SPLITTING UP: Edizione srl, Benetton’s parent holding company, decided this week to split its travel retail and food service businesses. At a shareholders’ meeting, Edizione srl president Gilberto Benetton said that World Duty Free and Autogrill would separate, and noted that the firms’ different core consumers and business dynamics made it increasingly complex to group them together. He also said that the split would be effective around late September or early October, when World Duty Free is slated to go public on the Milan Stock Exchange.
According to published reports, Benetton also said Edizione would consider giving up majority control of Autogrill — it has 59.3 percent through Schema24 srl — provided interesting business partners emerge.
In 2012, Autogrill and World Duty Free rang in 6.07 billion euros in earnings, or $7.8 billion at average exchange for the year. Sixty-seven percent of business came from the food and beverage sector and the remaining 33 percent was in the travel and duty free segment.