MILAN — Four months after it revealed plans to go private, Benetton Group said Tuesday it will delist from the Italian Stock Exchange as of May 31.
In its last public set of financial results, which refer to the first quarter of the year, the Italian apparel manufacturer and retailer noted that increased costs of raw materials, such as cotton and wool, and slow economies in the group’s main markets, such as southern Europe, hurt its bottom line. In the three-month period ended March 31, the group’s net profit dropped 48 percent to 10 million euros, or $13.1 million, from 19 million euros, or $26.6 million, in the first quarter last year.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"