Home / Knowledge / News / Apparel/Garments / Benetton to absorb increase in Italy's VAT to 21%
Benetton to absorb increase in Italy's VAT to 21%
21
Sep '11
Benetton Group announced that it will absorb the 100 bps increase in Italy's Value Added Tax (VAT) in connection with the austerity package passed by the government, to 21%, so that it would not weight on consumers, as well as the impact of the rise in the price of raw materials. Consequently, in Italy prices to the end consumer of products sold under the United Colors of Benetton, Sisley, Playlife and Undercolors brands will remain unchanged.

This decision, which will initially impact all company-owned stores in Italy, reflects the attention of the Group to the needs of consumers.

Alessandro Benetton, Executive Deputy Chairman of Benetton Group, commented: “This initiative reflects the focus of the Group on fighting with flexibility and innovation the decline in consumer spending in Italy. It also contributes in a concrete way to help those same Italian families with which over the past nearly 50 years we have built a strong and deep relationship. At the same time, it reflects our trust and optimism in the economy of our country.”

At the same time, the Group is working in cooperation with all its partners in the Italian market to extend this meaningful initiative to all over 2500 Benetton stores in Italy.

Benetton Group


Must ReadView All

Textiles | On 27th Jun 2017

Govt defers tax deduction at source provision under GST

E-commerce players in India will not be required to deduct tax on...

Apparel/Garments | On 27th Jun 2017

Future Group aims Rs 12,000 crore in fashion business

Future Group, which runs retail stores across India under various...

Textiles | On 27th Jun 2017

AEPC & NSDL to help exporters with GST compliances

Apparel Export Promotion Council (AEPC) and National Securities...

Interviews View All

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search