MILAN — A diversified and higher-end product offering and the development in countries with strong growth potential helped Benetton post a 2.5 percent increase in net profits in the first half to 72 million euros, or $110.1 million, on a 2.9 percent growth in sales, which reached 996 million euros, or $1.52 billion. Currency conversions were made at average exchange rates for the period. At constant exchange rate, sales would have grown 5.1 percent.
Benetton said in a statement it attributed its performance to the consolidation of operations, particularly in the U.S. market; cost cutting derived through a streamlining of operations and the supply chain, and significant depreciation and amortization caused by the implementation of significant IT investments.
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?"