Colourful clothing business Benetton Group stays unharmed during the third quarter of the credit crunch. The Group’s net revenues for the first nine months of 2008 grew to 1,534 million euro (+4.3%), consistent with the full year revenue forecast previously announced. The growth in the nine months was mostly determined by enrichment of the offer with higher value product categories and by an significant volume increase. The appreciation of the euro against major foreign currencies, in particular the Korean won, the US dollar, the Indian rupee and the British pound, also contributed to the growth of the Italian fashion group.
The revenue of all Benetton’s brands increased by new openings and the positive contribution of sales per square metre. The United Colors of Benetton adult brand recorded growth in performance, especially across Europe with new store launches including Genoa, Helsinki, Astana (Kazakhstan) and Riga. Sisley produced a positive performance in Asia with eight new stores in India alone. Sisley Young, opened its first store in Taipei (Taiwan), the brand’s most representative showcase in the Asian market. For SS09, Sisley Underwear for both men and women launched its collection with a series of special events. This line, which will establish its identity in corners and monobrand stores has plans for three openings in Italy and abroad within the year.
Gerolamo Caccia Dominioni, CEO of Benetton Group, commented: “The results achieved in the nine months are satisfactory and the capacity of the company to channel its energies into achieving the operational choices undertaken should be emphasized. It is now essential for the Group to act with even more rapidity in view of the economic situation the markets will be facing in the coming months.”
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Image: Benetton