INDEX

I. HISTORY
 Foundation and initial growth
 Internationalization
 Diversification
II. INSTITUTIONAL STRUCTURE
 Fundamental values of Benetton Group
 Stakeholders
 Shareholders
III. CORPORATE STRATEGY
 The economic activity of the firm
 Size and range of activities
 Vertical/horizontal integration
 Geographic scope
 Conclusion
IV. ORGANIZATIONAL STRUCTURE
V. ORGANIZATIONAL CULTURE
VI. COMPETITIVE STRATEGY
 Porter’s five forces: the industry structure
 Competitive strategy
VII. FINANCIAL STATEMENT
History
Foundation and initial growth
The founders of the Benetton Group are Luciano and Giuliana Benetton. Giuliana, who had
been very keen on knitting since she was a little child, started to work in a tiny knitting
business. At the same time, during the night she used to borrow a knitting machine from a
neighbour to produce her own designs. When Luciano recognized his sister’s talent, he
decided to sell his father’s business to buy a second-hand knitting machine in 1955, which
enabled Giuliana to create a small collection of knitted products which gave impulse to the start
of the Benetton company, which was created as a partnership in 1965 and called Maglificio di
Ponzano Veneto dei Fratelli Benetton. The initial success of the small company was
determined by both an innovative production method and a network of retailers. Before the
Benetton’s revolution, the wool sweater was a functional item addressed to adults, produced in
few colors at a high price. On the contrary Benetton models, although only five and of classic
sizes, were produced in 36 colours and at a cheap price so that they could fully respond to the
needs of young consumers. This variety was possible thanks to the production of garments in
solid colours, allowed by a pre-treatment of which Benetton owns the patent. With this
procedure, the company could colour some of the production according to seasonal orders,
minimizing the risk of unsold inventories. The introduction of franchising system contributed to
its growth as well. Benetton’s wholesale channel is based on a network of independent
partners, coordinated by independent sales representatives and a dedicated team of area
managers reporting directly to the Benetton Group. To open a store or to use the Group brands
it is not required neither to pay a fee, nor to return a percentage of sales or profits. The first
store opened in Belluno in 1968.
Internationalization
In the late ’70s, the company felt a strong impulse to internationalize. The first shop beyond the
Alps was opened in Paris. Bringing Italian fashion to the sophisticated Paris would have been a
big accomplishment for Benetton. And so it was. After that, Benetton targeted the rest of
Europe as well as U.S. and Japanese markets. By 1982, with 1,900 shops in Europe, Benetton
was opening stores at the rate of one each working day. Having grown to a mature
multinational company, Benetton needed expert managerial direction. Aldo Palmieri became
Benetton's first CEO in 1982 and led the company into an era of wide expansion. Following a
corporate reorganization in December 1985, the company was renamed Benetton Group
S.p.A. and listed in the Italian Stock Exchange.
Diversification
Because of the inefficiency of Italian financial services, a new financial services company was
formed in 1981, Edizione Holding. The financial services ended up including insurance

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products and personal and corporate financial services along with stakes in Italian store
chains, banks, hotels and real estate. This diversification process seemed to take away the
focus from the Benetton’s core business in the retail sector. So, Palmieri pushed Benetton to
extend the retail product line with products related to its main framework such as cosmetics,
shoes, sportswear, underwear, linens and spectacles. Palmieri’s other project was to shift to
global manufacturing finding local partners to penetrate emerging markets. In the late 1980s
the attempt to diversify faltered. Therefore, in 1988 Benetton sold its merchant banking
interests and refocused on its retail line. Benetton acquired interests in four apparel-related
manufacturing companies: Calzaturificio di Varese S.p.A., Galli Filati S.p.A., Columbia S.p.A.
and Altana Uno S.p.A. Moreover, the trademark United Colors of Benetton was adopted. The
late ’80s were characterized by institutional communication campaigns. Due to some
advertising images by Oliviero Toscani, Benetton arose many cultural debates. The campaigns
addressed many controversial social issues, showing images of significant impact. In 1993
Benetton opened a technologically advanced factory which was designed to expand
manufacturing capacity to 20 million pieces per year, using sophisticated robotic technology. In
the mid-1990s, while the company's clothing continued to attract European consumers,
American shoppers turned away from the brand and the attempts to enter the Asian and
Eastern European markets met a similar indifference. In the meantime, the 1990s saw the rise
of a new breed of trendy designer-retailers (such as H&M and Zara) who soon became
Benetton’s competitors. Benetton continued to struggle during the 2000s, with a lack of focus
and little enthusiasm for its clothing designs. Nowadays, the Benetton family has stepped back
in the management of the company appointing Francesco Gori as president and Marco Airoldi
as CEO. The future plan is to recover the Italian identity that once made Benetton a business
leader in the clothes industry, starting from the launch of the sweater “TV – 31100″, a product
focused on the main Benetton features: a colorful knitwear based on the distinctive Italian
technical know-how.

Institutional structure
Fundamental values of Benetton Group
Benetton has strong values which lead the company to achieve their corporate mission through
the respect of all laws and regulations. Indeed, it is in their interest to take care of their
stakeholders and protect their interests to establish a lasting and trustful relationship.
Furthermore, Benetton is also keen on adapting itself to respect shareholders and its
management in order to achieve all their goals, also by controlling business risk to ensure
Benetton’s success. This policy was firstly established by the first owner of Benetton, who
wanted the company to be as transparent as possible. Benetton is guided by the fundamental
values set by the owner, which comprehend correctness and transparency with respect to both

2
stakeholders and shareholders, as well as to public authorities. Also employees’ safety and
satisfaction is taken into great account by Benetton. One of the most important values for
Benetton is to respect all people, despite differences in gender, nationality, and skin colour.
Indeed, Benetton has strongly insisted on advertisements which show Benetton as a great,
unique nation where everyone can live without any kind of discrimination, with respect for each
other and having equal opportunities.
Stakeholders
For Benetton, a very important aspect is to build and keep strong relationships with a wide
range of stakeholders. One of their main objectives is to reach both internal and external
stakeholders. Indeed, they are also seeking to
have a positive influence towards those who
are affected by Benetton’s products,
establishing dialogue and listening to
expectations of those stakeholders. According
to them, this is a key to the future success of
Benetton. Benetton’s stakeholder’s map can be
seen in the picture aside.
Of course, stakeholders’ interests are mainly
based on their satisfaction, while they consider
profit just a mean to arrive at their full
satisfaction.
TYPE OF RELATIONSHIP WITH THOSE STAKEHOLDERS
STAKEHOLDERS
Political and Trade- No direct or indirect contributions with political parties and
Union Organisations movements
Administration or Civil It is managed only by people delegated to do so. Subsidies or
Service loans will be used only for purposes which they have been
granted for
Authorities or Institutions Benetton must not interfere with law. Committed to help it being
applied in all cases and collaborate whenever possible or
required
Mass Media Information, carried out only by people delegated to do so, must
be complete, accurate and transparent according to Benetton
Group’s values
Supplier relations Based on competitiveness, objectivity, correctness, impartiality,
equitable price, and quality of the goods and/or service
Customer relations Customer satisfaction through reliable, correct behaviour as well
as guaranteeing high quality products and services

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Shareholders
According to the Annual Report from 2009 and 2011, the shares are equally subdivided
between Luciano, Gilberto, Giuliana and Carlo Benetton for a total of approximately 67.08%.
The remaining 32.92% of shares are owned by investors, of which the 20.46% is given to
institutional investors and banks. Shareholders’ view is to try to be as much profitable as
possible. However, we need to consider that according to the ethical values adopted by the
company, Benetton Group is also keen on maintaining good relationships with their major
stakeholders, in order to have a good chance of maintaining and even improving their level of
success in the future.

Corporate Strategy
The corporate strategy focuses on the economic activity of a firm as a matter of diversification
of products and services and the size of them as well as the geographic scope in which the
firm operates. The case of Benetton is a singular one as evidenced by its very fast growth to
become the world’s largest woollen knitwear today.
The economic activity of the firm
The group The United Colors of Benetton started with what the firm is known for and what
makes most of its earning: the production of clothes. However, the group has diversified its
production with time. Indeed, in 1994 it created a subsidiary for their own advertising called
Fabrica. This center of research plays today a major role in the success of Benetton thanks to
its innovative type of advertisements based on choking images to attract the consumers
interest and to make people talk. Thanks to its growing success, Benetton has been able to
increase the size of the company by adding new brands to its activity. The firm possesses now
the main brand United Color of Benetton as well as Sisley, Playlife and Undercolor of Benetton.
The firm has also diversified the activity of Fabrica, which now publishes the quarterly
magazine Colors.
Size and range of activities
With its 150 millions of clothes sold every year in more than 120 countries, Benetton imposes
itself as one of the world’s textile companies’ leaders. In 2012, the company employed 9557
people around the world in plants but also in their 6500 shops and in Fabrica, the center of
research for the group. The importance of Fabrica is huge, since they are at the origin of
Benetton’s media renown thanks to their innovative advertising. In addition, the Benetton group
owns a magazine which is quite small considering the size of the activities mentioned above.
The Benetton group also owns a magazine published in 40 countries, a large catering chain
(Autogrill) and Telecom Italia (TIM etc.), in cooperation (50/50) with Pirelli. In the end, this
economic activity made 149 million euros of benefit in 2012 and had an annual turnover of 2.03
billion euros, making Benetton the largest clothing manufacturer in Europe.

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 Vertical/horizontal integration
On one hand, the horizontal integration of Benetton is huge: they own, in addition to the
manufacturing company, many activities, from a small magazine to the biggest phone
company of Italy. On the other hand, the vertical integration of the group is balanced:
 Upstream, they want to be present as evidenced by the Patagonia scandal where Benetton
owns not less than 9% of the arable lands where they make breeding sheep to produce their
own wool. As a result, Benetton controlled 85% of all raw materials in 2001.
 Downstream the strategy of the firm is different from the one of its competitors. Indeed, the
major part of their shops are franchises, unlike their competitors like Zara or H&M. This
strategy allowed the brand to be present in 120 countries while Zara is selling only in 77 and
H&M only in 53 of them.
Geographic scope
Since its first shop abroad in Paris, the group Benetton is now present in 120 countries, with
more than 6.500 selling spots. The Paris shop has the notoriety of being the first shop abroad
but the most singular one is the shop in New York because it symbolizes the real
internationalization of this family company. Today, 60% of the production is sent out of Italy.
Furthermore, the international strategy pushed the firm to delocalized 80% of its production
process mainly in Est Europe and in China for cost reasons. However, these choices are
contested by a lot of institutions in Italy in a period of high unemployment. They say that
instead of using the Italian’s manufactural knowledge to produce high quality products as they
always did, they chose to diversify their production with printed jeans, polo shirts or printed
shirts for teenagers that prevented job creation in Italy and deteriorated the brand’s image
because this type of cheap clothing were already monopolized by brands like H&M or the
Japanese Uniqlo. Thus, while Zara and H&M are making 5 to 10% of growth and more than a
billion dollars of profit per year, Benetton’s shares have declined so much that the company
bought 32% of them in order to restructure the company quietly. The restructuration plan
requires Benetton to leave up to 50 countries in order to refocus on countries where they have
a real impact on the market like Italy, France or Germany.
Conclusion
Benetton started as a family garment company whose success allowed it to improve both their
vertical integration, earning 85% of all raw materials in 2001, and their horizontal integration by
buying a certain number of firms in very different activities. Furthermore, its main activity
(clothing) has become huge and made Benetton a reference in the world textile market.

Organizational structure

5
Up to 1982, Benetton had been characterized by a very simple and centralized organizational
structure, with a continuous overlap between ownership and control.
The firm’s culture was typically pre-industrial: solving organizational and managerial problems
was hardly ever taken into account. Moreover, for Benetton, coordination management was
fundamental, as the firm relied on third parties for both production and distribution processes.
Responsible for the various sectors were: Luciano Benetton, who controlled the product’s
marketing area; Gilberto Benetton, who was in charge of the administrative and financial
management; Giuliana Benetton, who controlled the styling area; Elio Aliuffi, the only manager
who was not part of the Benetton family, was in charge of the IT sector and the production
processes.
For Benetton, the transition from the family-based management to a professional one became
necessary in 1983, when the firm asked Banca d’Italia for a huge investment. The main
condition that the bank posed was the integration in the Board of Directors of a trusted figure,
meant to protect the investment: Aldo Palmieri, who became CEO since 1982.
Between June 1982 and December 1983, the firm operated with an irregular organizational
structure: the Board consisted of the four Benetton siblings together with Elio Aluffi and Aldo
Palmieri. These last two were also CEOs of the company.
The functional areas’ managers in that period were: Luciano Benetton, Sales and Marketing
director; Elio Aluffi, Technical manager and CEO; Mr. Bonfiglio, Chief Information Officer;
Gilberto Benetton, Chief Financial Officer; Giuliana Benetton, Product manager.
During 1983 new professional managers from outside were hired to substitute the family
members. However, the former components of the Board weren’t ready to leave the direction
of the firm to managers coming from outside and that created tensions, culminating with the
resignation of Elio Aluffi at the end of 1984.
From 1985 on, the organizational structure went under continuous adjustments, since the
family members tried to influence the management of every functional area.
With the expansion into foreign markets, the Board of Directors decided to subdivide the
structure by geographic areas, which implied greater independence for the managers
operating in foreign markets and the capability to satisfy different customers all over the world.
The drawbacks of this subdivision could be the difficulty of fostering cooperation and the lack of
innovation due to a less effective central power.
In 2014 a new reorganizational plan of three years was announced, which will lead to the
creation of three separate entities: one focused directly on the brands, one on the
manufacturing and one on real estate management. This reorganization will give more power
to the managers of each entity. This project will be implemented under the supervision of
Marco Airoldi, CEO of Benetton. The “network model of organization” of production and
distribution is the final result of the progressive readjustment of what initially was the simple

6
reproduction of the traditional cottage industry to the expansion of the market. In this model
used by the Benetton brothers a crucial role is given to personal relationships, which are what
structures and holds up the organizational structure. This way, the entrepreneur becomes a
fundamental element of connection between environments and areas that would otherwise be
unrelated. Thus, the figure of the entrepreneur becomes hardly replaceable, and this is the
reason why external management was difficultly integrated into the company.

Organizational culture
“The Benetton Group recognises the importance of human resources and protects them by
promoting their value with the aim of improving and increasing the skills and competitive ability
of every individual.”
Benetton’s core values are an expression of the importance attributed by the firm to the
environment, human dignity and social issues.
The Benetton Group pays attention to its employees by promoting and rewarding their values
in a dynamic and creative environment, starting from the work locations designed by
internationally renowned architects. Benetton’s policy regarding its human resources is based
on recognizing merit and equal opportunities with the provision of specific training programmes
aimed to improve or acquire important skills.
Benetton employees come from all over the world and that makes it important for the company
to create a multi-ethnic and multiracial spirit that enables the smooth cooperation between all
of them.
Technological innovation is also one of Benetton trademarks. In fact, the Group considers
research and development as the basis of the firm’s professional and personal growth.
Last but not least, Benetton is committed to creating awareness of the most important social
issues of our time. The most renowned examples of this commitment are Benetton’s infamous
advertisement campaigns. Starting from the late ‘80s, in fact, the company found itself at the
centre of cultural debates related to some advertising images by Oliviero Toscani, the then
Creative Director of Corporate Communications. Initially, the campaigns addressed a world of
carefree youth, while in the ’90s they acquired a more serious and sober tone, showing images
of significant impact that are linked to social issues, as the 1993 campaign, which wanted to
create awareness regarding the HIV disease, and the 1997 campaign “Food for life”, which
aimed to fight world hunger supporting the World Food Programme.
The social commitment programme also includes the activities of the UNHATE Foundation,
which aims to contribute to the creation of a new culture against hate.

7
Benetton’s structure and culture relate and support its competitive strategy, since they help the
company to differentiate itself from other competitors through provocative advertisements and
social commitment.
Moreover, the creative and challenging culture which characterizes the firm enables a
profitable and collaborative environment that improves the cooperation between employees
and thus the operational effectiveness.

Competitive Strategy
‘In fashion, the emotional perceptions about a brand transcend its functional features.’
Benetton operates in the fashion industry. Its core operations are the design, the
manufacturing and the marketing of clothing.
Porter’s Five Forces: the industry structure
Incumbents: The technology that is used is available to all players in the market: there is no
innovation. As the market is flooded with similar products, it mostly comes down to
distinguishing yourself through fashionable identity.
Benetton has several direct competitors in the fashion industry, such as H&M and Zara, with
which the firm competes for the leading position in the market for affordable and fashionable
clothing. These rivals have proven themselves more profitable in recent years, because of
better adaptability to ever-changing consumer demands. Since Benetton only changes its
collection seasonally, it misses out on the latest fashion trends that are decisive for consumer
satisfaction.
Buyers: Buyers are mostly individuals (‘cloth shoppers’). Although they do not pose a direct
threat because of their individuality, they can easily change incentive and shop somewhere
else, which gives them high indirect bargaining power:
Therefore, customers have high bargaining power over Benetton, which is highly dependent on
consumer demands guided by current fashion trends. When it does not meet this demands,
customers can easily switch to similar brands. This drives Benetton to set its prices at a
competitive level.
Suppliers: Suppliers have little control over the fashion-industry, mainly because a lot of the
manufacturing is outsourced to low-wage third-world countries: they are dispensable and can
easily be replaced by the clothing company. Benetton also practices this outsourcing practices,
although it tries to change this strategy in its ‘Three-year plan’, which focusses partially on
manufacturing clothes by itself. Suppliers have very low bargaining power, so they cannot ask
much for their services. Consequently, the input prices – the costs of the supplies – are very
low.

8
New Entrants: Since the fashion industry is made up of a lot of similar products, it is very
difficult for new brands to distinguish themselves having a unique identity. This means that it is
of significant importance to popularize your brand, which will create a competitive advantage.
Substitutes: Obviously, there is no substitution for clothing. People will always wear clothes,
which eliminates the threat of being replaced by another product.
Competitive strategy
As said before, it is essential in the clothing industry to differentiate yourself from your
competitors. Being aware of this, Benetton has in the past focussed on creating awareness
through provocative campaigns about gay-rights, racism, abortion to name a few. However, it
has changed its emphasis in recent years (the Three-Year Strategy) to its Italian essence. This
is mainly because it fails to keep up with direct competitors, which have focussed much more
on the latest fashion trends: the so-called fashion-chameleons. Benetton is restructuring the
strategic fit of its operations; managing brands, manufacturing and marketing of clothes. This
new strategic fit is meant to enhance its competitive advantage, because it adds extra value to
its products. Through new flagship stores (Franchise system) it tries to make this new identity
sustainable. This is also the answer to the problem of the quick response: brands need to be
able to react to changing fashion trends to profit from consumer demands. In order to be able
to do this, and still be profitable, brands should invest in improving their operational
effectiveness: organizing trading relationships at different points in the value chain. In other
words, it is all about making the core activities work together. This will improve operational
effectiveness. The company is also investing heavily in creativity: Fabrica is a research facility
where young, creative people come together to work on innovative ideas for the company, on a
variety of fields: art, fashion, design, photography, cinematography and the internet. These
innovations are translated in new marketing strategies which are meant to appeal to
customers. Instead of following up to the latest fashion trends, Benetton tries to be a constant
factor in the fashion industry by emphasizing its Italian essence.
‘We asked Fabrica to create imagery that reminded people about our wool heritage.’

Financial performance
It has to be premised that the financial information of the study case are updated to 2014
because the unconsolidated financial statements from 2012 are not open to the general public
since Benetton Group Spa. has been consolidated into the financial holding Edizione S.r.l.
Although the collected data and its deriving ratios could suggest that Benetton Group Spa. Has
been a declining company in the last year, it has to be premised, as stated before in the case
study, that all the calculations, starting from 2012, have been deeply affected by the three-year
renovation plan for its core operations. The company’s goal is “to re-discover its Italian roots”
and bring back the quality that used to distinguish them. In fact, accordingly to this, the firm

9
also acquired new plants to vertical integrate their production in order to maximize their value
chain. This explain the negative parameters and the significant amount of losses registered in
those years. Benetton’s attractiveness parameter (ROE) have been constantly increasing from
the beginning of the millennium until 2008, when it reached its best: 12.30%, then the
percentage has started to decline with the arrival of the financial crisis, until 2012 when it has
become negative due to the operational re-focusing plan already mentioned. The company’s
efficiency (ROTA) has followed the same trend of ROE, reaching its top in the 2008 with a
value of 8.40% of return on the total assets invested. Also The ROS and the Asset Turnover
has remained in line with these parameters, in fact the 2008 and the 2009 have been the years
when Benetton’s products have been the most valuable and the sales’ volume the largest.
Indeed, the 2008 has registered the largest Assets Turnover of 2.23 and the 2009 has had the
highest ROS of 8.01%.
The company’s liquidity situation is really good; as a matter of fact, the company is able to
monetize its current assets in order to meet the expenses of the short-term liabilities.
Consequently, the Current Ratio since 2009 has fluctuated steadily between 1.61% and 1.77%
until 2013, when the renewal plan was in its most critique point, and this ratio shifted down to
1.30% reflecting the financial effort the company was enterprising. Moreover, scanning the
company through the Acid Test it is clear how Benetton has a small amount of inventories with
respect the quantity of sales, in fact the Quick Ratio from 2009 to 2012 has followed the trend
line of the Current Ratio with an average spread of 4.6 from it. Then in 2013 the Liquidity Ratio
has dropped to 1.26, to finally regrow in 2014, reaching 1.81. Also the working capital since
2009 has been stable around the 500,000,000 units, with only exception in 2013 when it went
down to 267,337,302 units and then it has got back to normality in 2014. Again, the strange
path of these ratios, in the last three years analysed, has been tremendously affect by the new
company’s strategies stated before. The firm’s financial structure is also much solid, in fact the
company’s debt only in 2011 has been above the equity with the Debt to Equity ratio equal to
1.10. From that point the company increased its capitalization bringing the previous ratio to
0.53, which means that Benetton’s risk capital doubled its debt in 2014. The company’s profits
before debt’s payoff has always at least tripled the interests themselves, with an exception in
the last three years, when the company engaged the already mentioned plan, and it has not
been able to meet interests’ payment with bottom Interest Coverage ratio of -17.98. At last the
Financial Leverage the company could exploit in the last years, referring to the data collected,
is negative suggesting the impossibility of Benetton to make further investments because they
would be unprofitable. But this parameter is deeply affected by the exceptional expensed that
has been made to face renewal plan. The last year in which Benetton has mostly exploited the
leverage has been 2009, thanks to its high ROTA that generated a positive spread of 6.58%.
After this year the company’s ROTA has started to decline reflecting the tough period the

10
company was facing. In fact, despite the quite low cost of debt, already in 2011 Benetton’s low
ROTA has generated a negative spread which has made the managers aware of the necessity
of a adjusting plan. Concluding, it can be said that Benetton Group Spa. Has a really compact
internal structure and in the last years has been suffering the competition of Zara and H&M
mainly, that have been offering a less differentiated line of garments at a lower price.
Thereafter the company has tried to delocalize its production in East Europe to lower its
manufacturing cost and get back in the competition. But this strategic choice has not revealed
successful because it affected negatively the product’s quality that used to distinguish Benetton
and so the company has undertaken a three-year restructuring plan that focus on bringing
back in Europe its production and on the optimization of the strategic fit among its operations to
enhance its competitive advantage over competitors.

FINANCIAL ATTACHMENTS

11
12
Balance Sh
Assets
Fixed Assets:
Intangible Fixed
Tangible Fixed A
13
Profit and
Operating Reve
Sales

Material Cost

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