 2013. As the Group recorded its first loss in eleven years in the 2013 fiscal year, the group was determined to restructure and release the three year restructuring plan ending the end of this year. The core of the plan is to end the business of PLAYLIFE, Killer Loop and JeanWest, and focus on the development of core brand United Colors of Benetton and Sisley.

At the same time, the successor of the family successor, Alessandro Benetton, gave the job to Gianni Mion, meaning that for the first time in the group's 50 year history, it was led by members of the non Benetton family, and the Group CEO was also replaced by Biagio Chiarolanza to Marco Airoldi.

According to statistics, in the 2015 fiscal year, Benetton's profits improved after restructuring, but overall revenue remained unchanged.

In the 2015 fiscal year, the income of Benetton group fell 1.2% to 1 billion 529 million euros, and the core profit EBITDA rose 34.5% to 54 million euros per year, 40 million euros a year earlier.

Benefited from comparable sales growth in direct channel 6%, operating profit reached 2 million euros, while operating loss in 2014 was 17 million euros.

The net loss has also shrunk by half to 46 million euros in the previous year of 91 million euros, including 18 million euros in taxes and 21 million euros in one-time expenditure.

The Group expects to turn around this year.

By the end of 2015, Benetton's global store network still had 5000.